If you’re an investor chances are you’ve heard of StockTwits; a social trading app for investors to share ideas. I want to take you back to the first time using the app, do you remember what it was like? For me the first couple of weeks were euphoric and what’s not to love, it’s pretty much a locker room for traders to talk shit and for the competitive it’s super addictive.
However, once you get past that euphoric stage and reality starts to kick in and you’re trading worse than you ever have, more impulsive and panicky than ever. You have to step back and look at the bigger picture. When you finally do you come to the realization that StockTwits is extremely detrimental to your trading.
Good Vs. Bad Traders
What makes a great investor is no secret, it’s the ability to be patient and disciplined. A Good Trader is someone who puts emotions aside and is able to stick to their plan, trade the technicals and not make any irrational decisions. On the flip side, as you can probably predict a Bad Trader is considered as someone who trades with emotions and makes impulsive decisions. This is more common with novice investors and especially millennial who look to the innovative technologies such as Robinhood to enhance their trading ability.
Innovation Vs Copy Cat
Robinhood, is the most notorious app out there right now for investors from offering Commission Free Trading. Millennials love it because it’s a big fuck you to the system, and it’s also beautifully designed and has won numerous awards for it.
Quantopian, is a lesser known innovator in fintech that is creating open source algo trading for investors. Users can create algorithms to enter into competitions to win big money from hedge funds that use it, as well as profit from it.
and then there was….
StockTwits, the biggest rip off in fintech. It’s entire brand is a copy and paste version of Twitter and the platform is as if the developer had a side-by-side screenshot and plagiarized the entire app. StockTwits claim to fame was adding ‘$’ to a ticker symbol and their business now consists of mooching off of Robinhood’s success by promoting “partnerships” when in reality it’s just an installed API, many other companies are doing it.
StockTwits creator Howard Lindzon also co-founded or mentored another fintech app SparkFin, which I shit you not is the exact same business model/rip off philosophy, tell me if you can point out the plagiarism:
Investors should beware of StockTwits because of their fail to innovate and plagiarise . It has become the platform of choice for corruption and facilitating penny stock pump and dump scams where novice investors are manipulated into trading off of there emotions. This is done with paid bashers and other mischievous methods that you can read about in my ClayTrader post.
Gone But Not Forgotten
In my last article of which I spoke out against a known penny stock frauds on StockTwits I was shocked to find 3 things the next day.
- The article had exploded and shared 100x across StockTwits by equally frustrated investors.
- The article received over 3k views in one day.
- StockTwits suspended my account and deleted majority of my posts.
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If StockTwits won’t do something about it than I will.