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Quoting GEfx
'Please tell me if I'm correct.' No, you are not correct 'I'm not a professional trader.' Successful traders study the market not trading strategies. 'This is how trading really works.' No, this is not how it really works...not even close.
What exactly is studying the market?
What would a person look at specifically?
HMSR
Quoting Hmsr
{quote} What exactly is studying the market? What would a person look at specifically?
Look at past price action, look at how the market moves when various sessions open, look at how it reacts to news event (XAU plummet off of Trump tweet anyone?)

The market repeats its self over and over, find the patterns and how to make bank off of those patterns.
Quoting Hmsr
{quote} What exactly is studying the market? What would a person look at specifically?
Let's take a look at the job requirements for a junior trader (that is, someone who has educational and job experience in studying and understanding the forex market:

The experience you bring:

  1. At least 1 year of professional experience; additional experience in financial markets desirable
  2. Bachelor’s degree is required. Progress towards obtaining CFA designation desirable
  3. Expertise in Microsoft Excel; knowledge of programming languages (R or Python) a plus
  4. Understanding of economic principles and capital markets functions
  5. Desire and able to develop a strong technical skillset
  6. Resourceful and self-motivated
  7. Ability to perform complex analysis and present data in a meaningful way
  8. Ability to balance multiple tasks in a stressful environment
  9. Excellent interpersonal and communication skills
  10. Desire to work in a team environment

Let's skip the 1 year experience and move right to Bachelor's degree and progress towards obtaining a CFA (most banks require a Series 7 or at least progress towards a Series 7). That Bachelor's degree will need to be in Finance or Economics, where you spend several years building the basic, fundamental knowledge of markets, market mechanisms, market dependencies, financial products, etc. Progress towards a CFA or Series designation involve advanced studies of these areas. That is where the requirement for the 4th bullet -- understanding of economic principles and capital market functions -- as well as, the 7th bullet -- perform complex analysis -- come from. Now, someone who has been trading for 3 to 5 years, will have a Series 7, likely has an MBA in finance, economics, or mathematics, and is among the people who are causing the candles to form on your charts. They perform tasks to maximize their firm's and client's requirements, by performing a specific set of steps within their firm's trading processes and standards, and can only do their jobs if they are capable of balancing the actions in the markets with the goals and objectives of their firm and client's in mind. These are the people, at tier 1-3 banks, that you are trading with or against. What you and many on FF are asking for is a cursory understanding of a "system" that has been designed mimic what these traders are likely to do next, without understanding what the bank traders are actually doing. The danger in this is, that the "system" does not account for the multiple and different trading processes that the bankers use based on specific market conditions that they have spent years understanding.

I have an MBA in International Economics from The University of Chicago, and a Masters in Management in Finance from Northwestern University, plus about 20 years of management consulting experience with bank trading organizations throughout the US. The successful retail traders that I trade with all have similar experiences, although most have PhD level education backgrounds. I'm not suggesting that you must achieve the same background, but taking one or two steps in that direction before thinking you can be a trader might be a good idea. Good luck and good trading!

Trading techniques and strategy is the main route to success in the forex market. If you want to make money from this market you have to make a good plan From your post a lot of new traders can set their plan.
Ha ha ha....

You are funny... If you just want to be a successful trader (NOT working for others), there is NO NEED such fancy titles or certificates...
Dont make thing being complicated...


Quoting GEfx
{quote} Let's take a look at the job requirements for a junior trader (that is, someone who has educational and job experience in studying and understanding the forex market: The experience you bring: At least 1 year of professional experience; additional experience in financial markets desirable Bachelor’s degree is required. Progress towards obtaining CFA designation desirable Expertise in Microsoft Excel; knowledge of programming languages (R or Python) a plus Understanding of economic principles and capital markets functions Desire and able...
Trading is indeed SIMPLE... Your mind makes it NOT simple...



Quoting ryuryu
{quote} As I have noticed there are several methods of trading. Trend is your friend. Very good method, but you don't know when the trend starts and you don't know where is ends. Best of the best is LauraT and her thread. Really working approach. I think this is the only one really working strategy. Reversals/swings. Good. Great. Love it. Here you can find RickM - he is absolutely genius here. The most strange thing happened to me is when I found that...
Your trading strategy will be created in the same way that you create your mindset in trading. If you ever find trading difficult, trading will be difficult for you. And if you think trading is a lot easier, then actually trading will be easier for you. This is called Human Psychology Power.
Agree...

Quoting DeanLittler
Your trading strategy will be created in the same way that you create your mindset in trading. If you ever find trading difficult, trading will be difficult for you. And if you think trading is a lot easier, then actually trading will be easier for you. This is called Human Psychology Power.
Quoting antonsatu
Trading is indeed SIMPLE... Your mind makes it NOT simple... {quote}
If the person has no basic knowledge in the trading then the forex market is not going to be easy for them. I personally found that forex trading requires a lot of knowledge when it comes to making daily money from it. overall the money is harder to earn for those who have no idea how forex works.
I do not say EASY... It is SIMPLE...



Quoting HisaoFujioka
{quote} If the person has no basic knowledge in the trading then the forex market is not going to be easy for them. I personally found that forex trading requires a lot of knowledge when it comes to making daily money from it. overall the money is harder to earn for those who have no idea how forex works.
Quoting hworang
So you buy oversold signals to get a good price and sell when it overbought because the price is high. The indicators that calculate overbought and oversold are CCI and Stoch and I think the RSI but not to sure on the RSI.
This works best in stocks with long-term deals. RSI works quite well with stocks.
Quoting antonsatu
Ha ha ha.... You are funny... If you just want to be a successful trader (NOT working for others), there is NO NEED such fancy titles or certificates... Dont make thing being complicated... {quote}
Greater levels of knowledge and understanding make things less complicated. You talk bullshit and add nothing to the discussion. Let me be clear: retail forex traders fail because they are too stupid, not because they are too complicated.
You are a rude and impolite person. It shows that you are uneducated.


Quoting GEfx
{quote} Greater levels of knowledge and understanding make things less complicated. You talk bullshit and add nothing to the discussion. Let me be clear: retail forex traders fail because they are too stupid, not because they are too complicated.
when it is all about technical issue of course we can consider trading as simple issue , but the result from trading not an easy something , because 90% become loser from this volatile trading place and there is no one who can predict the real faction of this market with certainly.
Quoting antonsatu
You are a rude and impolite person. It shows that you are uneducated. {quote}
You talk bullshit and then get offended when someone calls you out. You are a delicate little flower with no brains and nothing to add. I provided a thoughtful and intelligent answer to his question. You provided bullshit. Rude and impolite is when you start a post by laughing at my reply. Post something thoughtful and intelligent, if that is possible, to contribute to this new guys question.
hahahahahaaaa.....

Rude and impolite person...


Quoting GEfx
{quote} You talk bullshit and then get offended when someone calls you out. You are a delicate little flower with no brains and nothing to add. I provided a thoughtful and intelligent answer to his question. You provided bullshit. Rude and impolite is when you start a post by laughing at my reply. Post something thoughtful and intelligent, if that is possible, to contribute to this new guys question.
Quoting antonsatu
hahahahahaaaa..... Rude and impolite person... {quote}
Again, nothing thoughtful or intelligent. You contribute nothing. Nothing complicated about you or your thinking.
Quoting MarkFxAnde
when it is all about technical issue of course we can consider trading as simple issue , but the result from trading not an easy something , because 90% become loser from this volatile trading place and there is no one who can predict the real faction of this market with certainly.
I also agree. Traders need a simple trading plan to execute and avoid unnecessary confusion in trading.
trading is not simply , we traders make it simplify by means of knowledge and experience.
so acquire good knowledge and bring good amount of money from trading .
trading can be simply if there is good money management ,
otherwsie there is no chance to bring profit with certainly from this trading place.
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