You might get better oportunities with small or midcap stocks. The S&P 500 are all well established companies and won't present the opportunities that smaller cap companies do. Follow O'Neils suggestions about price and volume. Oops!! I mis read the post. You want to trade ETFs. Same advise. ETFs don't present the opportunities for swings that a swing trader can take advantage of.
Thanks. I will probably order those books. May not wait to finish them before I start trading though, IF I think I’m ready. I’m in the process of my second reading of How To Make Money in Stocks, by William O’Neill, I’ve read Mark Minervini’s Think and Trade Like A Champion, and I’ve also read Brian Shannon’s book Technical Analysis Using Multiple Time Frames, which I’d highly recommend. I’ll probably read Shannon’s book again.
for now, I’m looking to just get my feet wet, get a rhythm. As a noob, the advantage of using ETFs, is to eliminate possibility of big gap openings, which small and mid caps are more prone to. What I might do though, is Trade the equal weight sector ETFs, rather than cap weighted Spyders.
Mark Minervini gives Stan Weinstein credit in learning to read market phases. He notes Stan Weinstein's influence as helping make him a better trader.
I like the weekly chart for swing trading & usually trade ETFs rather than individual companies. Clean charts with simple trend lines or S/R ... S/D.
Man you are on the path to save yourself a LOT of Time imho. +1 Do you have clear answers to the 'Morse Vital Three' Questions? A tip of the hat to Robert Morse for his post from which this was lifted, 'What triggers a buy or a sell to open? What triggers an exit? How do you size your trades?' from: What would You say belongs in a solid trading plan? https://www.elitetrader.com/et/thre...solid-trading-plan.340340/page-4#post-5031706 As time passes if you want a more comprehensive business plan look in on this gem https://www.elitetrader.com/et/thre...solid-trading-plan.340340/page-2#post-5011924
Thanks easymon, good stuff.Don’t have those answers yet, other than vague thoughts in my head. But I’m getting close
My advice.. in some point in your journey try to focus on one market. This have it advantage. Multi time frame single market. Specialized.
Is there a need to reinvent the wheel to start with? Here's a good article that takes a look at getting started: How Do You Start Trading Without A Methodology? https://www.smbtraining.com/blog/how-do-you-start-trading-without-a-methodology "... know that you don’t have to reinvent the wheel. You don’t need to spend years doing groundbreaking research to get off the ground. As a matter of fact, it’s actually quite easy to get started on the right foot. And the answer may surprise you."