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Hello All,
I have been trading for few months and have been learning a lot. One thing i would like to know is that would your advice that I pick 1 stock and continuously study it trade it each day if setups appear OR would you say to pursue a watchlist of multiple stocks. I personally find that if i am trading 1 stock it helps me to stay focused, but downside is that i might be missing out on various other stocks that did move and moved big, while i was waiting on my 1 stock to setup.
But i see that Al Brooks focuses on Emini and US Euro FX, so does it mean that he would suggest picking a couple of stocks only and trade it persistently and consistently?
Please kindly advise, as that will help me understand that whether i am on the right path or do i need to adjust.
thanks!
Al often suggests that one picks one market to trade during the day and practice getting really good at reading everything on that time frame.
If you want to trade stocks intraday consider trading the SPY since it is identical to the Emini.
Hello Brad, thanks for your quick response. Just to clarify, with 'one market' you mean a 'sector' or you mean Forex/Stocks/Options as different markets.
If you mean the above, then yes i would like to trade stocks as i do not have as large a account to be able to trade big price tag items.
So if it is stocks, you would suggest that i just trade SPY, and then learn the ins and outs of it? correct?
thanks!
I think sticking to one stock/security is the best for beginners. Alternatively, you can try to keep to a few trading patterns and use a stock scanner to find promising setups. Downside is the cost of another program, and you can get stuck seeing your pattern even in bad context situations. You start chasing your patterns instead of reading the market. Long-term, easier to make money I think for most traders if you learn from one stock.
Yes,
I just pick one stock that has a high volume.
Such as
- SPY
-QQQ
-AAPL
-TSLA
any of the big-name stocks
Another option for single stock focus could be leveraged index ETFs.
TQQQ, SPXL, UDOW all mimic the indices, but with more bang (and volatility). A caveat for these includes not holding them for long term, as they are designed for short term trading, and they have an element of decay due to the derivatives used for the leverage.
Thank you so much for your input. It really clears my confusion whether am i doing anything wrong by just sticking to 1 stock. But i do see the benefit of sticking to 1 and trading it day in day out... as one can see, learn and understand how price action works on it and thus be able to trade them as and when they happen.
