morning traders,
today , a repost from Mirren from last night, hope thats ok mirren as its worth a read.
'The daytrading gig is a tricky game -
It is best to be cautious and spend a lot of time watching and learning- most of the calls have merit - but you need to understand the context - one persons risk appetite is not suitable for others -
It takes a long time to work out who does what around here - we have some that do some great FA research - those calls are not necessarily ready to trade on the charts -
Others make good Chart /TA calls - however those can be also very quick opportunities -
If you notice everyone starts yelling and calling - that can also mean that the trade is nearly over -
So many variables - One thing though for new traders - It is best to stay away from some of the stuff we play with - cause we are the ones that play with stuff that has volume and movement - often a lot of these ones end in the cash raise holding your money category-
Thing is - the ones that have been around a while are good at spotting the probability and mostly only trade those ones for one day -
A bit of insight - daytraders are fairly good at quickly assessing the company's announcements and looking fast at the balance sheet - after a while you sort of know what the rise is about and trade accordingly -
Anyone looking for tips to make fast money usually ends up scratching their head and realising that the exit gates are closed -
It is what it is -
What crosses our desk every morning is an opportunity - we don't always get it right -
And most of all we move on fast to the next opportunity -
My perspective is charts - laced with a reasonable overview of FA -When I started out I thought FA was the guide - that can become an obstacle to what is actually happening - it is all a game - and a dance - it is delightfully unpredictable - there are many layers of games and tactics that take many years of watching and studying to understand -and even then it is still a scenic journey some days -
Yesterday I sat on my hands cause it just felt like there was no mojo - just a feeling -
Today everything sprang back into action -
What I would suggest for new traders - is to find a few good companies across the different sectors - learn about charts and how they swing and start to recognise that all sectors take turns according to the newsflow - understand what is going on in the macro universe and if Donnie is not happy with rocket man be careful - Watch the overview-
Short week this week so treat tomorrow like Friday .....'
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