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tradergap
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I am interested in learning about position trading. What do traders look for selecting stocks? Do you play hot stocks combining fundamental and technical analysis? Or do you rely on chart patterns only? How well does technical analysis (price patterns) work with position trading?
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I would like to ask one question regarding support and resistance. If I was to analyze the markets and look for support and resistance levels, should I observe past events to predict the future? From my understanding pivot points are not derived from past information?
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Thank you for the replies. As a new trader starting out in this learning process I have only studied how to apply indicators. Looking for convergence and divergence or using multiple indicator confirmations.... As mentioned, the number one trading strategy seems to based on price. My question is: How long will it take for a new trader to understand market action from price only? Do I observe price and focus on support and resistance levels? How do I derive these levels? Thank you.
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I recently read about a simple trading method for the S&P 500. Buy signals are generated when the 1 min, 2 min, and 10 min stochastics point up. Exit and sell signals are generated when the 1 min, 2 min, and 10 min stochastics turn down. Due to the simplicity of this method I am interesting in testing this out. Both entries and exits are not based on price but on indicator signals. Has anyone heard of this trading tactic? How reliable would you think this is?
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The opening gap is the holy grail.
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What is required in trading: 1. Understanding support/resistance levels 2. Know the bigger picture using the larger time frame. Alot easier trending with the trend then against it. 3. Understanding what sectors and stocks are connected with each other. For example: if crude oil goes up, transport stocks get hit 4. Do not overtrade 5. Do not risk too much 6. Specialize in your stocks 7. Always use stops 8. Don't jump the gun! 9. Buying a stock because it was mentioned in a chat room Avoid the costly mistakes!