Need a little advice please

Hi,

am very new to all this and have a couple of questions...

am switching back to a demo account as have blown 30% of my live account today by using guess work so its back to the drawing board.

1st - can anyone recommend a couple of books to get me started on tech analysis, wave theory / trends /fibs etc?

also- tomorrows dats "PPI" - HIGH IMPACT, CAN SOMEONE TELL ME WHAT THIS IS AND WHATS EXPECTED?? ( apologoes if this a dumb ass question)


Many thanks

PPI is the Producer Price Index. There are two flavors of this indicator

The PPI itself is an index that measures the change in prices received by domestic producers of commodities in all stages of processing (crude materials, intermediate materials, and finished goods).

You will also see another version of the PPI which is the "core" PPI it excludes the often-volatile food and energy sectors and gives a clearer picture of the underlying inflation trend.

PPI results will be given for Month over Month and Year over Year.

It seems as that the consensus is that PPI will come in lower than previous. The expectation is for moderate volatility.

much appreciated

I would never recommend going into more complicated analysis, the key is to keep it simple as possible. If you start overloading yourself with so much indicators, different analysis, and so forth, you will just get overwhelmed that you will not know what to do especially when your charts are indicator overloaded. If I can make the same PIPs with a simple strategy using the least number of indicators, why should I want to know how to use other indicators like Elliott Wave, Gann charts, Harmonic patterns, etc. I had one time tried to learn it, but to me, it does not suit me especially if I can draw the same entry/exit point using a more simplified approach.

I recommend learning TA, you only need a handful of them, and know how to make use of FIBs [many files you can find here which will plot them for you] - life is wonderful.....

As for economic data, I wish I could recall the book title which goes through all economic indicators and what they mean. I don't think its necessary to know what they mean, just be aware of news time, and the impact it may have.

One thing I can tell you, I have learned more from FF and TSD forum than from reading books. Look at the threads of systems here and trade it manually to realize the power of some of the indicators to make your own system. There are plenty of good systems on these forums for you to use for demoing before going live.

If you are interested in news, there are some good threads here by MaXey.

Hi rooney,
I've attached the "pocket book of economic indicators". It might help. It's a bit dated, but it'll give you an idea of what the news event is about.
Also, read the James16 Chart Thread. It'll save you a ton of money and time. If you're into fundies, then learn from the guys in the News Trading Room. They're brilliant.

Take Care
Habeeb

Rooney,


I'm with habeeb. Drop everything and read the James16 public thread. If you like that then maybe you should consider the James16 PF. Has everything from MM, systems psychology , and price action. A one stop shop. It may not be what you are looking for, but it sure has saved a bunch of people tons of time. Make sure you check out the stickies in the beginner section. Good luck, and glad to have you at the Factory.


RSQ955

hi

no dont worry you can learn , it took every one some time to learn , add me on my yahoo msnger (john988988)


ill help you with some tips. that are usefull

No dumb qestions allowed btw, how do you spell question?
Hi Rooney and anyone else in the same position.

The Perceived Problem:
I am not making anywhere near as much as some others here. In fact I am going backwards. Therefore, I must be doing something wrong here.

Well, perhaps? But possibly you are measuring yourself against First(Premier)Division,
when in actuality you have just joined the league and would be more comfortable playing in the 4th Division.

Would it be realistic to expect a team of
10 year olds (pick a sport) to execute a strategy as well as a team of 20 year olds?
Possibly. How long have the 10 year olds been playing? How long have the 20 year olds been playing?

Luckily, Trading FX is not a team sport {hold the arguments guys, read on}, It may be a team descision,
but only one person can pull the trigger. Trade, No Trade, Exit.

Think about it realistically, If you do not fully understand what or why you are doing what you are,
then you are giving off those wounded fish vibrations to the sharks and the outcome is in no doubt.

It can be learned. It certainly can be profitable. So can being a Soccer{ Football}
player (ask Becks) If your Good or even better, Great.

I wonder what percetage of {pick your sport} players are consistantly profitable? In other words, Do It For A Living.
If the answer is even close to 5%, I'll eat my hat.


Sorry for the rant but I too often see what i Perceive to be Freshmen Traders beating themselves up in an effort to run with the Seniors.

To all, If, when you get those feelings of self doubt (we all do) feel that you do not as yet have the tools to handle it then get your A$$ over to the FF Tool Crib.

http://www.forexfactory.com/showthread.php?t=3691

Thanks for the file Habeeb!

To habeeb and all the others helping to find my way through the maze a big
THANKS

http://www.cciclub.com/marketvu/lind...g-trading.html

heres a brief video tutorial about the basic TA principles

You are asking smart questions. The dumb ones are the ones you keep. Keep your technical analysis simple. It should tell you (1) where the market is going and (2) when and (3) for how long. If you can answer these questions from our tech analysis, you are doing great. Different indicators tell different things, and you need to find the ones that answer the three questions above. Pick one market and master it. Learn what makes it move and at what times and how much it moves. This psychoanalysis will make you more money than any one indicator. Keep digging and learning and soon you will be going to the beginners circle to guide another lost soul to his/her wealthy place.