Hey everyone! I am new to stock trading & want advice on where to begin. I have done a bit of research and understand the basics but I am still feeling a little overwhelmed with all the options out there. There are so many different strategies and platforms and I am not sure which one to focus on first. I know paper trading is a good way to start; but how do you all decide on which stocks to trade?? Should I focus on day trading or more long-term strategies to start?? Also; any tips on how to manage risk & not get too emotional with the ups & downs would be helpful. Also i have check this resorse https://www.elitetrader.com/et/threads/beginner-trader- blue-prism-certificationlooking-for-suggestions-for-the-right-broker.349551/page-2 still i want tips from your side. I am waiting Thank you.
Day Trading is for people who want to watch their positions like a hawk so nothing goes wrong. Investing is probably better as a starter since you can risk less & learn from the way it reacts to individual news or macro data. Right now is a very confusing time to separate individual stocks vs. what is moving based on economic news. Understanding trends will help you long term in understanding why stocks move. I started investing in 1993 after I started working and I bought mainly stocks that were "cheap" because they were in a turnaround mode. I also bought stocks in the semiconductor industry since that was the "hot" sector in the mid 1990s. All this was before the Internet boom starting from the 1996 IPO of Netscape. I started daytrading in 1999 but I was never that successful. I personally thought it was very stressful to watch the screen for 6.5 hours a day. As for broker just get a large retail one like Schwab or Fidelity. If you are younger say less than 30 you might like the interface on the Robinhood app. These are for stock & options trading which is safer than trying to learn the forex or futures markets. If you are into high risk trading you could learn to trade the cryptocurrency tokens on Robinhood or Coinbase. I have no experience with that except just holding Bitcoin in an ETF (IBIT).
Take the time to study why traders fail. Make a list of the top ten reasons. Don't do anything on the list.
When new people ask advice like this I know they will fail as traders. You have to be more naturally intuitive, inclined, curious, hungry, observant and clever about everything and learn bits by pieces slowly. If you need everything absolutely spoon fed to you...get a standard boring routine job. But back to trading....do you want to make a lot of money/risks...or do you want to be much more moderate and safer with lower returns. From here develop your understanding approach pathway,
Asking where to begin is a great question. I would have saved time had someone told me: Go straight to PA. Skip basically everything indicator related. Learn support, resistance, channels, trading ranges.. People either love or hate him, but I found Al Brook's material to be the best out there. I wouldn't spend time with: Time and Sales DOM Volume Profile Volume analysis Scalping Candle sticks Not to say things on the "wouldn't" list aren't worth while. I have no doubt there are people making those work. I just personally wish I had bypassed them. HTH
Ahhhh.... you're one of Those type of people... Support Resistance Ranges and Al Brooks.... if trading were that simple everyone would be dancing in the street wearing 5 carat diamonds. All you have to do is buy when it touches this bottom line....and sell when it touches this top line....So easy a caveman can do it. Fools. You'll be make more money selling courses and subscriptions and content ads on social media rather than ....Ranges... Iceberg of Hawaiian
Via Negativa: The Process of Making Good Decisions By Eliminating Bad Ones Bonus ... Rule #1 Don't lose money Rule #2 Never forget Rule #1 Focus on maximizing the long-term expected value of the logarithm of wealth.
The rule needs a time frame. There are those who feel that you haven't lost any money until you sell. Therefore if you don't sell you have followed rule #1.