My process starts each week by determining the health of the market. I use intermarket analysis looking at Index's, key Sectors, bonds, breadth, sentiment, and $GLD and $BTC
I call this "The State of the Market"
I then look for what Sectors are outperforming. I review the sub-sector ETFs to find the areas that are leading the market on the weekly chart. This video is great for the trader working full time.
I call this "The Long View"
I then drill it down and look at the components of those ETFs to find what is in an uptrend, showing accumulation, and setting up to easily manage risk. I also present names from my #myfavoritescan .
I call this "Stocks to Watch"
Now I start checking some of my favorites on Fintwit starting with Richard @RichardMoglen and his take on the market and what he is watching
Every Friday Brian @alphatrends puts out a short concise video that really does a great job determining the health of the market. He is one of the OG's and one of the most disciplined people I follow.
Twenty Five Things I Wish I Would Have Known When I Started Trading
1)Trade real money, even if it is only one share on a no commission platform. Having skin in the game will help you understand the emotions of winning and losing which is an invaluable lesson. Start small.
2)Think of wins and losses in percentage gains or losses NOT in dollars.
3)Decide what time frame you want to trade.
4)Decide what percentage you are willing to lose in a trade before you enter it and make sure you accept it if/when that happens.
5)Most traders tend to win between 40%-60% of the time. Anyone boasting much higher than that consistently is probably trying to sell you something.
6)Cutting losses and letting winners run makes a 50% winning trader profitable.