Dear Master Traders
Hi all, i am a relatively new trader on FX. I used to trade stocks and the futures. Well, guess what, I got sick of all the sudden moves which always takes me out, and ppl here loves news trading. I didnt do as well as I thought i would with my technical analysis.
I have started FX 6 months ago by trying out a demo account. (I was trying to find a better way out of this HK stocks "hole", I know there is a bigger world out there for me to become a better trader, but not some muti billion chinese business man who swings the prices up and down without any notice, and dump his stocks to all the news readers... Dont get me wrong thou, the FHSI futures are doing ok)
I blew my first account, with some very exciting impulsive moves... So i made up my mine to learn everything I can about this game to keep and grow my second.
Well, with some luck, I redicovered a way to trade S&R, which was the first thing i have learned in trading... (yes, i have been through the indicator wonderland and back)
I have been trading S&R with some sucess for the past 3 months on the demo. My account grew 45% with some MM and good RR (and luck!). I was just ready to take it into real. However, I came across this forum and found many Master's trades were against mine... My stop loss became their profits...
Reading their post made me feel so small, and they were able to see things that i could not see. I decided to read all of James 16's thread and some others on PA.
The main question which I really need help from is: When price reach a S or R, there are often time when it breaks through and carry on straight through to the next S & R, those are my good trades.
However, there are enough times when the price stops and reverse on me after the first breakout, and i take stop loss.
I have read the advice from Merlin "Dont trade a breakout if it is not followed by a fake". I tried to use PA on the S & R zones but its so confusing!!! There are always bullish signals after bearish and bearish after bullish!! It doesnt help going into lower time frame either, it just gets worst!!!
I would like to ask if tape reading bcomes important here? Since I cannot use real VSA on FX bcos of the tick volume issue, I really dont know how to determine which support will be a breakout and which one will be a reverse... Somone with experience, plz give me light!!
Hi all, i am a relatively new trader on FX. I used to trade stocks and the futures. Well, guess what, I got sick of all the sudden moves which always takes me out, and ppl here loves news trading. I didnt do as well as I thought i would with my technical analysis.
I have started FX 6 months ago by trying out a demo account. (I was trying to find a better way out of this HK stocks "hole", I know there is a bigger world out there for me to become a better trader, but not some muti billion chinese business man who swings the prices up and down without any notice, and dump his stocks to all the news readers... Dont get me wrong thou, the FHSI futures are doing ok)
I blew my first account, with some very exciting impulsive moves... So i made up my mine to learn everything I can about this game to keep and grow my second.
Well, with some luck, I redicovered a way to trade S&R, which was the first thing i have learned in trading... (yes, i have been through the indicator wonderland and back)
I have been trading S&R with some sucess for the past 3 months on the demo. My account grew 45% with some MM and good RR (and luck!). I was just ready to take it into real. However, I came across this forum and found many Master's trades were against mine... My stop loss became their profits...
Reading their post made me feel so small, and they were able to see things that i could not see. I decided to read all of James 16's thread and some others on PA.
The main question which I really need help from is: When price reach a S or R, there are often time when it breaks through and carry on straight through to the next S & R, those are my good trades.
However, there are enough times when the price stops and reverse on me after the first breakout, and i take stop loss.
I have read the advice from Merlin "Dont trade a breakout if it is not followed by a fake". I tried to use PA on the S & R zones but its so confusing!!! There are always bullish signals after bearish and bearish after bullish!! It doesnt help going into lower time frame either, it just gets worst!!!
I would like to ask if tape reading bcomes important here? Since I cannot use real VSA on FX bcos of the tick volume issue, I really dont know how to determine which support will be a breakout and which one will be a reverse... Somone with experience, plz give me light!!
Life is a school for the soul