Swing Trading Start & Education

B

birchbay

Hi,

I have found an overwhelming number of sites, etc. dealing in all aspects of Day and Swing trading. I am just starting out and feel the best for me is to learn the basics (and advanced) of Swing Trading. After 6-12 mos I might consider moving on day trading.

I would like recommendations as to the best sources of education I can get, i.e. classes (on or off line), books, web pages, newsletters, etc.

Thanks for your inputs.
 
i am a moderately successful daytrader who was NOT asuccessful swing trader. if you start with swing trading and are not successful DO NOT ASSUME that you cannot be successful daytrading. TWO totally different approaches to the market. For me daytrading is 98 % technical based. can not say the same for swing trading. my 2 cents
 
Birchbay,
After going on the 4 year plan of learning TA, I have 3 words of advice. Study........Study.........Study.
As I'm sure anyone on this board will tell you, trading is an art, not easily mastered. It does take commitment and determination.
One book that I wish I had read in the beginning would have been "Technical Analysis of the Financial Markets" by John J. Murphy. This is a great book to introduce you to understanding the markets.
There are also several free sites that give great commentary about chart reading and TA.
Stay away from those sites that will tell you what and when to by, ie; Waxie. If you are serious about trading, its something one must learn themselves.
Several bits of advice that I've received along the way are,
1. Count your losses as tuition.
2. Many that don't understand trading will try and tell you trading is merely gambling. I once read a post on this site describing trading being similar to forecasting the weather. Both use tools to the best of their ability in an attempt to make a forecast. Sometimes we're right, and sometimes we're wrong.
3. Finally, let your winners run and keep your losses tight.
I wish you luck.
 
Why do you think swing trading is for you. And what time frame are you considering.

Regardless, tactics are tactics and 99% work no matter what time frame you use.

Consider trading using the 60 minute chart or longer as a new trader. There are a lot of emotions involved in this business as well as a lot of information. A longer time frame allows you to experience those emotions and process the information without having to do it quickly. Bottom line, you have time to think about what is going on. You have time to watch the patterns play out without having to make a snap decision. Later, you won't want to "think" because it will goof you up. But for now, go slow.

Make sure you papertrade first. The value of papertrrading is seeing how you're decisions work out. It also gives you a chance to experience the nuances of your method without risk to your trading capital. Learn as much as you can about your trading method before you trade with real money. Become completely confident with your chosen method before you risk money. Know that it works. I say again, know that your method works.

Nothing clouds your judgement like actually being in a trade. The emotional side of this business is the real hurdle. That's why I say, know you're trading method works. If you know it works, and you know what you are supposed to do, then regardless of your emotional input, you will be able to execute and manage your trading method without letting your emotions screw it up.

And count on you screwing up your trades. Plan your trade, trade your plan.

:cool:
 
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