After being recently introduced to Forex and starting a demo account, Im looking for some advice on best way to move forward.
Initally I spent alot of time looking for systems based on indicators, however im thinking this isnt the way to go. These indicators simply seem to tell you whats visible from the chart (albeit in a "summarised" form).
Im thinking the best approach is to understand the price action from the chart, specifically around support/resistance and candle stick patterns (even tho these are indicators themselves) and getting to know what these can mean in terms of future price movement.
Obviously, experience and time getting to know the movements and patterns in the charts, however Im wondering if there is any tips on best way to go about this. For example, may using specific programs for viewing previous price action or any specific literature which peopel find helpful and useful.
Or anybody successful - if you had to do it again, how would you approach it?
thanks in advance for any help.
Initally I spent alot of time looking for systems based on indicators, however im thinking this isnt the way to go. These indicators simply seem to tell you whats visible from the chart (albeit in a "summarised" form).
Im thinking the best approach is to understand the price action from the chart, specifically around support/resistance and candle stick patterns (even tho these are indicators themselves) and getting to know what these can mean in terms of future price movement.
Obviously, experience and time getting to know the movements and patterns in the charts, however Im wondering if there is any tips on best way to go about this. For example, may using specific programs for viewing previous price action or any specific literature which peopel find helpful and useful.
Or anybody successful - if you had to do it again, how would you approach it?
thanks in advance for any help.