What you don't know you don't know about trading can and will hurt you. Once you put real skin in the game, everything you've read about trading or seen in videos, CDs, etc. goes right out the window. It's funny how that works. Get a trading coach.
Learn to develop the necessary skill set based on knowledge and executed by discipline. Stop paying for newsletters, gurus, and stock tips that you don't understand.
You want to trade, so you'll have to learn the trading tools the pros use to recognize and capitalize on changes in the market's action and how to profit in either direction! You don't need new software.
Training and education in stock and options trading start you in the right direction immediately. Stop wasting time, money, and effort.
Whether you want to day trade, or you have some experience in swing trading, long-term investing, or short-term options trading, you need to understand more than candlestick charts.
Chart reading is important, but probably not as important as being in the right sector or industry, and then being in the right stock within that sector or industry. In short, you must be aware of sector rotation which is a direct result of market dynamics caused by news, events, trends, or shock headlines.
On top of all else, there is such a thing as trading psychology. We measure it by tracking fear and greed in the markets, that shows up in the charts. Books, CDs, websites can't convey all of that to you. A trading coach or mentor will show you, get you involved in it until you appreciate the market drivers of the trend.
You'll learn technical analysis using the classic indicators like the MACD, Fibonacci, Stochastics, Relative Strength (RSI), Moving Averages, Bollinger Bands, etc.. More important, I'll show you not only what to look for, but how to interpret it within the current market environment. What good is identifying it if you don't understand what it means?
Trading can be simple, but not easy; easy but not simple. One thing it can't be is guessed at since hope is not a strategy.
The ideas expressed on this site are solely the opinions of the author John Robichaud and are for entertainment purposes only. I am not a licensed investment advisor. Any investment decision that results in losses or gains made based on any information on this site, The Trading Room, or the newsletter, Trader Thoughts, are not the responsibility of www.wallstwise.com or John Robichaud. I may make statements about certain investment vehicles and strategies, but it is not to be taken as investment advice. My site, www.wallstwise.com, is an educational service, not an advisory or stock recommendation service. At times, I will analyze the technical structure (chart) of various stocks or financial markets, all examples are provided for educational purposes.
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