Hello FF. This is my first post, though I've been reading the forums here for a little while now. I'm new to the Forex market, and don't fully understand all the aspecs of technical trading just yet... but I'm learning. I was initially intrigued by the Forex due to the fact that I love anything involving strategies, numbers and statistical analysis. Also, I'm a gambler and the thrill of it all is just what I'm looking for.
I'm generally a logical person, so I don't expect to make millions from trading currencies. I do hope to make money though, even if its only enough to pay my cable bill each month. For now, I'm only wishing for a bit of a supplemental income. I'd also like to keep things as simple as possible.
So far, I've funded a mini account with $250 twice. Both times I've lost it all, but I've considered it a learning experience. The first $250 I traded by feeling. I had no idea at the time what the market was all about, or even what the most basic terminology meant. The second $250 I lost while using an online signal service. Just my luck that their first losing month in almost two years happened to be when I jumped aboard. (I'm feeling a bit sceptical about their supposed track record now) I've learned two things from this first $500... 1. gut feelings are worthless... 2. don't trust any cheaply priced signal services you find by doing a simple google search. I know that probably sounds like common sense, but I'm very new and a bit niave.
My question to anyone reading this is: Can you profit in the Forex market simply by using price action and price history alone? As stated above, I want to keep my strategy as simple as possible. I've gone back and collected about 5 months of price data on the EUR/USD pairing and have begun looking for any discernable patterns. I may have found one. I'm not going live with it until I can get about 2 years worth of data and seeing if my strategy still holds up. 5 months is just way too short a time. Even so... Do any profitable traders use price history alone to setup their trades? Is it possible, or am I being too simplistic about it?
Any advice would be appreciated.
I'm generally a logical person, so I don't expect to make millions from trading currencies. I do hope to make money though, even if its only enough to pay my cable bill each month. For now, I'm only wishing for a bit of a supplemental income. I'd also like to keep things as simple as possible.
So far, I've funded a mini account with $250 twice. Both times I've lost it all, but I've considered it a learning experience. The first $250 I traded by feeling. I had no idea at the time what the market was all about, or even what the most basic terminology meant. The second $250 I lost while using an online signal service. Just my luck that their first losing month in almost two years happened to be when I jumped aboard. (I'm feeling a bit sceptical about their supposed track record now) I've learned two things from this first $500... 1. gut feelings are worthless... 2. don't trust any cheaply priced signal services you find by doing a simple google search. I know that probably sounds like common sense, but I'm very new and a bit niave.
My question to anyone reading this is: Can you profit in the Forex market simply by using price action and price history alone? As stated above, I want to keep my strategy as simple as possible. I've gone back and collected about 5 months of price data on the EUR/USD pairing and have begun looking for any discernable patterns. I may have found one. I'm not going live with it until I can get about 2 years worth of data and seeing if my strategy still holds up. 5 months is just way too short a time. Even so... Do any profitable traders use price history alone to setup their trades? Is it possible, or am I being too simplistic about it?
Any advice would be appreciated.