I am still learning the ins and outs of trading, what do you feel is best way to learn, watching and a single stock every day, or watching a variety of stocks. my goal is to learn more about support and resistance, identifying trends, and trying to identify whether the stocks are strong/weak or if there is a buyer or seller in the market.
I would look at more than one stock. What's happen if you look at only one stock, and it flatlines for the whole day? Getting a watchlist of stocks allows for more learning opportunities (to see trends, price action once hitting S&R, etc) as long as the list isn't too big.
good point. i will probably start looking at 3 different stocks in different sectors, for starters. another question although it may seem really newbie ish. how can i define support and resistance?? i see at a lot of price points throughout the day that seem to be support or resistance, but to see the stock trade through them very easily. i understand that in an uptrend, support is stronger and in a downtrend resistance is stronger... i am using candle stick charts, do i use support and resistance by drawing a horizintal line at the high n lows, or at the closes of the candles? thanks
The best way to learn is to open a brokerage account and trade. There is no substitution for live trading. I watched the market for years and thought I had some things figured out. But then I opened an account with 5k and promptly lost about a grand. So don't expect to make any money in your first 6 months trading, but expect to learn a lot. You will probably lose money, so I'd suggest trading small until you are ready to size up. The market can be both rewarding or incredibly frustrating. The market giveth and the market taketh. At the end of the day it is just a silly game some of us choose to play. You can get rich playing it if you can crack the code or lose everything. gl
i have an account and i have actually been trading over a year. i still consider myself a total newbie to this game and ive had a struggling week, which makes me want to go starting back to basics. therefore this thread.
Give it up kid. If you are losing money, then paper trade untill you get it right, which may not ever happen.
Without actual example of what and how you trade it is not possible to give suggestions. I would list examples of recent trades that went right, and trades that went wrong and let some of us who had been there take a look. By the way, Sicktrader, you nickname says it all. Are you always so discouraging ? OP is looking for genuine advice, not ridicule.