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Registered User
Joined: 9/13/2006
Posts: 143
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I am very new. What indicators I have to customize to get buy/sell signal. I only have 2-3 hourd a day to do eveything for my trades and I only want to do max. 10 trade/month.Thanks
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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We trainers cannot offer trading or analysis advice. I will move this to the Stock Talk forum for you so you can get the opinions of other board members.
While you wait for their thoughts, be sure to review the videos here: If you are new to TeleChart READ THIS FIRST!
- Craig
Here to Help!
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Registered User
Joined: 12/8/2004
Posts: 1,301
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QUOTE (moakhavi) I am very new. What indicators I have to customize to get buy/sell signal. I only have 2-3 hourd a day to do eveything for my trades and I only want to do max. 10 trade/month.Thanks
Unfortunately trading is not that easy, and you are going to have to spend more than 2 or 3 hours a day developing a trading strategy. There are no indicators that will give you what you want. All indicators are developed from the same information. You can backtest almost any indicator or comibination of indicators and you will be unpleasantly surprised.
You are better off developing a moving average system and hold for the longer term to have any chance of reasonable success.
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Registered User
Joined: 10/7/2004
Posts: 2,126
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Listen trading is not an easy task, but it can be done sucessfully if you keep things simple, very simple.If you do not even know how to set your indicators, or what you need to do to get your system going, then your are very far away from the begining. I would advice to you to check some books, and to try to set some kind of initial plan for your goals. If you like you can do paper trading, which I don't usually recomend. In your case it may be benefitial since it looks like you will need lots of preparation to start. Just remember no to do to much paper trading, and not to give yourself false ideas based on that. When your money is on the line you will react in completely different ways. Study fundamentals and technicals, and make sure that the money you are going to trade eventually is not borrowed, or needed for your living.
good luck
Bigblock.
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Registered User
Joined: 9/2/2006
Posts: 10
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I disagree with what some people say about spending a lot of time finding and trading the right stocks. I think you can do it in an hour or so a day, after you become good at it.
The most important thing for you to do is determine your time frame. If you are just starting out, I would recommend that you swing trade. However note that my swing timeframe and yours could be different. This is what gives us traders the ability to make money.
I would recommend that you use trix plotted in the middle window with cci with and ema price signal overlayed in the bottom window. The top have candle sticks with 3 moving averages. You can start by using 10, 23, and 45. When the trix signals up or down go short or long after it is confirmed by the moving averages opening up and the cci/ema confirm. This does not always work but with proper stop loss and money management you can make a killing on this.
Also know that depending on your account and your time frame. 10 trades a month might be way too many. Most newbees get killed by overtrading. I know I did when I first started out.
Hope this helps you out.
fiestyy2
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Registered User
Joined: 9/2/2006
Posts: 10
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Oh, almost forgot.
I also recommend you follow no more than 4 stocks. Make sure they have at least 500000 volume. That way you do not have to worry about being able to get in and out of a stock.
I follow 6 stocks. I play them short and long and I know them like the back of my hand.
The last thing. Please paper trade for at least a month or two.
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Registered User
Joined: 3/25/2005
Posts: 864
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QUOTE (HaveNoCents)
There are no indicators that will give you what you want. All indicators are developed from the same information.
Sorry everyone, but I have to agree with Havenocents on this one.
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Registered User
Joined: 10/26/2005
Posts: 238
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Being very new dont even think about putting real money on the table till you learn how indicators work and I dont mean green over red = Buy, it is not as easy as the infomuricals make it look. Create you system and paper trade it first. I say two months min. Then as BigBlock says when you start putting real money in the market,it is totally different your emotions will come into play . You must have confidence in yourself and your system or fear will rob you like a bandit. Also get into the habbit of watching how the market reacts to news,earnings ,ect. I am new to this as well, on my second year at trading. If someone would have told me just what I wrote here and the others above. It would have saved me $$ my first year. (of course it is likely they did and I just did not listen, haha) GOOD LUCK
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Registered User
Joined: 11/1/2005
Posts: 240
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I would recommend you start by going through the books and videos in the training section. after that its possible to trade with a hr or so looking at your trades, if your interested in long term trading.
its a tough racket, but don't become overly concerned, this causes you to watch your trades as they develpe, getting excited about how right you were, "were" its too late.
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Registered User
Joined: 10/7/2004
Posts: 264
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Moakhavi, I'll save you some time. The only indicator you need is price. Don't worry about the rest because they are all derivatives of price. You will make youself nuts changing settings and timeframes to find the "perfect" indicator. Once you think you have it, something will change and you'll start over. After several years, you will come to the realization that these magic indicators were not very helpful and just confused the situation.
Since you only have 2-3 hrs. per day, I would recomend that you set your charts up with price only. Setup a watchlist of several stocks and indexes and study price. Use the Dow 30, Naz 100 or S&P 500 to start, depending how much time you want to put into it. Use weekly, daily, and hourly (if available) charts. Watch how price moves to certain levels, pauses and reverses. If you do this 2-3 hrs per day for 6 months to a year, you should be able to spot the low risk entry points. After a few months of study, add some reality and start making small trades (maybe 1 per month) risking less than 0.5% of your account. The money will keep you honest. Good luck.
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Registered User
Joined: 11/3/2004
Posts: 39
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QUOTE (fiestyy2)
I would recommend that you use trix plotted in the middle window with cci with and ema price signal overlayed in the bottom window. The top have candle sticks with 3 moving averages. You can start by using 10, 23, and 45. When the trix signals up or down go short or long after it is confirmed by the moving averages opening up and the cci/ema confirm. This does not always work but with proper stop loss and money management you can make a killing on this.
fiestyy2
Fiesty,
What time frames are you using for the cci/ema and trix?
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Registered User
Joined: 2/5/2006
Posts: 1,148
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MACD is a very good for giving buy/sell signals. also if your time is limited i would just trade the major indexes for stocks, gold, oil, currency, and bonds. then move on to sector etfs if you have time. but also remember you need to determine support and resistance levels. and understand chart patterns, to help determine price objectives and confirm buy/sell signals.
and check past history to see if valid buy/sell signals are being given for macd.
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