[Beginner] Levels of support and resistance
With the stock market meltup, and especially Tesla, and gold & silver, and negative Oil maybe too, there must be alot of beginners in the period.
They come in waves.
One of the first things anyone should learn is about areas of support & resistance.
Learn to draw them, know that they are areas, the lowest (furthest away) half or even third of the area is the interesting one because of risk reward.
There is a saying that says "The price takes the stairs up and the elevator down" or also "takes the elevator up and stairs down" (Bitcoin).
Another saying goes "the price drops as fast as it went up".
So sayings are useless.
Look at charts and find out what works, what does not.
You will find that you should not be buying when the price is approaching resistance.
But anyway we all have or had to put in the hours one way or another to find what works and what does not.
90% fail and also 90% are not willing to spend hours looking at data, practicing, analysing, backtesting.
It is also visible by the very high success all the "rich quick no effort" gurus have.
Ignore support levels at your own risk.
Don't put the hours in and get eaten alive.
They come in waves.
One of the first things anyone should learn is about areas of support & resistance.
Learn to draw them, know that they are areas, the lowest (furthest away) half or even third of the area is the interesting one because of risk reward.
There is a saying that says "The price takes the stairs up and the elevator down" or also "takes the elevator up and stairs down" (Bitcoin).
Another saying goes "the price drops as fast as it went up".
So sayings are useless.
Look at charts and find out what works, what does not.
You will find that you should not be buying when the price is approaching resistance.
But anyway we all have or had to put in the hours one way or another to find what works and what does not.
90% fail and also 90% are not willing to spend hours looking at data, practicing, analysing, backtesting.
It is also visible by the very high success all the "rich quick no effort" gurus have.
Ignore support levels at your own risk.
Don't put the hours in and get eaten alive.
Keep it simple
But also don't there is 100000 things to take into account and TB of knowledge to accumulate and understand