Before you start to trade pls consider enrolling yourself for training to get complete knowledge of technical analysis.
Many People don't know what they don't know, below is a list of topics you would like to get acquainted with before you take that plunge.
What do you need to know to start as a trader?
- Knowledge of Dow Theory
- Types of trade instrument, equity, commodity, currency, F&O
- Trend Lines (How to draw), Support and resistances
- Gaps (Breakaway, runaway and exhaustion)
- Market types (trending, ranging)
- Breakouts and Fake Breakouts
- Volume analysis
- Candlestick patterns (Morning star, hanging man etc)
- Chart Patterns (Head and Shoulder, double top. flag and pole etc)
- Price action analysis (Finding which candles are significant and which are not)
- How to use Indicators (RSI, Stochastic, ADX, MACD, EMA, Histograms)
- Divergences (Bullish, Bearish, reverse Bullish, reverse Bearish)
- Fib Retracement
- Bollinger Bands
- Eliot Waves, (wave structures such as Triangles, EDT)
- What are Future and Options, ATM, OTM, Far OTM, expiry, obligations
- OI data reading (Short covering, long build-up, long unwinding, Short Build-up)
- Option Strategies (straddle, strangle, Collar, ladder, iron fly, spreads)
- How to use all the above to find stop loss, entry and exit prices
- Choosing the right indicators for the right scenario
- How to do position sizing, Risk Management
- Momentum and Swing trade setups
- Choosing the right timeframe for your trade
- Technical Scanners to filter stocks
- Averaging and Pyramiding (Entry and Exit strategies)
The knowledge of the above is just a starting point, after that you will make a ton of mistakes, Maintaining a trade log and analyse your trade to control your mind and learn from experience and see at least two market cycles (Bear market and Bull Market) and then you will become a successful trader.