Forex Questions from Noob

Hello, I'm new to FOREX but have a good amount of experience trading stocks, had some questions to ask you guys. Based on the quality of these forums so far, I'm guessing I'll get some good feedback.

1. The fact that people on this forum seem to know what they're doing really well is a double-edged sword for me. For the first part, I could learn a lot from reading and making posts here (stock forums seem to be lower quality traders tbh). However, this also indicates forex might be a tougher market than stocks. I'll tell you one thing: stock traders (the vast majority) really have no idea what they're doing, go based on news instead of taking the time to learn technical analysis etc.

So, if I move to FOREX, is it going to be more difficult, like comparable to the futures markets where you just get slaughtered unless you're the best? I'm a profitable stock trader but it seems like forex traders, on average, might be at a higher level (assuming these forums are representative of the average FOREX trader).

Got to go to class, more questions later!

Forex is perhaps one of the most competitive markets in the world. I have been trading my entire adult life and I can attest to the fact that forex is vicious. I started in the stock market and paid the rent through trading. When I moved to the forex market, it took me 3 busted accounts to get it right.

The concepts are the same, but the environment is much more difficult than stocks.

technical analysis is the last thing you should worry about.. fundamentals and news moves markets.. then psychology then technicals for precision.

The vast majority of people posting on these forums don't know what they're doing. Why would you think they do?

probably blinded by all the 10+v's

You think you're insulting me, but you're actually insulting the OP.

I'm sure you didn't ask anyone to give you 3 pledges, just as most of us haven't asked as well. He should know the pledge system is based simply on opinions, nothing else.

which was my point that you seemed to miss. touchy much?

Look I don't know if you're implying I'm an unsuccessful trader or not, but if you are...

The fact of the matter is I perform very well with stocks, I don't know what the ratio of winners to losers is in that market but I've done pretty good.

The reason I made this post is that, compared to some stock forums I've been too, people at least have general ideas. I did notice there's a lot of people in the subforum (trading systems or something), which is funny because any decent trader knows how hard making an actual system is. At least the ones they're proposing...

However, if you go to a stock traders forum a lot of people don't even use the basics of technical analysis. They trade based on news and, although they won't admit it, subjective gut feelings. So that's why I made hte post, not that I think I'm "out of my league" on this forum.

Nope, I wasn't implying that at all. I have no problems saying what I think. If I thought that, I'd write it.

I was just genuinely curious as to how you came to the conclusion you did about these forums.

Yes, it seems gut feelings work with understanding news, and only a little or with difficulty using technicals.
I'm still on demo, to find a technicals-only edge. (It could happen; at least, have tried about everything, even added mm.) I was in stocks up to 1 1/2 years ago, and nothing so esoteric as study differences got me, it was too high a leverage, any trader's bane.
I get where you're from, though.

Your note on ff members knowing more about technicals than posters on stocks boards is just what you said, one of general familiarity. Very few here own an edge in technicals; and, more that do well compromise a simple version of technicals with a sophisticated understanding of news. I suppose it's that when a person has an edge, is when they really understand the details of technical charting, no matter how plain what they use seems.

I also learned of differences between the two markets. When I fell into forex, I thought it'd be easier to trade than stocks. Forex has many fewer news stories to digest, since most of them are flagged according to importance; and, it's more likely in forex people'll trade only one chart to read technicals on. There are no 'market leaders' as in stocks, thus sympathy news is much less reacted to. Plus, the chart undulates about twenty pips much of the day anyhow, so a reasonable leverage in a slow time is enough to do well.

Perspective changed my attitude. The news stories were easy to trade on, only the color commentary is weak in forex because of the lack of perspective stock groups and leaders give, and I let go of trading them. Technicals, since they're all day instead of a set time, go over old s/r levels so many times I find it difficult to obtain a reason for a direction; stocks, you fade technicals from, or rush them into, news or sympathy news and that's pretty much it.

One impression I got of forex even before doing it, was that every stock trader should train in forex first.
You have demo accounts, unlike in stocks; the emphasis is on technicals, unlike, so much, in stocks; and thirdly, forex allows focus on one symbol's news, and so acts like training wheels to jumpstart (in one's mind) the often complex news reading that drives stocks.

FWIW, I posted some thoughts on the differences between stocks and forex here.