Hi
@xdeathwolfx,
I am by no means any expert, in fact, very far from that. I am still very new to trading, so as a newbie, maybe I can offer some advice... I have received great advice from both newbie and experienced traders here... Each time someone is kind enough to offer some great advice, for the past few months, I have been copying and pasting it into a word document... So you can imagine, it is quite long now hehe...(24 pages)
As we all have different circumstances, both economically and experience wise, I will just speak "generally"...
1. The Morning Thread / Afternoon Thread is the MOST dangerous place on Hot Copper ( No offense rampers) hahaha - Unless you are wanting to scan for idea's or just soak in "how the game is played". I have found that the best place to gain knowledge is in this Aftermarket thread and the weekend thread. Many helpful and kind souls here
I have learnt so much from many great traders here (including newbies) and it has been a great asset to the wealth of my knowledge ...
I have fun watching stocks like SRY and AYM (Todays runners) as it is helping me with my
charting skills, learning when to enter and exit trades and definitely with risk management... However, I usually only paper trade these as I do not have near enough experience as most traders here. Hopefully one day I will, but until then, I am using "paper money" to trade, but treat it as if the money was my hard earned cash! I only ever use my real money when It is a stock I know a bit about and its historical behaviors, or / and certain posters here are involved ... (over time, you will learn who these are)...
Don't just buy a stock because somebody with 20 thousand posts or 20 "likes" says it is going to the moon... You will get burnt 99% of the time... Your misery makes them profits hehehe...
2. Remember, 90% of stocks mentioned here are RUBBISH !! Only good for a day trade or ST trade, and that's all... Remember, we are making money off speculation, not quality bluechips
I have found it useful to research some good quality stocks, invest in them, and watch them, keeping up-to-date with them, following the charts etc... I think this is really helping me with charting skills, researching skills as I have got "skin in the game" to watch them very closely and also get involved in their threads. Some threads are very useful with bountiful loads of great info (such as CNB).. hehe...
3. If your looking to trade ST or even longer term, in the famous words of
@slick, always buy in an uptrend !!
4. In the famous words of
@Elitepdr , " Thestock market can be very cruel & every now & again it willslap you in the face just to remind you that you’re not unbeatablethe main thing is to keep learning/improving from your mistakes. Fornewbies I would recommend to paper trade until you get the hang of itor if you feel you want to try using real money start very small as95% of the time you won’t see this money again."
" Daytrading requires a huge amount of skill but also a very strongEmotional/Psychological mind set. The type of mind set that knowswhen to sell or buy or to walk away after making huge gains orlosses. It’s so important to start each day fresh & not thinkabout what could’ve been the day before. So many people think oktoday’s a new day time to win back the money I lost yesterday whichwill normally always end in tears."
5. Some words I always remember from
@taughtbuffet : " it'seasy for newbies to get caught up in all the bright lights and shinyobjects, to look at the days gainers and say "why didnt i buythat?" only to buy at the wrong time and it all ends in tears"
6. Advice from
@Whitewolf89 :
soi urge you to take the time to learning basic charting skills i didthe following : i found all this information on youtube i would watchnumerous videos on the same topic to get different views
-how to read candle sticks
-candle stick patters bullish and bearish
-support and resistance - an absolute must !
-trend lines
-relative volume
-vwap, macd, rsi
butmost importantly after studying at night i would follow up the nextday by watching the charts live to see if i could pick things up in"real" time - this is by far the best thing i did ! i don'tknow you situation but i'm unemployed right now so i was happy to sitthere from 10-4 and watch for many days without trading, and justtrade in my head
I would be happy to send you a copy to your email if you want... Also heaps of great advice from
@Veritas2000 (with links)
@juliarrr199,
@rmrm06 and many more
Don't know if this helps, but thought I would write it anyway hehe...
Have a great night
