The stockmarket is one big giant casino. Lesson nr 1 I would think. You could build an army with due diligencers who are broke standing in the souplines now. Bank of America up 20% today? What happened? Their crap turned less toxic overnight? Or wait... Somebody said Obama would start a toxic bank.. The banks are saved! Buy buy buy buy... Give me a break.
Ok here's my suggestion. I was in the same boat when I started and the mentor I had started me trading options on the QQQQ's, the ETF that tracks the Naz 100. It is very liquid with a small spread on the bid/ask. On days when it appeared the Naz was going up I bought naked calls, and on the days it appeared to be going down I bought naked puts. If you keep your lot sizes small you should be able to manage your loses and learn along the way. He didn't have a system for entry other than watching and developing a feel for the market. Although most traders slam discretionary trading, he has been successful over the last 10 years.
The real odds for making money in the situation you describe yourself, is probably less than 1%. The belief is, 90-95% of traders lose their money. The cold reality is, that those who DON'T lose their money usually break even, make very small profits or only profit for a short time.
Yes Sir I can do that I use 1.) Multiple timeframes (long, medium, short) 2.) A chart of a correlated market â with the long time frame 3.) Candlesticks (But other than the basics â I do not have any patterns memorized) 4.) A couple of EMAâs, 5.) Horizontal lines 6.) Level II 7.) Time of Day 8.) Nothing else Depending on the type of day; Inside/ Upside/ Downside; I buy near support/ or sell near resistance with stops identified above and below these areas I buy / short on trends with stops on the opposite side of my EMA Also depending on type of day â I either enter with my full position or scale in on pullbacks losses - I either exit, or exit and reverse when itâs not working (depending on my assessment) profit - I exit, scale out some, or stay in at consolidation points (depending on my assessment) This is my entire set up, and I trade it successfully Now Sir please tell me how can he possibly use this information to any benefit Redneck
No kidding I'm probably going to loose some money. You all say that like its a horrible thing that should be avoided at all costs. I'd rather loose a few hundred in the stock market and learn something than blow the money on some worthless piece of consumer product. I realize my question probably makes it sound like I havent even picked up a book on the subject of trading, but thats not the case. I'm at a point where I need to get in and start doing it so I can pick up the learning curve a little. Thank you to all of you that have posted helpful suggestions. The rest of you guys are so full of yourselves lol
Thanks Spanish! I will check that stuff out. Out of all the commodities I have the best grip on oil. Just need to research futures trading a little.
Believe it or not I full understood what you just said .... But I dont have the experience that you have to work it as well as you do.
Which is why I respectfully suggested setting up a demo account and trading till "You're blue in the face" and getting some formal education and creating a trading plan Good Luck Sir