DTers Weekend Aftermarket lounge EOFY Party, page-119

  1. 12,284 Posts.
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    Sounds like you have put yourself in a great position -not being under pressure is an advantage -
    You probably won't give up from here - protecting capital is a must - I definitely agree with that as a first consideration---

    If you like numbers and analytics you should like charts - the Wykoff theory should interest you - it is logical -It is a great starting point and a good basis for how the market works and behaves -have a look on youtube -
    Patterns repeat themselves over and over - learning the various patterns and the highest probable outcomes is a good tool - reading candlesticks and what they mean is also an asset -
    The other part is the ability to recognise what is going on in a trade with volume - being able to read and understand it is difficult but worthwhile -it can actually show you whether the bigger pockets are buying or selling - volume is a very tricky beast - but it is imo one of the best tools if you really want to daytrade -
    Tradeguider have a lot of material -

    Most active traders scan the market for unusual volume and activity - that is where they look at the chart and then look into the fundamentals to assess whether something is potentially brewing -
    Understanding things fundamentally is valuable - the who's who of the markets how capital raisings work - the who's who of the brokers - and learning to understand the structure of companies who the management is--- the learning is limitless - understanding a balance sheet is also very useful - which also covers the breakdown of who owns how much of a company -
    Personally I think fundamentalists win by taking a position and being sure their assessment is correct - this does not take into consideration the games and the timeframe - so you can be right but can also be waiting for a long time for a fundamental choice to pay off -
    Chartists read the action-any fundamentalist that says charts are useless can't read them -
    This skill is valuable with regard to daytrading - in essence you don't need to know all about the company to daytrade successfully - you can read the strength or weakness on the day -
    The bread and butter for daytraders is to be able to quickly assess the announcements that appear - morning and noon - this is what most people surf - if you read it wrong or are too slow you lose - some things will run some will be sold into - that is the key to assess the probabilities on the day ---
 
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