I am very new to trading, and this is question I find important. Many people think that they can find one great system that will always work every week, but the nature of any currency pair can be different any week. Trending systems may cause you to lose a lot of money when a pair is ranging, and this can really result in a terrible weak when every breakout is a false breakout.
My impression of a good trader is one who can change his method depending on the nature of the game. He is a person with knowledge of the market and how it could act, and he has a plan for all these situations - knowing what to do in certain situations and what not to do in order to be profitable. Like others he cannot predict the future, but he uses the indicators that give him an edge.
So what indicators can one use to set their initial perceptions of the week ahead of them? Would you use price action on the weekly chart? Any advice about knowing various systems for various pairs so one is adapting to the market or staying with the trending pairs?
Thanks
My impression of a good trader is one who can change his method depending on the nature of the game. He is a person with knowledge of the market and how it could act, and he has a plan for all these situations - knowing what to do in certain situations and what not to do in order to be profitable. Like others he cannot predict the future, but he uses the indicators that give him an edge.
So what indicators can one use to set their initial perceptions of the week ahead of them? Would you use price action on the weekly chart? Any advice about knowing various systems for various pairs so one is adapting to the market or staying with the trending pairs?
Thanks