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new guy question

post #1 of 3
Thread Starter 

Hi all, this is my first post!!

 

I am new to the stock market and I want to thank everyone here at hotstockmarket for providing the best community online to discuss stocks and learning about the stock market.  I particularly enjoyed stock-jockey's videos and informational technical chart reading posts, they are immensely helpful for a freshie like me.

 

I want to start paper trading, and because I want to learn as much as possible about the stock market, I have been trying to follow the charts and the level 2 information. 

 

But I had a few questions, because in all the ways the internet is good, there is often too much information and too many things to choose between.  So here we go,

 

1. What site is the best trading site?  I currently use e-trade but their site is slow and clunky.  If you suggest direct, could you point me to a website as well?

 

2. Is there a good level 2 site that is free to browse?  Also what is the best level 2 site to use based on ease of use?

 

3. What is the indicator that you most frequently use to gauge a chart?  I realize all of them are slightly different, but recently I have started to like looking at the RSI and the MCAD when gauging the swings and the trends. 

 

Thanks in advance for your help!

 

 

- newbie

post #2 of 3

Hi astrobubba

 

Great start and intro!

 

Thanks for all the kind words, Im really glad you found so much useful information here.

 

A lot of new investors seem to like scottrade, but etrade is also ok.You can always open up other accounts and decide for yourself which one you like best.

 

Level 2 is useful if you are a very active daytrader, I dont think you should be worried about getting into L2 while you paper trade, there are a hundred other things to learn first.

 

RSI and MACD are the bread and butter of indicators, its fairly common to use that. The big mistake many new traders make is they keep adding indicators and end up having 10-15 different things happening on their screens. Read up on this here: http://www.hotstockmarket.com/forum/thread/112468/biggest-obstacle-in-trading

 

Welcome to HSM thumbup.gif

post #3 of 3
Thread Starter 

Thanks for the advice!

 

I am learning about day trading and I am curious about it, that's why I asked about level 2 quotes.  But I'll work on my fundamentals first wink.gif

 

I also discovered that Yahoo finance has portfolio tracking so that it tracks your stock for you, and your increases and decreases.  Seems like a great tool for someone starting out like me, as opposed to actually using silly paper.  Plus you can access it from anywhere. 

 

Keep up the good work with the tutorials! Honestly the most helpful tutorials I have found on the internet so far.

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