For beginners and other readers, Before staring trading, I would suggest to get acquainted with Technical Analysis (TA) first and then work your way up to Elliot Wave (EW), Elliot wave study is a must if one wants to make good and consistent money in the markets, also if you are just starting out, I would suggest that after learning the TA and going through Elliot wave do paper trading for at-least 3-4 months, and then start with a very small amount trading only a single lot, for the first year remember your goal must be to learn proper money management and not get wiped out. If you get 2-3 Stop loss hits in a row, step aside, re-evaluate and just watch the screen, as how the prices react, around support and resistance. Always keep in mind, trading is easy, only if you have a good and simple System for generating supports and resistances, and you have complete faith in your system.
I could suggest a few books, that I have read:
1. Technical Analysis By Richard Schabacker.
2. Technical Analysis of Stock Trends, John Magee.
3. Technical Analysis Of The Financial Markets, John J Murphy.
4. Key to Market Behavior by Frost and Prechter.
5. Elliott Wave Principle Forex, Balan, Robert.
6. Stevie Nison - Japanese Candlestick Charting Techniques.
The tools that I use are Metastock, Amibroker and a live data feed, Share khan's Trade Tiger is also a good charting software.
Last but not the least, if you want to earn money, whether in markets or in any other business, there is no substitute for hard work.
I am publishing this post, before starting with any analysis, in order to help out any new beginners, as I myself have been at that place a year ago, lost on an island, not knowing how to start, but by the grace of god, I made some good friends, came around a few nice blogs and websites, that helped me, to get a direction, get proper tools and the books to read and learn before starting trading.
ALL THE BEST !!!
No comments:
Post a Comment