RE: 2p28 Mar 2021 12:50
Hi crypt0r, Jack is right about Stockcharts, its like an index of pretty much any indicator, chart pattern, candlesticks and analytical charting tools...or at least the vast majority of the most used ones.
If you don`t already I would use an interactive charting platform, like TradingView or Investing.com, I do have both but find TradingView much easier to use and store a watchlist. They`re both free to use if you don`t mind the pop ups.
These give you plenty of time to practice identifying all the different indicators and signals, and to back test and play with different ones to familiarise yourself.
There is a daunting amount of information to be fair, but the beauty is that you don`t need it all to be successful. For example, some traders just look for particular patterns where the 50 period exponential moving average has started to rise, and might also have a rule that the 20 EMA has to have crossed above the 50, then they look for price to have repeatedly bounced off the 50 on each dip so as to establish that as a valid buying point known as `buying at value`.
There are thousands of strategy`s, but NONE of them work every time, thats why it pays to understand how to buy close to pivot points so that you can involve the safety net of stop losses to keep losses to a minimum.
Of course you don`t have to be short term trading to utilise all this, experienced investors also use these tools to get best price on their target investments, rather than just reading the fundamentals, reports, PE ratio`s etc and piling blindly in at any price range that roughly fits with earnings multiples, they wait, and have a target entry point on the chart to get the maximum amount of shares...it can make a big difference in how quickly they go in to profit and start making money.
I do have a book suggestion if you really want to understand the whole intricacies of how to be a trader, the best piece of written work on how to be a trader in my view. (not read that many books but plenty of written work, articles, emails etc)
Its `Come In To My Trading Room` by Dr Alexander Elder. He`s my guru, and his book has been my bible. He has even formulated his own indicator called Elders Force Index which is used on TradingView.
Last but not least, I went to a few seminars run by the Online Trading Academy when I first started and ended up buying a library of 16 discs covering everything you needed to understand for day trading, I was never going to day trade but it was a huge knowledge base...which these days you can thankfully find on YouTube, just put them in the search for an ocean of video`s covering all you need.
Enjoy your charts, and good luck.
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