Yeah it’s quite disconcerting when you first start out. Everyone talks about having a trading plan and what that basically means is:
What are you going to trade?(stocks, options, crypto, forex)
How are you going to trade it? (long term – weeks months years / short term – weeks days / day trade – hours, mins)
What are your indicators of buying? (news, earnings reports, candlestick patterns)
How much money are you using and in turn expecting to lose / gain to make it worth it or to give up and quit?
What are your goals for success / improvement goals?
What platform are you going to use?
Once you have all of those figured out then you need to read a book or 3 on your chosen path. Myself I am a somewhat newbie with day trading. Just recently quit my full time job and am trying to make a go of it. I trade stocks, use candlesticks, use the 5 minute charts and look for Bull Flags to buy in on with a stop loss in place and look to take profit about 4-7 mins into the trade. I use TOS and use their scanners to find high risers that develop into Bull Flags. A book that has changed my life though was one called Best Loser Wins by Tom Hougaard. This book though is best read after you’ve been trading for a bit. Hope all this helps….
