Newbie don't and do's
DON'T follow anyone into a trade that says simply "xyx looks good" mostly because they are reading 'most up' lists and the stock happens to appear there. Usually the trade is over way before the "declaration" 30 minutes later you'll hear them say "Did anyone follow me into this trade" but if the trade is down, you hear ....nothing at all!
Do some homework. A 'guru' suggests a leader, even a spiritual leader worthy of reverance. That is "bull" The best trader is a NERD. Studying at night, reading reports, setting up plays in advance and entry targets in advance much like a teacher sets up a lesson plan. Reading about pending earnings reports or mid-quarter reports, pending mergers, FDA approvals, etc. A research nerd works up to 3 hours a night, but can slide into a play easily during the session because its already set up well and the targets (entry, exit, support and resistance are clear). The "Macho" and failed trader needs no preparation, he/she won't read they just go where 'the action is' They are "above" reading and certainly think they will KNOW when the TIME is right to enter although you have no suggestion of when that time is until its over and they are "in already" This makes a novice feel inadequate when in reality, it might be just a pat on the back or a game for that particular trader. It takes time to learn to trade and a good, practiced trader will lead a novice to the right time slowly and in advance, carefully explaining the strategy, and give you ample time to enter and set up your stops.
DO NOT SCALP but set up longer term positions (not 3 to 5 minutes but rather 30 to 90 minutes or even 120 minutes) I have met 3 good scalpers in my last 7 years as a professional trader and they are so rare they are often on tv, lecturing in trading shows and money shows, and rightfully have best sellers written on the subject. They are as rare as a Dodo bird.
Do not chase the same stocks until you "get it right" Check you trading accounts. Are you in one stock too many times as opposed to varying your plays across sectors? Trading one stock too much suggests "DESPERATION" and gambling as if 'waiting to get that trade right".
Do look for strong sectors if you must be long, but when the prevailing trend is down DO NOT SWIM against the trend looking for a long thinking its a final and bottom. Its not its just a "pause that refreshes" until the prior and longer term trend continues (whether this be a 5 minute chart or even a daily chart) its the same.
Don't sit on the sidelines waiting for the market to go up. Get your feet wet and play those shorts. There are very good shorts setting up in the dow and previously impenetrable sectors. Check for signs of severely overbought charts. Some stocks are up on fumes, and with an impending earnings report, they cave in like a rubber mask or deflate like a stuck BLIMP.
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