For those of you who didn't make it to the trading expo here in LA, it was a great show. There were many traders there offering their viewpoints on the markets, including Investor's Business Daily. There were so many opinions that it was like watching CNBC for a couple of hours. You would have heard all kinds of things, which can be a little overwhelming. When choosing an approach that works for you, stick with it and don't stray from it.
I choose to trade IBD style break outs primarily, and when the markets are not in an uptrend, I do short term swing trades based on methodologies that are in harmony with some of the ideas behind the mechanics of a break out stock (price and volume action, resistance levels, trend lines). I always cut my losses with a stop - preserving capital is the most important part of the battle. It's ok to load up on a position, as long as you keep a stop on it in case you are wrong.
One tool I ran across at the expo which I coincidentally only discovered online about a week ago is an online charting software that will allow you to view actual FREE real time data for stocks. It also allows you to view forex currency pairs and other screens. It has all kinds of indicators you can put on it and it will allow you to view your stocks in multiple time frames with multiple screens - again, all while providing FREE real time data (it can do this because it is ad supported, which I find perfectly fine as it is a clean interface).
It's called http://www.freestockcharts.com/ Check it out, you will love it.
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