Support and Resistance Trading Forum

Re: Newby
Date: 11/3/2010, 2:04 am
In Response To: Re: Newby (TravisD)

I know what it's like trying to juggle a bunch of stuff and trade too... believe me!

A word of advice (for everyone): start small, but start!

If you're going to be a daytrader try to watch the charts every morning for a bit, even if it's only for 15 minutes. Believe it or not, when I'm daytrading I'm usually feeding the dog and cats, making tea, getting breakfast ready, etc. and I'll pop into the office for a couple of minutes in between my other activities to watch the charts for a bit, and if the setup looks right, place a trade. What this does is get you used to the rhythm of the markets. I guarantee you that after a week or two you'll begin recognizing what the market is doing and even anticipating where prices are going next!

If you're going to be an end of day trader try to follow at least one market every day, and maybe as many as six if your time allows. With the internet it's easy to get chart updates and it doesn't take that long to go over a chart. After a month or so (it takes a little longer when you do end of day because the market rhythm isn't as obvious as when you're watching it tick by tick) you will also begin recognizing and anticipating what the markets might do.

My other personal favourite is to have a trading book/manual handy to flip through during commercials when you're watching TV (or better yet don't watch another crummy sitcom and take the 30 minutes to read and better yourself - okay I'm putting the soapbox away now) and/or read a little before you go to sleep at night. You'll be surprised how much you'll learn in a short time. One word of warning: there have been times when I've gotten so engrossed in a trading book that I spent half the night reading it!

In short, try to get going on your trading, even if it's only in little chunks. It will all help get you to where you want to go.


Responses To This Message

Re: Newby
Erich -- 11/4/2010, 1:57 am