Total noob asking for advice

[Wach80]

ok i want to start trading , i have read a bunch of stuff but i dont understand it very well yet especially charts , analysis etc... i want to practice all this stuff somehow , i dont know how or where , i also have several questions:


1. whats the minimum capital i need to start out considering this is just a fun hobby for me?

2. What tools(charting software etc) , sites with information etc i need to start? preferably free.

3. how can i practice all the hard theory stuff? i mean charting is totally new to me , i understand a bit what support and resistance lines mean but how do i set up one? where can i find the information to do that? is there a way to automate the process?

4. I want to understand better the preparation of a trader before a trade takes place , i mean what are the typical steps? is it something like this: 1. looking at charts -> 2. find best times to buy or sell -> 3. repeat?

5. whats the best platform to trade stocks?


I want a get go mode to start trading even with a small edge , i kinda feel overwhelmed with the amount of theory and information and incapable to start. I want a very simple swing trading strategy and a guide how to create charts and what information to use and where to find it.

 

[Scataphagos]

ok i want to start trading , i have read a bunch of stuff but i dont understand it very well yet especially charts , analysis etc... i want to practice all this stuff somehow , i dont know how or where , i also have several questions:


1. whats the minimum capital i need to start out considering this is just a fun hobby for me?

2. What tools(charting software etc) , sites with information etc i need to start? preferably free.

3. how can i practice all the hard theory stuff? i mean charting is totally new to me , i understand a bit what support and resistance lines mean but how do i set up one? where can i find the information to do that? is there a way to automate the process?

4. I want to understand better the preparation of a trader before a trade takes place , i mean what are the typical steps? is it something like this: 1. looking at charts -> 2. find best times to buy or sell -> 3. repeat?

5. whats the best platform to trade stocks?


I want a get go mode to start trading even with a small edge , i kinda feel overwhelmed with the amount of theory and information and incapable to start. I want a very simple swing trading strategy and a guide how to create charts and what information to use and where to find it.

1. K.I.S.S.

2. Study "price"

3. Learn the correlation between "indicators" and "price".

4. Trade with stops

That's it. Knock yourself out.... and good luck to you.

 

[Turveyd]

Stocks and swinging hey....


KISS ofcourse.

Find a stock that is going nicely same way as the markets

Look for a pull back, preferably market created ie not news specific to that stock.

Check no earnings out over your planned holding period.

Get in, get out kinda high of its range depends on market feel.

Bail, when the price no longer supports its up trending or if market going the wrong way.

Find a few stocks to specialise in.

It is all just best guess, learn to live with this, this is the tricky part.

 

[wrbtrader]

ok i want to start trading , i have read a bunch of stuff but i dont understand it very well yet especially charts , analysis etc... i want to practice all this stuff somehow , i dont know how or where , i also have several questions:

1. whats the minimum capital i need to start out considering this is just a fun hobby for me?

2. What tools(charting software etc) , sites with information etc i need to start? preferably free.

3. how can i practice all the hard theory stuff? i mean charting is totally new to me , i understand a bit what support and resistance lines mean but how do i set up one? where can i find the information to do that? is there a way to automate the process?

4. I want to understand better the preparation of a trader before a trade takes place , i mean what are the typical steps? is it something like this: 1. looking at charts -> 2. find best times to buy or sell -> 3. repeat?

5. whats the best platform to trade stocks?

I want a get go mode to start trading even with a small edge , i kinda feel overwhelmed with the amount of theory and information and incapable to start. I want a very simple swing trading strategy and a guide how to create charts and what information to use and where to find it.

Trading for Dummies @ http://www.amazon.com/Trading-For-Dummies-Michael-Griffis/dp/1118681185

Also, use Google.com to do your own research because most of the questions you've asked can easily be found via Google and its free. In addition, read info at websites like Stockcharts.com

With that said, study and learn, you should be ready to trade in about one year. Yet, be prepare to lose your hobby money because you view it only as a hobby. Not a big deal because its just fun to you.

P.S. In addition, other replies after me with more details...use Google.com to research those particular topics on your own that has been recommended to you because one of the essential qualities of a good trader is due diligence via research.

 

[Wach80]

Stocks and swinging hey....


KISS ofcourse.

Find a stock that is going nicely same way as the markets

Look for a pull back, preferably market created ie not news specific to that stock.

Check no earnings out over your planned holding period.

Get in, get out kinda high of its range depends on market feel.

Bail, when the price no longer supports its up trending or if market going the wrong way.

Find a few stocks to specialise in.

It is all just best guess, learn to live with this, this is the tricky part.

if i get it right , it seems you create a support and resistance chart , you buy on support (pullback) and sell when it bounce up(resistance) am i right? this makes sense of course but how am i supposed to calculate support and resistance points , where can i find the software and what information do i need? when you say price , do you mean the current price of the stock? is this all i need? does the line show the previous prices of the stock up to the point you are now? also where can i check the performance of stocks?

Lets say for example i have this software and i plan to trade a microsoft stock , do you simply watch the chart then decide if the stock is in support and if its gonna bounce up then trade and wait for it? well the question is what makes you think that it will go up? historical data of the stock? is there software who recommends what action to take based on it?

 

[wrbtrader]

if i get it right , it seems you create a support and resistance chart , you buy on support (pullback) and sell when it bounce up(resistance) am i right? this makes sense of course but how am i supposed to calculate support and resistance points , where can i find the software and what information do i need? when you say price , do you mean the current price of the stock? is this all i need? does the line show the previous prices of the stock up to the point you are now? also where can i check the performance of stocks?

Lets say for example i have this software and i plan to trade a microsoft stock , do you simply watch the chart then decide if the stock is in support and if its gonna bounce up then trade and wait for it? well the question is what makes you think that it will go up? historical data of the stock? is there software who recommends what action to take based on it?

Seriously, the questions you just asked about support/resistance...use the info below involving the book and Stockcharts.com

It will answer those questions specifically and more.

--------------------------

Trading for Dummies @ http://www.amazon.com/Trading-For-Dummies-Michael-Griffis/dp/1118681185

Also, use Google.com to do your own research because most of the questions you've asked can easily be found via Google and its free. In addition, read info at websites like Stockcharts.com

With that said, study and learn, you should be ready to trade in about one year. Yet, be prepare to lose your hobby money because you view it only as a hobby. Not a big deal because its just fun to you.

P.S. In addition, other replies after me with more details...use Google.com to research those particular topics on your own that has been recommended to you because one of the essential qualities of a good trader is due diligence via research.

Trading for Dummies @ http://www.amazon.com/Trading-For-Dummies-Michael-Griffis/dp/1118681185

Also, use Google.com to do your own research because most of the questions you've asked can easily be found via Google and its free. In addition, read info at websites like Stockcharts.com

With that said, study and learn, you should be ready to trade in about one year. Yet, be prepare to lose your hobby money because you view it only as a hobby. Not a big deal because its just fun to you.

P.S. In addition, other replies after me with more details...use Google.com to research those particular topics on your own that has been recommended to you because one of the essential qualities of a good trader is due diligence via research.

 

[Wach80]

Trading for Dummies @ http://www.amazon.com/Trading-For-Dummies-Michael-Griffis/dp/1118681185

Also, use Google.com to do your own research because most of the questions you've asked can easily be found via Google and its free. In addition, read info at websites like Stockcharts.com

With that said, study and learn, you should be ready to trade in about one year. Yet, be prepare to lose your hobby money because you view it only as a hobby. Not a big deal because its just fun to you.

P.S. In addition, other replies after me with more details...use Google.com to research those particular topics on your own that has been recommended to you because one of the essential qualities of a good trader is due diligence via research.

Stockcharts seems good , are the charts there legit? i mean can i use the information there for real trading? it seems like a good starting place to practice charting...

 

[Turveyd]

if i get it right , it seems you create a support and resistance chart , you buy on support (pullback) and sell when it bounce up(resistance) am i right? this makes sense of course but how am i supposed to calculate support and resistance points , where can i find the software and what information do i need? when you say price , do you mean the current price of the stock? is this all i need? does the line show the previous prices of the stock up to the point you are now? also where can i check the performance of stocks?

Lets say for example i have this software and i plan to trade a microsoft stock , do you simply watch the chart then decide if the stock is in support and if its gonna bounce up then trade and wait for it? well the question is what makes you think that it will go up? historical data of the stock? is there software who recommends what action to take based on it?

Not traded stocks since 2001, I just used to use a 1 Day Chart and 21ema and 50sma, I just use to look for 21ema going up, stock turning over it and pulling back to jump on the existing trend mainly, same a bit with the 50sma.

It worked well, give up on any kind of perfection, as long as the direction doesn't change you'll get a few %%% of profit of a okay ish position timing wise and repeat.

Direction changes, ofcourse you'll lose, but direction doesn't change that often.

Stay away from Penny, stick to GOOG, APPL, MSFT and the like.

It's all best guess!!

 

[Wach80]

Not traded stocks since 2001, I just used to use a 1 Day Chart and 21ema and 50sma, I just use to look for 21ema going up, stock turning over it and pulling back to jump on the existing trend mainly, same a bit with the 50sma.

It worked well, give up on any kind of perfection, as long as the direction doesn't change you'll get a few %%% of profit of a okay ish position timing wise and repeat.

Direction changes, ofcourse you'll lose, but direction doesn't change that often.

Stay away from Penny, stick to GOOG, APPL, MSFT and the like.

It's all best guess!!

Oh i think i understand your strategy , it seems the appl stocks are consistently above ma which means if they pull below it , it is rare not to go up again right? how long do you hold your position if the direction doesnt change? i mean whats your stop/loss strategy.

 

[Turveyd]

Oh i think i understand your strategy , it seems the appl stocks are consistently above ma which means if they pull below it , it is rare not to go up again right? how long do you hold your position if the direction doesnt change? i mean whats your stop/loss strategy.

Remember I quit this after much success in 2001 area or something equally as stupid sounding.

I remember having quite tight SL's, generally new low's I'd say. Getting in and out was cheap so prefer to be out and cash than taking losses.

just remember, it's more about direction, than trying to find some magic S/R line which fails 60% of the time.

SEC rules back then stopped me sadly

I day trade a similar way, jump on direction, take some profit and repeat.