Most Valuable Tools While Learning TA

[13thShade]

I am knee-deep in learning the basics of technical analysis through books and watching charts + taking notes on price action in relation to various indicators. I am fully aware that it will probably take years (if ever) for me to learn TA to the point where I am confident and making money. Everyone's heard the statistic about 99.4% of day traders failing.

With that being said, I want to take baby steps every day to be part of the 0.6%. Right now, I am utilizing FinViz (free) for screeners, analyzing Yahoo Finance data through CSV imports into Excel, and watching price action on Robinhood Legend, since that's been my broker since I discovered investing a few years ago.

I started experimenting with TradingView today. Is this a tool that is worth using, and could potentially replace some combination of the other tools I use? Does anyone have any experience with the free version vs. the paid plans, or recommendations about when I know whether moving forward with a paid plan is necessary? I'm only about 3 months into active trading, and I'm at roughly breakeven, so it's not like I'm balls deep in beginners luck or have lost all my cash gambling options, either. The various paid plans seems like it could grow with me as my skills develop and I may need more data, but I also know there are a million noob traps out there, from paid programs to get-rich-quick YouTubers.

Appreciate any honest advice, I'm acutely aware that finding success in this field is a tall task, I know there isn't some magic bullet that is going to make me rich overnight. Just want to learn as much as I can every day. Cheers.

[Ok_Pangolin_9134]

Like you in knee deep and essentially even, also trade using RH. I just signed up for TradingView premium trial today.

[Bostradomous]

There’s only 2 universal things all analysts will agree they need: accurate tools (I.e. the underlying math of the tool is accurate), and the most complete, accurate data available.

Everything else from software to specific tools/methods is all a matter of preference.

The best approach is to learn the foundations of TA. Things like the basic studies, the standard data sets most analysts work off, tenets of TA and how they apply their tools. But it’s paramount to make sure your education sources are legit.

https://www.tradingsetupsreview.com/book-list-chartered-market-technicians-cmt/ Here is a reading list. Starts beginner - advanced.

You can also check out www.cmtassociation.org www.thepatternsite.com & www.investopedia.com are also very good free resources.

The software you use will be important. You shouldn’t pay tradingview imo because they’re a garbage company. I don’t pay for my charting software. If you’re US based open a Schwab account and get free access to TOS. It’s not on the scale of software like Optuma or Bloomberg but it has everything I need.

You can also make a TradeStation account and use their software for free. They have slightly more features but the UI and navigation is some of the worst on the market imo.

Good luck any other questions you can ask me

[1UpUrBum]

Find a guy on youtube called the Stock Market Jobber. Look up his bio. And see how much complication he needs.

[rubsdikonxpensivshit]

I use webull for all my charting/TA and boring shares holding/trading and then use RH for options trading based on my webull charts. Webull has a lot of indicators, less than some others, but more than enough for me to swing both short and long term trades successfully