Was interested in what others think about the ability to develop a "feel for the market". I use a few basic indicators but rely heavily on intuition over anythin else - an intuition developed by watching the market move for hours and hours every day. However, since I am relatively new to technical analysis I am wondering if I should place much reliance on this or should I be learning as many tecnical details as possible. Any thoughts? As for tech tool - what are the best to master for futures, forex?
i know what you mean. in my 9-5 i am in front of a bloomberg and watch the action...basically "reading the tape" so to speak. based on the volume or intensity you get a fell for what is going on. Not a bad place to start...maybe pick a sector you like and try the same thing with that (i am into shorting real estate for the moment). then watch how the different event will change that...differnt economic data and news. (do all of this without money mind you if you are really green). then screen down to a few stocks that have enough liquidity behind them not to jig you out too badly. watch them EVERY DAY and learn them really well. get a FEEL for them. Then i would say that easy and basic technicals are fibino...KIDDING. seriosly. Look at moving averages...start with say a 5 and 10 day...maybe a 30 and 60 day. then a triple moving average. when do they moving averages cross, why, and what can you learn from that. look at these in relation to the long term trend of the stock and then stucdy when they move and why. also look at the volume...when is it the strongest and why? MAybe look at the fundies and see if there is a reltion to the fundamentlas and the technicals. after that....start with 100 shares...NO MORE...and try you hand. ignore what other people do..uinless it matches your style, personality likes and dislikes. develop your own style, wirte it down, test it...and you are off to the races.