I am a new member and have blown away by the incredible knowledge and information on the site. I also see how so much information in the markets can be overwhelming to somebody up and coming in the trading arena. I think everybody has to go through that until they find thier own niche. My suggestion, find one thing you like and feel good about, make it yours and in time you will evolve and have your own special style.
HAHA! Yes, true. Kiwi, remember Seykota's quote: Schwager: What can a losing trader do to transform himself into a winning trader? Seykota: A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to transform himself. That's the kind of thing winning traders do.
Study Both, either way there is no short route to long term success unless you hear thought. If you do start charting then intermarket relationships should be included -(how currencies react to one another or how do the t-bills to commodities and so on..also the releases of Economic Indicators should be on your watch list (like the employment situation every first friday and ISM manufacturing..that sort of thing). The state of the economy is important. Once you do find something- keep it a secret. Some despise those that are successful at what they are not.
To me, time and sales and Level 2 are a waste of time. Thats because I dont use those tools in my style of trading. IMO, no matter what time frame, studying chart patterns will only help you. After you find a style, you'll realize that somethings are just not important to know.
Amen to that! My suggestion find something simple that you can backtest properly. If you can program it, you can trade it. (meaning hard and fast entry and exit, but of cause you know it is not that simple) Read about proper backtesting, there are zillions of treads within this site.
Do I make a left or right at the light? Is there parking ?? I have to leave cause I got lost, was raining, nobody wanted to help me once i got there...... It is funny as a successful minded person will succeed in any business venture, can be selling sand in the desert, the vehicle is different but the person is the same, they will figure it out, either the Hershey way, the Raschke way, the Soros way or whoever's way..... A failure on the other hand will find excuses, reasons, other people and things or events to point the finger of blame and eventually use it as reason to quit. Shame, but then again its natures way of flushing out those failures and seperating them from thier money. Oh Jack, I made a left at the light, was a one way street, was patient for 15 mins, found parking, will see ya in a few mins ! WPB561
we all had been there. If you are still asking, that means there will be more roads ahead. And since you are trying to save time by going short cut I recomm practicing Think and Grow Rich method by Napoleon Hill.
Some great ideas on this thread! Knowing yourself is a key element in determining the type of trading to employ. Whether it be Stocks or Futures, TA or other methods. New member here as well and I am LOVING it!