I did day trading back in early 2000s last about 2 years with break-even and scared the sh.t out of myself because I didn’t know what I was doing. I totally psych myself out of the market for 6 years. I knew I need to cool off. Just didn’t know it will take that long.
Now, I think (hope) I’m ready to re-engage back to the market and want to learn the proper way for the technical analysis.
Questions:
any classes I can take for technical analysis?
is it worth to go through CMT?
besides reading, trading, is there school or anything out there that I can learn step by step?
By the way, I went through pip school here, it’s a cool learning, but still too basic to me.
To learn more about Technical analysis you can read books or go to different websites were you can find more information’s about technical analysis. There is one site every one is aware of it Forexpros.com here you can get all the technical as well as fundamental news and updates about the market. In addition, if you want to learn trading and their tools go for practice account with some good brokers and practice this will help you when you start trading with real money. Go for Oanda, Iforex, Money Forex, Etoro and AVAFX.
The quickest way is to watch Brian Shannon’s videos on youtube.
Dude does stocks, but you can apply that to fx.
He has a really great blog - he does video updates everyday. His blog is a blogspot blog called alphatrends. He has a book out getting a lot of buzz. He’s a big proponent of combining multiple time frame analysis into every trade. He’s a big believer in VWAP, which is increasingly getting becoming a more popular indicator thanks to his videos.
He has great videos that can be applied to any market.
This is good news that you have given technical analysis and fundamental analysis of the market are most helpful for traders through, which they can take their trades. There are many traders in this market who like to trade the news and go for technical and fundamental analysis of the markets. There are traders in AVAFX who go for news trading.
I agree with the person who posted earlier recommending Brian Shannon’s excellent trading instruction/market analysis videos available at his alphatrends blog site.
As was mentioned, Shannon emphasizes VWAP (volume weighted average price) as an important indicator for day trading. Unfortunately, it’s a difficult indicator to find at charting services sites or at stock brokerage sites!
Shannon accesses VWAP data via a very expensive service called realtick.
He says people often ask him where they can find VWAP for free. He says he doesn’t know of such a source.
But I discovered my own current broker, Intreractive Brokers offers VWAP data too, and it comes free with an IB brokerage account.
Although you can’t plot the Shannon version of VWAP on a line on a chart with IB the way he shows on his charts, you can still access the exact same VWAP data he uses. You can call up the current daily VWAP value of any stock, etf, or index at any given time during the trading day.
I posted a piece describing exactly how to access daily VWAP, 2-day and 3-day VWAP data, using Interactive Brokers’ charting system, in a blog post: vwapfreeforstocktraders
