Good topic Freehold, and some interesting perspectives from other posters so far. My own perspective is as follows:
When I started trading in 2008 (yep, at the top of the cycle!) I promptly lost a lot of money because I simply had no idea what I was doing and nowhere to turn to to help me figure it out - until I stumbled on and joined HC later that year.
I believe the fundamental value of HC is as an independent source or access to information about the markets we trade. Brokers and institutions have access to a network of information that we as isolated traders simply don't have. Without access to an independent source of market information like HC, we would be more reliant on brokers, insto's and financial news media for information - the very organisations who are trying to separate us from our money!
In that context HC is not perfect. We still do not get information as fast or as early as brokers/insto's do. Additionally we don't know the validity, accuracy intent of everything posted here by other posters. But at least it provides us with a source of information we otherwise wouldn't have.
The key then, given the aforementioned shortcoming, is that we each have to learn how to use HC to meet our information needs. That is a different answer for everyone imo, but fundamentally it means we each have to filter what we read here, in order to turn non-validated information which could potentially cause us to lose money into validated information that we can use to help us earn money. Filtering includes which posters to pay attention to, but it also means even if those posters post something, validating what they post using a 2nd source (whether here or elsewhere), because even knowledgeable posters can get it wrong. Ultimately the responsibility for our trading decision is our own!
How do I use HC?
1. Education. It has been a great source of education for me. Too many past & present posters to name but there have been a lot of selfless knowledgeable posters happy to share their knowledge, and I try to soak up what I can.
2. History & red flags on stocks I am screening. When I screen stocks to narrow down for ones I want to trade, I check the ASX announcement database of course but also the relevant HC stock forum for anything to highlight red flags to go & check into.
3. Leads. Other than screening for stocks, I do follow certain posters I know have a good track record, I have started using the STT for leads as well, but those leads I then have to filter for ones that fit my trade profile.
4. Negative news. When I have stocks impacted by bad news, I read the relevant HC forum to try to get a better context for that news (does anyone know anything I don't know, etc) and that will influence my decision on exists sometimes.
5. Entertainment. I follow some forums here because I am simply interested in the subject matter (XJO thread, Forex, Humour, etc). I also enjoy arguing so I sometimes get involved the story in a particular stock thread and argue the toss on various company related issues. Its very easy to spend too much time on HC. I used to spend much more time on here than I do these days, but I haven't stopped enjoying it one bit.
6. Trade strategies/ideas. I post some work on trade strategies/ideas I have worked on / developed - happy to share those ideas, and what I am looking for in return is any insights I get from replies that may highlight weaknesses/faults in my ideas & I use that feedback to refine my ideas.
I consider myself a follower when it comes to picking stocks from HC. But in return I try to give back where I can by offering my knowledge on topics I think I am knowledgeable on (mainly charting related).
