Need help understanding markets in 2011 | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Need help understanding ZigZag code 2 replies

Help understanding when markets open on my time... 11 replies

Need help understanding indicator 5 replies

Need help understanding IB FX Portfolio - Virtual FX Position 0 replies

Need help understanding MACD 4 replies

Attachments: Need help understanding markets in 2011
Exit Attachments

Need help understanding markets in 2011

  • #1
  • First Post: Jan 3, 2011 4:12pm Jan 3, 2011 4:12pm
In 2010 I started out trading, I speak with a lot of succesful traders and they gave me a lot of insights. After 9 months, I didn't gain nothing. And I don't speaking about money, I'm speaking about trading knowledge, so I left.
2011 has started, I want again to be involved but something refrains me.... again the lack of knowledge. I dedicate much time to trading in those 9 months, everyday I watched the market, write down ALL the trader insights but gained nothing.
100% was my fault... I need to understand why something works and why other things don't ... and in these months, I couldn't find those answers.
If I see a pattern that x % of the time works, there will be a motivation, some logic behind it, and what I have to understand is that... in order to understand the market better and be prepared to its changes...
I don't want to follow blindly a tip or a pattern without know the "why" behind it...
So for the 2011 I think I will not watch the market, I will try to lurk as much as possible hoping to understand better the market and then try again.
Best of wishes guys
and obv any help is welcome

cheers
Matteo
  • #2
  • Jan 3, 2011 9:10pm Jan 3, 2011 9:10pm
Quoting AQs
In 2010 I started out trading, I speak with a lot of succesful traders...
first reply.. from me Mi Za

after read this...

hmmm..

PATIENT IS GROUND FUNDAMENTAL!!

never give up...

practical is must...


keep on your studies and gain your knowledge
Unlimited practices

to make.. to be a great trader...

market is market.. has its own way..
general: 4 moves of market price action HL HH, LH, LL
and acceptable the all rules of market

dont anger the market and be a positive thinker always



...
chance is everywhere... but make sure consistent and discipline for to make trading well...your analysis, your psychology and MM..


the simply of beautiful words
Mi Za
  • #3
  • Jan 3, 2011 9:42pm Jan 3, 2011 9:42pm
hello, market is relative to human perception. nothing and everything works in the market.

human perception is flawed. im hoping im not treading on Graeme's thread for posting this, but this has helped me getting over this emotional hurdle.

which is way is the lady rotating??

clockwise, counter clockwise, none/all?? please take some deep thought into this and apply it to the market.

For me, pipeasy's thread on this forum is a must read for anyone, regardless of trading experience. from my perspective, i think most noobs should reading someone else's thread first before reading Graeme's as it will help ease into it with less effort and grasp the deeper meaning between the lines.

but i cant post my teacher number 1's name here as he has a terrible rep on every forum. -.- but he is just that type of person: blunt.

looking back on life, how many times did you find the blunt person to be a better person in the long run?

sorry to go off topic from this thread.
Attached Image
  • #4
  • Jan 4, 2011 2:16am Jan 4, 2011 2:16am
Hello, i would like to know, when i trade EUR/USD and i am long, Will buying Euro and selling Dollar have impact to other currencies, i mean the chart USD/JPY will fall down, because i have sold USD in EUR/USD ?

Thanks, hope someone help

Regards ;-)
  • #5
  • Jan 4, 2011 2:30am Jan 4, 2011 2:30am
Quoting petertrader
Hello, i would like to know, when i trade EUR/USD and i am long, Will buying Euro and selling Dollar have impact to other currencies, i mean the chart USD/JPY will fall down, because i have sold USD in EUR/USD ?

Thanks, hope someone help

Regards ;-)
Yes. But to have an 'impact' or even move a certain pair one pip for a brief moment, your position would have to be big
A person is only limited by the thoughts he chooses.Þeir fá byr sem bíð
  • #6
  • Jan 12, 2011 7:15pm Jan 12, 2011 7:15pm
Quoting petertrader
Hello, i would like to know, when i trade EUR/USD and i am long, Will buying Euro and selling Dollar have impact to other currencies, i mean the chart USD/JPY will fall down, because i have sold USD in EUR/USD ?

Thanks, hope someone help

Regards ;-)
Correlations are an advanced way to trade. I don't know that it's of use to say that they are directly aligned. Yes, they do share commonalities, and yes, the dollar index does seem to govern overall movement, but to claim it's simply a string, and that they are each attached will lead to heartache.
  • #7
  • Jan 13, 2011 1:46pm Jan 13, 2011 1:46pm
Quoting AQs
In 2010 I started out trading, I speak with a lot of succesful traders...
Read yourself up on statistics and programming, and try analyzing the market with a statistics program. Only then will you find out patterns that actually work.

99% of information presented in this forum is completely useless. So I wouldn't bother much with acquiring more understanding through the forum or the internet as a whole.

Do the work and get stats on price patterns.
  • #8
  • Jan 13, 2011 2:05pm Jan 13, 2011 2:05pm
^^
ok great tip

I also need another info:
One of my "teacher" told me about the gimmicks dealers do... and you if you are trading 3M+ the game is almost unbeatable because banks will trick you (specially with scalping), so where's the point trading FX if you can't get rich?
  • #9
  • Jan 13, 2011 2:10pm Jan 13, 2011 2:10pm
Quoting AQs
^^
ok great tip

I also need another info:
One of my "teacher" told me about the gimmicks dealers do... and you if you are trading 3M+ the game is almost unbeatable because banks will trick you (specially with scalping), so where's the point trading FX if you can't get rich?
Depends on the trading style. I would recommend developing a trading style, which can't get influenced much by other players.

Well, and finding that will be part of your research. (By the way, the larger your time-frame, the less other players can "trick" you.)
  • #10
  • Jan 13, 2011 2:20pm Jan 13, 2011 2:20pm
Quoting Custos
Depends on the trading style. I would recommend developing a trading style, which can't get influenced much by other players.

Well, and finding that will be part of your research. (By the way, the larger your time-frame, the less other players can "trick" you.)
Ok, I'm willing to develop my own trading style and I will be research... the main problem is... where to start?
  • #11
  • Jan 13, 2011 2:29pm Jan 13, 2011 2:29pm
Quoting AQs
Ok, I'm willing to develop my own trading style and I will be research... the main problem is... where to start?
Well, best is to not test out any indicators and just focus on price itself (at least that is my opinion).
And once you start testing, you will ask: where to stop? Cause you will think up so many ideas to test out. So you will have plenty of concepts anyways, once you are in the midst of testing.

If you run out of ideas, look into the forums and look for new ideas you didn't test yet.

It's a long journey. A very long one.
  • #12
  • Jan 13, 2011 2:32pm Jan 13, 2011 2:32pm
Quoting Custos
Well, best is to not test out any indicators and just focus on price itself (at least that is my opinion).
And once you start testing, you will ask: where to stop? Cause you will think up so many ideas to test out. So you will have plenty of concepts anyways, once you are in the midst of testing.

If you run out of ideas, look into the forums and look for new ideas you didn't test yet.

It's a long journey. A very long one.
ok but in order to understand what works, I have to find why it works.... that's why I'm willing to do research on that... I wanna understand why... because if we are taking patterns without understand the logic behind them, we are basically gambling
  • #13
  • Jan 13, 2011 2:40pm Jan 13, 2011 2:40pm
Quoting AQs
ok but in order to understand what works, I have to find why it works.... that's why I'm willing to do research on that... I wanna understand why... because if we are taking patterns without understand the logic behind them, we are basically gambling
we have the same problem here as in science or anything. The most famous and best discoveries are found by accident. And only after the discovery is the why understood.

That's why I would suggest you to just research as many patterns as you can until you get to a profitable one, and then try finding why it works.

Anyways, just my suggestion.
  • #14
  • Jan 13, 2011 2:51pm Jan 13, 2011 2:51pm
Quoting Custos
we have the same problem here as in science or anything. The most famous and best discoveries are found by accident. And only after the discovery is the why understood.

That's why I would suggest you to just research as many patterns as you can until you get to a profitable one, and then try finding why it works.

Anyways, just my suggestion.
ty for that
  • #15
  • Jan 13, 2011 3:14pm Jan 13, 2011 3:14pm
Just start thinking of Forex as a source of income. Not a lottery, hobby or a game. You wouldnt expect to get any college degree (a valuable one I should say) in 9 months right?
  • #16
  • Jan 13, 2011 10:02pm Jan 13, 2011 10:02pm
I've been trading the Forex for +1 year and have been working a live account for the last 7 months. In that time I've made 30% return on my account value. (Since I'm still learning, I'm trading a micro account.)

I found that what worked best for me, was to forego learning various strategies and to learn the technicals of the market. I went through babypips.com, as well as a few forex books until I had a basic understanding of the forex market. In the process I learned many of the principles that many of the strategies are built on and around. With this orderly style of learning, it was easier for me to keep my mind clear in order to weigh each strategy based upon the principles I learned and not on the promise of easy wealth.

My recommendation would be to study the forex market, and work regularly in a demo account, I personally stuck with a demo account until I was making money, since I figure if I couldn't do it with a demo, I would be able to do it live... As has already been said: you wouldn't expect to finish college in 9 months.
  • #17
  • Jan 19, 2011 2:13am Jan 19, 2011 2:13am
Quoting wangyue22
hello, market is relative to human perception. nothing and everything works in the market.

human perception is flawed. im hoping im not treading on Graeme's thread for posting this, but this has helped me getting over this emotional hurdle.

which is way is the lady rotating??

clockwise, counter clockwise, none/all?? please take some deep thought into this and apply it to the market.

For me, pipeasy's thread on this forum is a must read for anyone, regardless of trading experience. from my perspective, i think most noobs should reading...
  • #18
  • Jan 19, 2011 2:14am Jan 19, 2011 2:14am
Quoting AQs
Ok, I'm willing to develop my own trading style and I will be research... the main problem is... where to start?
technical first
fundamental afterwards

thats my style
  • #19
  • Feb 3, 2011 8:49am Feb 3, 2011 8:49am
A wise padavan u shall be
Quoting awardco
I've been trading the Forex for +1 year and have been working a live account for the last 7 months. In that time I've made 30% return on my account value. (Since I'm still learning, I'm trading a micro account.)

I found that what worked best for me, was to forego learning various strategies and to learn the technicals of the market. I went through babypips.com, as well as a few forex books until I had a basic understanding of the forex market. In the process I learned many of the principles that many of the strategies are built on and around....
May the Force be with You
  • #20
  • Last Post: Feb 14, 2011 8:14pm Feb 14, 2011 8:14pm
Quoting AQs
In 2010 I started out trading, I speak with a lot of succesful traders...
Reading over this reminded me a lot of myself who I was and sometimes who I am still today. I have come to learn that you certainly can not rely 100% on something, these are the reasons we have stop losses, target take profit area ect. The problem with most technical indicators is they lag and get you in the trade late. Other times people use the wrong indicator for the wrong type of trade ie trading trend with rsi when this is more of a ranging indicator. Now we need to identify PA. Pa is not without indicators. If you think about it candlesticks, barcharts, trendlines these are all technical indicators, however they are real time.

I believe you need to find within yourself your own desire and how you want to trade. Do not try to trade all styles ie.. scalp, long term, swing ect... there is just simply too much involved for that unless you have all the time and money in the world to do this.

Try to find out what works for you and use it best. Go through your best trades and ask yourself what indication did you like about this trade that got you in the trade and out with profit.

Secondly I believe you need to have a foundation of fundamentals. Take a weekly chart and daily chart and looks what happens to trends once interest rates change, and bond rates and some of the bigger economic news.

There really is not a problem with the 2009 market, 2010 market, and 2011 market, There are some major cycles taking place and some major major fundamentals happening. The market has had many many angles lately and trends to not have the trends it did as last year and the year before.

If you can study and get a feel for what is happening in the market you can learn how to trade it accordingly. I believe you absolutely must identify if you are in a trending market (especially based on the tf you are trading), or ranging market, use your stops accordingly to the type of trading you are doing hence.. swing/trend make sure you use previous high's/low's for your stops, If you are trading a ranging market be content with x amount of pips. Look at target areas and set your tp for those target areas.

So many times I have let profit run right by me because i want more and more and more only to find out by the 4th more profit that I wanted the traded tanked against me. WHy do we do this? I believe its because we must dedicate ourselves to be content with what the market does.

Remember we can not force it to move in our direction but the goal is to extract from the market.

Babypips, nobrainertrades.com I highly recommend.
Know when to hold em, Know when to fold em!
0 traders viewing now