Purpose behind Technical Analysis:
Every trade has a 50:50 chance of getting right, even if you don’t do any analysis. By applying your thoughts to analyse any stock or indices based on the Technicals – it will only give you a better gut feeling to stand a chance of taking your winning trade to 70% level.
In stock markets getting data or tools is not the key. Adding a structure to the data you collect & making sense of it is the key to successful trading. If you wish to become successful in the difficult game of trading, you must always be mentally working towards bringing an order, structure and classification to everything. It need not come from a book or person or tools, you must have your own mental maps of everything you know. Always remember, data is knowledge only when it is structured on a fabric of concepts. Isolated data points are of no use. So applying technicals & fundamentals analysis methodologies will give only get your mind more clarity by refining your thought process in a structured way.
General Tips for an ideal day trader