jlhof1
3 posts
msg #50491
- Ignore jlhof1 |
3/9/2007 11:10:06 AM
Been some 35 years since I played the stock market. Talk about "these times are a changin!" I thought there was too much info then, but it's rainin "get rich quick schemes" today since broadband and the internet.
Been doing some homework catchup for the last three months. Coming up with a basic a trading plan without too much stuff to watch. No live broker to steer me in the wrong direction. Using an online brokerage where I call the plays and place my own orders. Subscribing to stockcharts.com and stockfetcher.com (seems like two good combinations out of the tons of services out there).
Swing trader, a position trade or two and maybe an occasional day trade if the run is too good to pass.
Anyway, the main reason for this post is to ask for a bit of advice. Besides volume and a set of moving averages, if you had to use only two other indicators on daily charts, what would they be and their settings? I have narrowed them down to three but want to see what indicators you more up-to-date traders use.
Stockfetcher is something else. Been here for less than a month, more stuff than you can shake a stick at, having some fun and challenges playing around, and who knows, I may even come up with some filters that work.
Thanking you in advance. (This is the first time I've ever posted to a forum as they didn't have the modern internet 35 years ago.)
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nikoschopen
2,824 posts
msg #50496
- Ignore nikoschopen |
3/9/2007 6:25:50 PM
I'm supremely underqualified to comment on this never-ending debate on what indicator is branded as the next best thing to Viagra, but if you have been around the market for the last 35 years and know that the rage of "get rich quick schemes" is rising to a crisis proportion, why bother asking? You'll likely end up with a myriad of suggestions touting that their indicator will "turn 1000$ into 1 million in <2years-very easy to do$$$$$"!!!
In my humble opinion, there are only two indicators to watch, and they're essentially two sides of the same coin: 1) what others are doing; 2) what you're doing based on what others are doing.
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TheRumpledOne
6,407 posts
msg #50498
- Ignore TheRumpledOne |
3/9/2007 8:26:34 PM
1) today's open
2) previous day's close.
If price above both, be/go long.
If price below both, be/go short.
Who needs indicators to trade?
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traderblues
195 posts
msg #50501
- Ignore traderblues |
3/9/2007 9:47:31 PM
TRO,
You're right. I'm going to go back and delete every indicator of yours that I copied. Who needs 'em! That should free up about 5 MB of hard drive space. :)
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jlhof1
3 posts
msg #50517
- Ignore jlhof1 |
3/10/2007 6:18:41 PM
3 replies from my virgin post. Not bad. What others are doing is contained in price and my action, if any, to price. It may be hard to beat price and volume.
TRO, I have read several of your previous posts and although I don't understand most of them, your advice here is as basic as it gets. "Simplicity, simplicity, simplicity!" Thoreau. Was it you that said, "Trade the same stock everyday?" That makes it even simpler as long as the price is moving on good volume and not in a long, flat sideways direction. Have you back tested these suggestions and is there a filter for this? I have no idea how to do back testing. I can paper trade and see what happens. Stop loss price (%age of initial position), until one can move the trailing stop loss price up or down, would be my main concern.
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TheRumpledOne
6,407 posts
msg #50519
- Ignore TheRumpledOne |
3/10/2007 9:20:18 PM
Delete every indicator...LOL!
Just remember there's a difference between SELECTING what stock to trade and TRADING IT. I use indicators to show what stocks to trade. Usually, the same ones, over and over.
Thoreau, simplicity.. yes! Remember, it only takes a second or two to enter/exit a trade, most of the time is spent WAITING! So if you are trading one stock and it is going sideways, just wait. Because, if you take your eye off of it, it will move and you'll miss the move.
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jlhof1
3 posts
msg #50526
- Ignore jlhof1
modified |
3/11/2007 12:21:45 PM
I need to come up with my own method of selecting a stock to trade. Then trade according to my plan. If I can't do that I have no business trading.
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