Confessions of a noob

Discussion in 'Professional Trading' started by mgabriel01, Nov 10, 2007.

  1. OK - so armed with my 995 Investools book and their screening system ----


    I did a paper trade on GRMN -- November 07 calls
    The day the stock started to tumble from a High of 120 to its present 85 bucks a share

    Not deterred by this mistake - I am using the GRMN chart and my recent experience to begin understanding the technicals (Yes I clearly don't understand them well enough to trade on them yet with real money)

    So here is the chart Im looking at (attached .png)

    And the first lesson for this noob is.......:D

    Where is support?
    The handy-dandy Investools book does not provide a mechanism or method for determining support levels from the graphs

    any feedback would be appreciated
    • grmn.png
      File size:
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  2. buybig


    Ima noob too.

    I would call $85 a support level..

    also, note you stochastic cross. the stock is oversold. expect a bounce

    stochastics are only applicable in a volitle market.

    trading options, i perfer a daily chart and a intraday chart.

    pay attention to the next level of support. i say $75. ar you willing to stay in that long?

    im learning options. what i have figured out is buy ATM and get out quick if the trade goes the wrong way.

    only trade money your willing to lose.

    some options ill ride down to %50. but i dont expect much for the potential for a profit.

    LEARN your GREEKS..

  3. buybig


  4. buybig


    i rely MOSTLY on support/resistance and trend lines.

    the other indicators are support and only support

    feel free to crituqe
  5. Thanks for the feedback

    what are greeks?

    and how does the money flow chart help you determine the price support

    ie what is the relationship between the 2?
  6. sorry - what is the acronym ATM?
  7. buybig


  8. da-net


    if you want to gain a lot of charting experience in the shortest timeframe possible use a simulator. one that i still use is the simulator @ it is for Spot Forex only but, charting experience is charting experience. they give you two weeks to use it free
  9. 77
  10. So how do you derive this?
    gut instinct?
    or arithmetic?
    #10     Nov 11, 2007