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To Ron:
Ron, if you read the post from Sonny, read it again. and again. I agree
with him completely regarding using price, its action and structure, as your
primary tool/skill.
If you want to day trade, sit with live data, focus, learn. It takes time.
Read the basic stuff, Edwards& McGee, or Murphy's Guides to Technical
analysis.
Learn patterns, the ones in the literature and the ones you see yourself in
the market.
There are patterns I see regularly that are not in any books. I use them to
glean points.
Trust yourself. If you dont, learn.
You can play with indicators for a long time. The only indicators I use are
an oscillator, (which one does not much matter, trust me) just to help with
divergence and over bought/sold situations, and moving averages, just to
give a visual of the markets trendiness. None of my trading is based on
strict rules around these indicators. They are just what they are called:
indicators. They only point they dont speak. Price speaks. You must
listen and learn how to act on what you see. I love support and resistance
levels. For me they are maps to the market. Fib stuff is helpfull.
The acting (at least for me), the doing what you know or think is what
should be done, is by far the hardest part of trading. I am just beginning
to get some consistency (i think) after around 3to4 years.
Learn to lose well (again, this is the hard part, I still have a long way to
go here) and lose small (this has never been a problem for me). Learn to
manage your self. Learn proper position sizing. This will be key in
staying alive during drawdowns and will assist in the rapid growth of your
account.
Finding a basic money making approach to trading is the least of your
worries. Sorry for the bad news. Be prepared for a journey into self -
pure and simple. You will only understand this once you are faced with it.
Your makeup is the the key to your success, not software, not indicators.
Study price action. Train your mind and control your emotions. Get books
on trading phsycology. If interested email me and I will recommend some
books. Keep a trading journal (very important). Meditate if you know how.
Visualize your success, if you know how. If not, learn how.
I have probably jumped way ahead of where you are, but I hope it helps.
This is just my way - there are of course many others. You will have to
find your own.
Best of luck,
Kev
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