Over the years I've followed a few services, blogs, and traders via Twitter. I can tell you eventually I stopped following them one by one, without exception. The reason I stop following has been that they caused my demise in one way or another. Then why follow?
Currently I've been following The_Real_Fly and TraderFlorida because they've been impressive. But as I've posted many times, The_Real_Fly has gone from 20% YTD return down to -5%, and now probably somewhere around 10%. Have my portfolio got hit in the process? You bet.
But the real issue is confusion and added stress. Think about it. If my trading signal says sell, but The_Real_Fly is 92% long, would I be less aggressive in shorting? Yes, I would, out of respect and fear. If then the market goes against me and rallies hard, how would I feel? Double whammy: on the one hand, I incur loss on my short positions; on the other, I feel I miss out on the "Fly" bandwagon while he does his best taunting his "enemies". It's an awful feeling.
Right now TraderFlorida is short and The_Real_Fly is long. My signal is about to turn from sell to buy. What should I do? So far TraderFlorida has a more consistent track record, but I've only followed him since 2 months ago. And he's only 10% short. The_Real_Fly has been suffering from giving it all back, but now could be the time he regains his losses. And he's over 90% long. Is this complicated or what?!
The best scenario is if my own signal agrees with the people I follow, but it only happens once in a while and I'd be subject to the aforementioned dilemma the rest of the time.
Tune out the noise -- yeah, only if you're confident with your own trading system. I am still learning and in search of the Holy Grail
in the realm of trading, even though I know it does not exist.