TL;DR I feel brand new to day trading anything other than currencies and I'm having trouble finding the right resources to get started. Help? Will trade answers regarding trend trading.submitted by Broggernaut to Howtotrade [link] [comments]
I've been involved in Forex for about 6-7 years now. Light bulb moment happened right around 2 years ago and I'm content with the growth rate of my account since then. I trade very, very simply. I look for established trends on higher timeframes (8h, 12h, daily, weekly), wait for a pullback, and then enter with fib retracements and supp/resistance on what I perceive as momentum. The moving average serves no technical purpose. It's simply a different type of visual representation of price movement. There's nothing revolutionary here.
I want to expand into day trading but again, I feel lost. Small cap? Large cap? Reading tape? Scrapers? Volume aggregation? stock scanning scripts? Runners? Bag holding? Apparently shorting is a big deal? Penny stocks compared to "normal" stocks? which brokers offer what? ALSO, some of these charts feel chaotic at best. The choppiness just appears unreal. Price action in Forex can be choppy, but at least it's "smooth" in the sense that price opens at the same price the previous candle closed at 99% of the time.
It doesn't really help that most of the youtube resources I've come across focus on getting rich quick, or aspects of trading that I do believe are important (psychology, money management, FOMO, indicators, etc.) but I do not need help with. I'm still improving, but I've got a solid grip on these aspects and they are not what I'm looking for. I guess what I'm looking for specifically is information on the nuances, technicals, vernacular, and details that are inherent in day trading stocks that don't exist in forex. Most of the stuff I listed in the above paragraph are accurate examples.
I have zero interest in scalping Forex. I'm active duty with a full time day job which is part of the reason I strictly trade higher time frames. I've also found that the manner in which I prefer to trade is more reliable at higher time frames. That being said I am interested in getting into stocks as well as Forex and will have the option to move to second shift and trade the morning bell and all the liquidity that comes with it in the next couple months. I'm looking to get educated in the interim. It's likely that I'll eventually move into long-term trading with stocks as well, but who knows.
Does anyone have any resources or suggestions for materials that touch on topics similar to what's listed above that they found helpful when first jumping in? I'm looking for the option to trade stocks, commodities, penny stocks, etc.
Oh, I currently trade with Oanda through Tradingview and I'm considering TDAmeritrade. I can get around the PDT rule but I'm not in a hurry and would probably like to start with penny stocks with something like $5-10k I think? The problem is I'm just unsure. My personal philosophy is that demo trading is useless after buttonology. Instead I have found that trading small amounts of real money provides much better results in the long term.
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