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chartwaves

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Everything posted by chartwaves

  1. Hello everyone, I always see traders looking for a miracle indicator or oscillator for perfect entries and exits. I think if such a thing did exist then who ever owned it would keep it very secret, because the more common a system or indicator is the more the advantage will start to fade. From my experiences I have found that price action is the absolute best indicator with volume being number 2. What better indicator do we need than seeing price jump over past highs, or price falling to new lows to help us gauge strength/weakness? What do you guys and gals think?
  2. You need to be warned that day trading is not the safest thing for a beginner to start with, however there have been a SMALL NUMBER that have been successful. I truly hope the best for you with your new voyage. This forum has a world of knowledge, and generally the members are more than willing to give great advice and direction to anyone with a question.
  3. Seems like about every time I have closed a profitable day trade, the position is just getting started, and would be a lot more profitable to have just held on longer. But everyone has their style, and I know there are wildly successful day traders out there, but its just not my thing.
  4. Everyone has their own style of doing things, and mine is probably different than most when dealing with trading emotions. I simply enter my trade, set my stop and stop watching it. My trades are typically 2 days and longer, so I will come back near the close and adjust my stop if price has gone my way, and then I just keep adjusting my stop until finally the position self closes. I trade much better in this way, the times when I have watched price action like a hawk, I will start dreaming up all sorts of reasons to pull the plug or something else stupid out of pure emotion.
  5. Hi Jeremy, I think you would be a lot better off to just forget about day trading in the beginning, and take a look at the longer time frames. There is plenty of money to be made simply getting on board in established trends that could last for weeks/months at a time. I personally would recommend trading ETF's because you are putting your money in a "basket of stocks" all bundled together and has less of a chance of gapping violently or failing all together. Other advantages to these are liquidity and the ability to invest in one sector or an entire stock index. The absolute key thing is to take it slow in the beginning and place small bets, and set stop loss orders that you can actually live with, because they will get tripped and they will get tripped often (hopefully not more than 50% of the time ). You need to also understand that trading is not as much about predicting the future of price, but its more about managing risk and information on the chart. Stay safe and be very very careful, the markets are a dangerous place.
  6. Hi everyone, I haven't formerly introduced myself so here goes. I have been trading for the last 5 yrs, made my share of mistakes in the beginning and have been profitable now for the last 3 yrs (even through the recession) I trade mostly leveraged ETF's because of the massive liquidity and stability that they offer. I can't wait to jump in and possibly help some beginners not lose their shirts.
  7. Hi everyone, From what I see the Russel 2000 looks to me to be the weakest of the big indexes, and its close to completing a lower swing high. It's been my experience that the Russel and the Nasdaq usually take the lead. It could be a reversal pattern in the making, or it could be a bullish flag setting up, it wont be long and we will get our answer.
  8. Hi everyone, Seems to me that the Russel 2000 is the weakest and close to completing a lower swing high. From my experiences, the Russel and Nasdaq usually take the lead.
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