Ok, recently I have been looking around, reading various articles and such, and posting things on the forum which may be of intrest or help to people and have come across some interesting stuff.
I have wasted about a year and a half of my 2 years trading tied up in the world of Lagging indicators and LOSSES! And not to be a B*****D but alot of it was because of this forum and systems which were very indicator heavy. Settings to indicators may work for a system for a while but the market will soon change that little so that it becomes useless........
Some things I feel will always hold true are sup, res, trend and consolidation, Which can all be played for your profit and to be honest, How can the market exist without these things!
Like I said before, I waisted time on what 'i now feel' was the wrong path. Spend ur time watching the price INSTEAD of the indicator!
Enough of me now, heres something else ive come across in my google travels........ ENJOY!
Leon
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20 Golden Rules for Forex Trader
Here is the list of rules for a Forex Trader to become a successful trader.
1. Forget the news, remember the chart. You're not smart enough to know how news will affect price. The chart already knows the news is coming. If you are believe in Fundamental analyze then forget this rules.
2. Buy the first pullback from a new high. Sell the first pullback from a new low. There's always a crowd that missed the first boat.
3. Buy at support, sell at resistance. Everyone sees the same thing and they're all just waiting to jump in the pool.
4. Short rallies not selloffs. When markets drop, shorts finally turn a profit and get ready to cover.
5. Don't buy up into a major moving average or sell down into one. See #3.
6. Don't chase momentum if you can't find the exit. Assume the market will reverse the minute you get in. If it's a long way to the door, you're in big trouble.
7. Exhaustion gaps get filled. Breakaway and continuation gaps don't. The old traders' wisdom is a lie. Trade in the direction of gap support whenever you can.
8. Trends test the point of last support/resistance. Enter here even if it hurts.
9. Trade with the TICK not against it. Don't be a hero. Go with the money flow.
10. If you have to look, it isn't there. Forget your college degree and trust your instincts.
11. Sell the second high, buy the second low. After sharp pullsbacks, the first test of any high or low always runs into resistance. Look for the break on the third or fourth try.
12. The trend is your friend in the last hour. As volume cranks up at 3:00pm don't expect anyone to change the channel.
13. Avoid the open. They see YOU coming sucker
14. 1-2-3-Drop-Up. Look for downtrends to reverse after a top, two lower highs and a double bottom.
15. Bulls live above the 200 day, bears live below. Sellers eat up rallies below this key moving average line and buyers to come to the rescue above it.
16. Price has memory. What did price do the last time it hit a certain level? Chances are it will do it again.
17. Big volume kills moves. Climax blow-offs take both buyers and sellers out of the market and lead to sideways action.
18. Trends never turn on a dime. Reversals build slowly. The first sharp dip always finds buyers and the first sharp rise always finds sellers.
19. Bottoms take longer to form than tops. Greed acts more quickly than fear and causes stocks to drop from their own weight.
20. Beat the crowd in and out the door. You have to take their money before they take yours
I have wasted about a year and a half of my 2 years trading tied up in the world of Lagging indicators and LOSSES! And not to be a B*****D but alot of it was because of this forum and systems which were very indicator heavy. Settings to indicators may work for a system for a while but the market will soon change that little so that it becomes useless........
Some things I feel will always hold true are sup, res, trend and consolidation, Which can all be played for your profit and to be honest, How can the market exist without these things!
Like I said before, I waisted time on what 'i now feel' was the wrong path. Spend ur time watching the price INSTEAD of the indicator!
Enough of me now, heres something else ive come across in my google travels........ ENJOY!
Leon
__________________________________________________________
20 Golden Rules for Forex Trader
Here is the list of rules for a Forex Trader to become a successful trader.
1. Forget the news, remember the chart. You're not smart enough to know how news will affect price. The chart already knows the news is coming. If you are believe in Fundamental analyze then forget this rules.
2. Buy the first pullback from a new high. Sell the first pullback from a new low. There's always a crowd that missed the first boat.
3. Buy at support, sell at resistance. Everyone sees the same thing and they're all just waiting to jump in the pool.
4. Short rallies not selloffs. When markets drop, shorts finally turn a profit and get ready to cover.
5. Don't buy up into a major moving average or sell down into one. See #3.
6. Don't chase momentum if you can't find the exit. Assume the market will reverse the minute you get in. If it's a long way to the door, you're in big trouble.
7. Exhaustion gaps get filled. Breakaway and continuation gaps don't. The old traders' wisdom is a lie. Trade in the direction of gap support whenever you can.
8. Trends test the point of last support/resistance. Enter here even if it hurts.
9. Trade with the TICK not against it. Don't be a hero. Go with the money flow.
10. If you have to look, it isn't there. Forget your college degree and trust your instincts.
11. Sell the second high, buy the second low. After sharp pullsbacks, the first test of any high or low always runs into resistance. Look for the break on the third or fourth try.
12. The trend is your friend in the last hour. As volume cranks up at 3:00pm don't expect anyone to change the channel.
13. Avoid the open. They see YOU coming sucker
14. 1-2-3-Drop-Up. Look for downtrends to reverse after a top, two lower highs and a double bottom.
15. Bulls live above the 200 day, bears live below. Sellers eat up rallies below this key moving average line and buyers to come to the rescue above it.
16. Price has memory. What did price do the last time it hit a certain level? Chances are it will do it again.
17. Big volume kills moves. Climax blow-offs take both buyers and sellers out of the market and lead to sideways action.
18. Trends never turn on a dime. Reversals build slowly. The first sharp dip always finds buyers and the first sharp rise always finds sellers.
19. Bottoms take longer to form than tops. Greed acts more quickly than fear and causes stocks to drop from their own weight.
20. Beat the crowd in and out the door. You have to take their money before they take yours
Living the adventure in my head.
