Well it’s been a while since I’ve written the last post and a whole medley of cool things have happened since!
With so much going on with house moving and sorting things out away from the stock trading world, I’ve still been studying the market and learning lots along the way.
I have NOT made a single trade since my last one of $GBIM, where I was $66 in the red. This is not due to a lack of opportunities in the market as there have been a few although not that many due to a relatively thin market at the moment.
I’ve really been focusing on house moving, Christmas time and other things in my life the past two weeks gone. Just because I have not made any trades recently does not mean I haven’t been watching the market though. I have checked the market every single morning where I can and been studying loads on candle patterns and chart patterns as well as the mother of all important factors of that being Technical Analysis or TA for short!
The picture you see to your left of a rastafarian kinda looking book has got to be the best book I have ever picked up on TA and although it cost $74 on Amazon here I would have happily paid double that!
Interestingly there are some reviews on amazon that say it is a basic book and too simple! I find it funny how those that make such comments are probably still looking for the golden nugget “get rich quick solution book” instead of grasping the simple concepts of what actually works by not only understanding it, but also putting it into practice time and time again!
Anyhoooooows enough about me new book, this is what else I’ve learnt:
New Charting Software and a Better Set Up
So I have been using Finviz in the past to analyse my stock picks and follow the market in general, and although it is very useful and not bad for the price I have stopped using the paid for version as I don’t need it any more because I have found that Investors Hub is soooooooooo much better!
While learning and studying along the way these past two weeks I have also been playing around and searching for better and more efficient tools to use, so that placing my trades is as simple as 1 2 3!
By playing around with my brokerage account (OptionsXpress) I discovered that it has Streaming Xtend, which makes trading a lot quicker and easier to do. I am still fine tuning my trading set up and discovering what works best as I go along, and the more I learn and understand the more exciting trading becomes!
For me, trading the stock market as a whole is fascinating and I love discovering what works best as opposed to just gambling and hoping for the best like many traders do! Like I’ve said in previous posts before; money is the byproduct of consistent successful trading, where preparation meets opportunity!
So this is what my trading set up looks like with OptionsXpress:
Placing my trades will be much quicker and easier to do now that I’ve discovered this, and it looks really cool too!
Anyway moving on, the next best thing that I discovered was the charting software that you get with Investors Hub that I didn’t know about!
By complete luck I accidentally clicked on a small chart while analysing a stock and it brought up a really pretty chart that shows candle information in real time as opposed to delayed which is awesome!
I found that finviz was not reliable enough for real time quotes and the free version of free stock charts was also the same!
So not only have I picked up the holy grail book on Ta, discovered how to optimise my trading set up, but I’ve also discovered that I get awesome real time charting quotes included with investors hub subscription at a cost of $50 a month! Bargain! 😀
Yes I’ve been quiet on my blog here and not made any trades since my last one on $GBIM, but boy have I learnt lots and discovered new cool things.
Overall it has been a fairly slow market with many failed morning spikes overall. There have been some opportunities as well though. I wont go into detail this time on which stocks I’ve spotted lately, but I will say that the Ichimoku cloud is something that I want to study and learn about more as well and will go into more detail on it in another post.
Here’s what I discovered that I get included in the price with Investors Hub subscription:
This charting software you can use for free on tradingview.com, but the free version is NOT in real time and also doesn’t include the Ichimoku add on tool!
So I’m just doing a quick post today and keeping things really cool and super simple 🙂
On a final good pointer:
~Luck is where Preparation Meets Opportunity… which is why I am studying from the best!~
With lots still to do away from trading I’m getting loads done, but I’m also enjoying learning from the best as I understand more and more on how to trade penny stocks successfully, which in turn drives me even closer to success and fulfillment 🙂
With that being said Christmas day is less than 48 hours away, and I wish you all peace and happiness with all the love and joy for you and all your family and friends as well, on Christmas day, through out the holiday season and onwards 🙂
Until next time, spend all the time you can with your loved ones, be forever grateful with what you’ve got and enjoy each others company for ever more 😉
Happy Christmas Everyone 😉