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Michael Covel picks up the thread from last week's episode on the global chatroom that is Twitter, StockTwits, and other social networking services. Covel received some feedback from a listener that took exception with Covel's characterization of Twitter and StockTwits, noting that the service isn't limited to one style of trading. Covel doesn't disagree, but notes that it's entirely irrelevant. If you're in the market to make money using a price-based trend following system, any other information is extraneous. The non-stop continuous flow of information never ends; it's simply a distraction. Covel also discusses the importance of consistency: If you don't have consistency in your thought process, how can you have consistency in your process of trading? Be consistent with your use of price as the basis of your system. Covel also discusses a great passage by Milton Friedman. Friedman discusses the impossibility of a single man manufacturing a pencil by himself. There are thousands of people who cooperate together to make a pencil, all motivated by the presence of a market. It's a marvelous example of how you can get a complex structure of cooperation and coordination which no individual planned; rather, it is coordinated by the market. It was not directed under the hand of state centralized authority. While the connections to trend following and Friedman's point may not be obvious, there is a connection on the psychological side. To the person who wants to get ahead on their own, the answer is there. Either you want the state to do/fix things for you, or you go out and try and get things done on your own. Everyone has to choose their path.