Advice for a trading novice

[Giovan]

Simple:
understand the basics first: charts, trends candles and the rest of the basic stuff.


Afterwards the best strategies are;
price action
Chart pattern
orderflow analysis

 

[np88]

Simple:
understand the basics first: charts, trends candles and the rest of the basic stuff.


Afterwards the best strategies are;
price action
Chart pattern
orderflow analysis

I agree, price action is a good tool for any trader. I would start with the Al Brooks books, they've served me and some people I know very well.

 

[np88]

by the way, cool name VettelsFinger!

 

[vettelsfinger]

Simple:
understand the basics first: charts, trends candles and the rest of the basic stuff.


Afterwards the best strategies are;
price action
Chart pattern
orderflow analysis

Hi Giovan, NP88,

Thank you for your comments, I feel that over the last few weeks I have developed an OK understanding of the basics of trading- enough to devise my first strategy, so far this has been working fairly well but I am keen to develop it further. Price Action seems to be a very powerful tool in doing this, so I will be reading the books that you have recommended.

So I understand the basic concept of Price Action and even Chart pattern, but it would be great to have some more insight into what orderflow analysis is, and how you work with it? Also is this list in order of what you would recommend to learn about first?

Thanks
Tom

 

[Solas0077]

http://systemtradersuccess.com/account-undercapitalization-is-the-primary-cause-for-trader-failures/

#1 cause of failure = not well capitalized

 

[vettelsfinger]

Hi Solas0077,

Thanks for the article, I found it to be an interesting read. Obviously it would be great if i had millions to invest straight away, as I could manage my risk accordingly! I have a reasonable amount to invest but will ensure that this is matched by a proper risk allocation according to this capital.

Do you have any money management tips that may help?

Thanks
Tom