best approach for new trader, 1 stock or many?

Discussion in 'Trading' started by wtf, Jan 29, 2008.

  1. wtf


    I have searched, a lot, for the answer to my question and have not found an answer.

    At this point I am seeing that there is maybe not an answer, but many answers, to this question.

    For a new trader, which approach is better?

    a) focus on 1 stock, learn it inside and out, and only trade it, however it acts.

    b) focus on the top 10 lists or nasdaq heat map and learn how to trade whatever is hot (or cold) that day?

    c) none of the above??

    I like trading stocks, the stock markets are what I trade, as opposed to futures or something else. That doesnt mean I wouldnt change.

    The only thing I wouldnt change is holding overnight, this is strickly for income, strickly for day/active trading only.

    I have tried, for the past year or so,

    a) to focus on 1 stock,
    b) 1 sector/industry,
    c) whatever is hot on a particular day by looking at the premarket for interesting news and charts and breakouts/breakdowns gaps and momentum moves.

    So very narrow approach, kinda narrow, and broad focus (or lack of focus) approaches.

    I appreciate any advice, or just to hear about your experience and why you trade one or many stocks or futures, or situations.

    thank you in advance.