Hi, i'm a newbie and have been researching trading on and off for 2 years and although I have an account with money in it I havn't been able to narrow down a system yet to begin trading. I've spent months looking over the internet at posts, training videos and the like and it seems to me this site is where some of the most knowledgable traders are.
So I wanted to ask if anyone had advice on which area of the market a patient person, wanting to concentrate on one area, swing trading and willing to do necessary backtesting and not at all worries about how complicated it is or how much work is involved, would benefit the most from in the long run (i.e. stocks, e-minis or options and which subcategory/basic strategy)?
I also wondered what opinions were of the book: How to make money in stocks by Willian J O'Neil, who suggests making few higly researched mainly swing stock trades based mainly on fundermentals and pivot points, but you have to pay $1000/year to gain access to the important chart info on investor business daily (his website), if anyone had tried this method with success or failure or if his system sounds promising as a starting point?
For a year I havn't looked at any of the sites offering this or that and have been working on trying to figure out aspects of the market without focus but saw this one and out of curiousity can anyone tell me about it? I think he uses the info at investor business daily (paid the $1000) to determine who large institutions are investing in (this is the part i liked as this makes up 71% of the market and is the real movers of stock price as i understand it). So really he's just trend following the institutions, then I assume he uses TA to determine entry and exit points, is this a bad idea?
Elite Option Trader
Sorry for the newbie questions, I expect everyone has a different take on where to start but i'd greatly appreciate people's insight to help me find direction and start making trades.
So I wanted to ask if anyone had advice on which area of the market a patient person, wanting to concentrate on one area, swing trading and willing to do necessary backtesting and not at all worries about how complicated it is or how much work is involved, would benefit the most from in the long run (i.e. stocks, e-minis or options and which subcategory/basic strategy)?
I also wondered what opinions were of the book: How to make money in stocks by Willian J O'Neil, who suggests making few higly researched mainly swing stock trades based mainly on fundermentals and pivot points, but you have to pay $1000/year to gain access to the important chart info on investor business daily (his website), if anyone had tried this method with success or failure or if his system sounds promising as a starting point?
For a year I havn't looked at any of the sites offering this or that and have been working on trying to figure out aspects of the market without focus but saw this one and out of curiousity can anyone tell me about it? I think he uses the info at investor business daily (paid the $1000) to determine who large institutions are investing in (this is the part i liked as this makes up 71% of the market and is the real movers of stock price as i understand it). So really he's just trend following the institutions, then I assume he uses TA to determine entry and exit points, is this a bad idea?
Elite Option Trader
Sorry for the newbie questions, I expect everyone has a different take on where to start but i'd greatly appreciate people's insight to help me find direction and start making trades.
