Simply put…knowing the basics just isn’t enough – you know that. Especially when you consider that you’ve got money riding on it.
You’ve got to spend more time studying, observing, watching every second, in order to truly get your head wrapped around “how things really work”.
If it’s a particular stock or currency pair you’re interested in then….get it on your screen, not just a couple of times a day but ALL DAY and “really see” how the thing trades. See how it reacts at any number of moving averages, check it out on multiple time frames, draw those horizontal lines of support and resistance, watch for spikes in volume at given times of the trading day.
Throw those “bolinger bands” on it for example, and see what happens when price breaches the lines. Check a simple RSI and see what levels the thing starts to turn on. Brush up on your japanese candlestick knowledge and learn to identify significant formations.
Follow a given stock, currency pair, or any asset for that matter for a FULL WEEK no MONTH! Every single second that you can bear staring at the computer so when you step out onto the field, you take EVERYTHING you possibly can with you. KNOWING you are about to face the toughest team on the planet.
These guys have been playing professionally for YEARS!
Practice your entires, even if just in your head, then check back to see if you’ve improved over the last time.
Study those fundamentals so you’ve got a heads up on what type of price action to expect “before” announcements are made. Take Sundays to “put a plan together” for the following week, then see if things play out as you’d expected. If not – do it again next Sunday.
I can tell you from experience..there is no other way around it. The odd “hot tip here or there” will always be a possibility but to consistently “round those bases” you’ve got to dedicate considerable time and effort. You’ve got to stick with it.
I think you can do it….but the question really is – do “you” think you can do it?
Well enough with the motivational speaking – you know what I’m getting at. If you are here to learn then I suggest you “step it up a bit” and start chewing on some of this in your down time. There is a never ending list of things to study, and the great part is…the market is likely gonna be there forever so – you’ve got time!
I’ll be in the kitchen if you need me.