«The 7-Step Guide to Trading.»
Traders,
If you’re a new trader and haven’t watched the 7-Step Guide to Trading, you’re missing out. It lays out an intelligent routine that can be used daily or weekly to organize your trading.
The financial markets bombard traders with an avalanche of data, but it doesn’t have to be overwhelming. If you’re organized and consistent, you can approach trading with confidence. We designed the 7-Step Guide to Trading with this objective in mind.
The first of the seven steps is: Start at the Top of the Markets
There are many reasons why we advocate this as your starting point. For starters, it’s a quick way to discover what is going on. You don’t need to sift through one hundred charts to determine if the market is bullish or bearish. Instead, you can look at the S&P 500 Index. It’s a basket of the top 500 companies in America and has representation from every sector. It is very much the sum of its parts. In other words, the S&P 500 doesn’t move independently of its constituents. Instead, it’s a mash-up of all of their trends.
▶ If the S&P 500 is bullish, then most stocks are bullish.
▶ If the S&P 500 is bearish, then most stocks are bearish.
Video of the Day: 7-Step Guide to Trading – Step 1: Conduct Market Analysis
Step #1: Conduct #MarketAnalysis. Survey the overall financial markets to get a read on what’s happening on the technical charts, in the news, and around the world. This is also known as a top-down approach to the markets. The ultimate goal here is to develop an opinion – also called market posture – on where you believe the charts are pointing. Depending on your overall opinion, you’ll choose to use certain strategies or techniques.
Chart of the Day: S&P500 ($SPY)
Want to know why there are so many garbage charts right now? Because the S&P 500 just fell 6% from its swing high, falling beneath the 50-day moving average. It was enough damage to reverse loads of uptrends.
Today’s line up
Traders Lounge 11 AM EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
Halftime Report 12:30 PM EST
The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day, and fun in a way that only Matt and Tim can deliver.
Bear Market Survival Guide MasterMind Group 7:00 PM EST
In these MasterMind Group sessions, we will be illustrating how to acquire and pay for portfolio insurance. We’ll also lay out what you can expect from these monthly pow-wows moving forward.
Weekend Reports
Watch the Stock, Options, Commodity, and Forex Reports to help you prepare for the week.
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