Hey there, I'm beyond new to trading. Wondering if a) you can point in the right direction to learn what the hell I'm doing b) point me in the direction of somewhere, or some software, I can use to analyze real-time volume. I want to focus on volume and price correlations to give me an indication of when I should get in, and out. Thanks again and sorry for newb questions!
I am swing trading: to my knowledge volume is a totally neglectible factor in the proces ... I can perfectly live with charts without volume whatsover ... hope it helps ...
a) Buy support in uptrends and sell resistance in down trends. Put your stop loss behind the last support or resistance you traded away from. Trail your stop behind minor pullbacks until you are stopped out. Keep your trades to 1% of your total balance, one trade at a time. That should get you started but there's a whole world of pain ahead of you until you get the simplicity of what I just said. b) Don't know. A lot depends on what you are trading. I don't generally worry too much about volume as the platform I use doesn't support it very well and I do just fine.
www.linnsoft.com investor r/t or if you want a footprint chart www.marketdleta.com is the same software with it added.
do not just trade charts and volumes....pick a company your think will do well....ONE.....read about it. look at whats in the news.....watch the commentators on tv when they talk about your stock.....analyse what thier saying and how they are saying it.......look at the daily monthly yearly charts........correlate the big gap ups with what was in the news at that time......."CHECK THE TRENDS".......see what indexes or stocks are correlated with the one you picked......NOW......the most important one i use when i am day trading........option prices.....i call it the war room........the guys in the war room will usually tell you which way to go..........today i think i will look at lumber....its at 324.
every..EVERY..piece of information in this game is significant....if you miss the information you WILL lose. volume......are you kidding me........one of my MOST important triggers......ARE YOU KIDDING ME......and i dont mean just how many shares are bought.........its how many are buying.....who is buying.....how much are they buying.......how many options sold........what was the volume of my commodity sold in the last 5 years.......whats volume of production now........volume is neglectable?.......ARE YOU KIDDING......i would suppose your the one who is giving me all my money on the market....THANKS.
i didnt want to offend by any means. for me its a no brainer that volume in many forms needs to be addressed.....but then again we all have our own strategies. didnt mean for it to be interpreted as an attack....i like criticism. thats how i learn.
Besides Market Delta, and IRT which are excellent, I recommend also to consider SierraChart for volume analysis: https://optimusfutures.com/Platforms/SierraChart.php Consider the Rithmic data feed for execution and data for the charts. It deliver unfiltered data which is necessary for analysis of volume. Also, for the purpose of your education, maybe this article will help: http://www.optimusfutures.com/tradeblog/archives/order-flow-fundamentals/