DislikedThank you Sir. Really appreciated you have taken the time to explain all this, thanks a bunch. For Now, I will seat on the side and read through all the post for a better understanding. Thanks again Sir.Ignored
Trading currencies, especially this pair is all about seeing and judging the bigger picture. Currencies are a great vehicle, but they are a lot harder to trade on pure technicals then other instruments are. Plenty of pure tech traders here will say it is all in the charts, knowing the news/fundies/correlation and risk will make trading currencies a lot easier as you can see what is coming before it is in the charts. Being a sole tech trader puts you in a distinct disadvantage. I am not saying that some pure tech traders don't make money in this business, but they are rare. Currencies are driven by other factors more so then any other instrument, especially as it is a pair.
I have said it plenty of times before, eu can move in 6 directions and only a fundy/news/correlation/risk trader can see all of them.
Most newbies have no choice and have to start trading just the techs as they can't get their head around the rest. That puts them at a severe disadvantage and is one of the main reasons most don't make it in this business.