Daily Charts
I was wondering where I can look at some daily charts w/candlesticks that can also provide me with basic indices such as stochastics. I checked profitspi but I couldn't figure out how to get just a daily chart with candlesticks. Thanks in advance.
What other types of markets can I comfortably enter with $1000. By comfortably I mean I don't want to be forced to make large trades so that my $1000 could be gone in a day if I'm careless. I realize that anyone can lose money if they aren't careful, but I just mean that I don't want minimum trades to be $300 or more if thats something I can control. I know that the more you risk, the more you can gain AND lose but I want to be able to risk low just so I can stay in the game for a while and learn the ropes of at least 1 market.
Options is most volatile (50% drops to 300% gains overnight) but they are also most dangerous and you have to really know what you are doing.
If I was trading with $1000 I would personally choose ONE STOCK and go all in.....Then wait until I was up at least 10% ($100) and sell and then do it again. With some beginners luck you might get 30% on the first trade in a short time frame......
I would consider anything under $1 high risk but, if it were me, I'd only be trading in the 40 cent to $2 range because these are the stocks that move the most over short periods of time. The closer to 40 cents the more dangerous (but volatile) the stock... I believe it is crazy to get a stock trading under 20 cents but that is just my view.
Just watch the stock you want to get in for a few days and try to get a good entry. And if you can get the opinion of a moderator or someone in chat of the stock before you pull the buy trigger that would also be helpful.
Good luck....If you are serious about technical analysis then start HERE with maybe support/resistance lesson.....Then move to Module 3 about technical indicators with a few of the lessons in Module 2 with chart patterns....It is very overwhelming at first but the more you watch, observe, study, and see charts the more it makes sense!!
Slow down, don't move so fast! Entering into the markets is not a game! I realize there is a lot of money to be taken out of the market, but there is always risk and most new investors learn by losing!
Actually now is probably one of the best times to enter the market.... take that grand and buy something like GE and sit back and wait for it to gain back its real value. There are many, very many.. very undervalued big companies at this time. Pick one or two and place your bet and wait.
Oh... you don't want to wait? You want to scalp? Then you need experience... and even the experienced lose.
If you want to learn the market.. do it on paper.... there is a lot to be desired with doing it with a practice account... like there is not really any pressure about losing several hundred dollars on a bad play... but you can learn to plan your trade and trade your plan.
Never buy a stock without knowing where to get out... no matter which direction it moves.... plan your trade and trade your plan.
My goal is to eventually daytrade. Doint paper trading is a great idea, however I can't find any applications that can provide me the same information as if I were doing the real thing. By being involved in daytrading, I don't want to pay a brokerage fee of any kind but rather pay a per share rate.
Having said all this, I don't have $25k and so I don't intend on doing daytrading for a while. From now until I have some money in the bank, I will be constanly reading and gaining information and paper trading provided I can find something realistic enough. I have my eye on Lightspeed.
Currently, since I don't have the $25k required, I would like to get my feet wet in other markets. I was asking which other markets can I daytrade on where $1000 can get me some where provided I make the right plays? In other words, I'm looking for markets where the minimum to daytrade in is below $1000.
Not sure if anyone else knows about forex, but I did manage to download MIG Trading Station which is in fact a realistic forex trading software and the trial is for 90 days. When I go long or short, I automatically lose money from the get go (i.e. before price has even changed). Does anyone know why this might be? I think it has something to do with the fact that there are 2 prices for every order entered.