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- Thread starter Jeannette
- Start date
Jeanette,
Threei's advice is good. Are you looking for a daytrading method or just some good stocks to daytrade? If the latter, a list is posted each night on www.daytradingstocks.com. Many of these stocks are fast moving and dangerous, so handle with care. Another approach is to do what Hitman does, and basically trade the same stocks and sectors each day. That way you get a feel for them. Good luck.
Threei's advice is good. Are you looking for a daytrading method or just some good stocks to daytrade? If the latter, a list is posted each night on www.daytradingstocks.com. Many of these stocks are fast moving and dangerous, so handle with care. Another approach is to do what Hitman does, and basically trade the same stocks and sectors each day. That way you get a feel for them. Good luck.
Sigh, not again.
Jennette,
1) Stay away from chatrooms
2) Get training from Bright or Echo
3) If you must do 1), OK, get it out of your system. Do it for three months, but then stop, and trade three months on your own based on what you learned. Reevalute at this time.
4) Read, but don't read 17 million books on technical analysis, and 17 million books on swing trading, etc. Pick one good book from each of these, read them, then forget about it. Then trade 100 lots _ONLY_ON_NYSE_STOCKS_THAT_ARE_IN_THE_SP_500_. Really, pick a sector or two, pick a wild card or two, and try to trade those stocks day in, day out.
5) Make a wave with your hand. That is how stocks move, plus (maybe) the "trend," which is "easy" to identify.
6) Look at the SP Futures, TICK, TIKI, PREM - these will give you a leading indicator as to what your stock will do in the short term.
7) Know the "support/resistance" on a stock that you trade.
8) Hang out at ET (Elite Trader) and don't be shy.
Good luck.
nitro
Nitro has it right, once again. Our very best traders don't even "pick stocks"...they "trade" stocks, often the same 3 or 4 stocks, day in and day out.
They get to know how they trade, and act as a "surrogate specialist" in those stocks. Some choose to filter for "breakouts" etc., and that is fine for "extra income" - but you need your basic "bread and butter" stocks to trade every day.
1. One, two, or three letters in the symbol.
2. Part of a larger group or sector (so you can follow an indicator).
3. Minimum of 1-2 million daily share volume.
That should get you started.
Good Luck!!
They get to know how they trade, and act as a "surrogate specialist" in those stocks. Some choose to filter for "breakouts" etc., and that is fine for "extra income" - but you need your basic "bread and butter" stocks to trade every day.
1. One, two, or three letters in the symbol.
2. Part of a larger group or sector (so you can follow an indicator).
3. Minimum of 1-2 million daily share volume.
That should get you started.
Good Luck!!
Magna,
I don't have anything against NASDAQ per say, but, IMHO, it is strongly recommended that someone learning to trade learn on NYSE stocks. Tape reading is perhaps the most fundamental skill in trading (outside of the mechanics of learning to use your trading software.) I can't imagine a better place to learn tape reading than on a stock with _ONE_TWO_OR_THREE_LETTERS_ in its symbol.
If you are already making money trading NASDAQ, then you are probably not asking the kind of advice that Jeannette is.
nitro
Magna
Administrator
Nitro,
I'm not against learning on listed, just didn't like the implication that it was the only way to learn (Don has a habit of slighting Nasdaq stocks at every opportunity). And while tape reading is important, especially for listed, I don't think it's any more of a fundamental skill than good chart reading. And I'd clearly give the nod to chart reading for all trading longer than scalp timeframes.
Sure, there are tape readers who don't even use charts. But there are also lots of chart readers who barely look at the ticker. In short, there's many ways to make money, even if you are a beginner. And trading Nasdaq doesn't necessarily mean only NVDA, EBAY, BRCD, etc.
I have to agree with Magna. Tape reading is way overrated, particularly for a newbie who most likely is not trading at a prop firm and may be paying per ticket commish on small size. Learn to trade on the longer time frames, then fight the specialist for 2c a share if you must. Anyway, the best way to learn is with the futures. No execution issues, just pick entry and exits.
Do yourself a favor.
Go down to the local casino.
Place all of the money you intended to waste on a daytrading stock-picking service onto "00" on the roulette wheel.
Once you have lost all your $$$, kick yourself in the balls and call it even.
You will be better off because at least you got a free drink for your efforts at the casino.
Ax
Tape reading you are talking about is something of staring at ticker (T&S) trying to gauge the strength/weakness. I can't understand how anyone could trade this way. Even in more sophisticated version, like observing the blocks, spotting major players and analyzing their action it's too intense and requires incredible degree of concentration that probably would burn out a trader fairly quick.
Tape reading I apply is a classic method of analysing price/volume/pace action in order to distinguish smart money footprints from those of crowd, to position oneself on the right side. Tape in this sense could come in form of any visual, and most often it's a chart. The difference with traditional TA is, instead of indicators and studies that serve as interpretators trader looks into the very root of action - price/volume/pace which is original market language. This kind of tape reading can be used as stand alone system and could be supplemented with any kind of TA trader is comfortable with.
Best regards,
Vad
Tape reading I apply is a classic method of analysing price/volume/pace action in order to distinguish smart money footprints from those of crowd, to position oneself on the right side. Tape in this sense could come in form of any visual, and most often it's a chart. The difference with traditional TA is, instead of indicators and studies that serve as interpretators trader looks into the very root of action - price/volume/pace which is original market language. This kind of tape reading can be used as stand alone system and could be supplemented with any kind of TA trader is comfortable with.
Best regards,
Vad