| Rickt |
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Gold User, Member, TeleChart
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| Registered User |
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| Unsure |
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| Thursday, October 7, 2004 |
| Thursday, January 15, 2015 7:54:08 AM |
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RPNASH:
Telechart can become quite complex if you try to trade using all the indicators available in it. Tobydad's advise of having a written game plan is "very important" first step, in my opinion.
Thereafter, you decide on a trade size and # of positions you want to buy and can monitor on a regular basis. You must also decide the maximum loss you are willing to take in each position and ensure that your losses(if all your positions are losers) is within acceptable percentage (2% , in my case) of your overall portfolio. Your loss limits will determine the trade size in Dollars and the number of positions you can hold at any given time.
In the beginning, I would recommend that you use only 2 to 3 indicators that you really understand and are comfortable trading with. After successful trading you may add more indicators, if you are comfortable with each one before implementation (using paper trading).
Easy scans are time savers, but there is no substitute for reading the charts---look at lots of charts each day, make notes based on your chosen indicators. I would recommend looking at the charts of the same set of stocks (viz. ; Nasdaq 100 or SP-500) every day. This way you will be able to see the behaviour of stocks after you have posted your notes and learn. I believe there is no better way of learning than this. Just my 2 cents.
Good Luck and hang in there...you will have to pay the tuition before you get your Master's degree in investing/trading. Don't be aftraid of paying this price..it's worth it!
Rick
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