The above title pretty much sums up my thoughts on this thread. I have diligently read through the thread over the last three weeks and have learnt more than almost 5 years (albeit on and off) trading.
Is anyone still trading (or learning) this way, using the fibs as targets etc? I do know Skunny has a site now where he is teaching all of this, but the nuggets of information here are well worth the effort to read.
ScottyB, I understand your arguments and I have read up a bit about what you have said and as such am trying to blend what I have learnt here and taken other info, into a comprehensive system.
Here is what has happened over the last three weeks:
Traded along as I learnt, using smaller time frames (15 mins), using a simple fib, as detailed, looking for breakouts and aiming just short of my target areas, that way I am locking in profits. For last week, traded 100%, no losses, using a quick get in and get out mentality. If a trade turns against me, then I look to the inner fibs, for the PA to signal a bounce and then trade that as well. Luckily all the trades I have taken have been positive in the end, but occasionally had to wait a few hours to hit my target.
I am now at the stage where I want to check the data across a range of platforms and in doing so today, I have discovered that the 3 platforms I have checked have extremely varying data, and therefore varying degrees of success for this method.
My questions are:
1. Anyone trading this method, live successfully?
2. What brokers are you using, if the above is true?
I don't care about you proving to me your accounts or pip count, I want to find who the best brokers are for this way of trading. I intend to do my due diligence anyway and see if the broker fits me....
Look forward to some responses..
TP
Is anyone still trading (or learning) this way, using the fibs as targets etc? I do know Skunny has a site now where he is teaching all of this, but the nuggets of information here are well worth the effort to read.
ScottyB, I understand your arguments and I have read up a bit about what you have said and as such am trying to blend what I have learnt here and taken other info, into a comprehensive system.
Here is what has happened over the last three weeks:
Traded along as I learnt, using smaller time frames (15 mins), using a simple fib, as detailed, looking for breakouts and aiming just short of my target areas, that way I am locking in profits. For last week, traded 100%, no losses, using a quick get in and get out mentality. If a trade turns against me, then I look to the inner fibs, for the PA to signal a bounce and then trade that as well. Luckily all the trades I have taken have been positive in the end, but occasionally had to wait a few hours to hit my target.
I am now at the stage where I want to check the data across a range of platforms and in doing so today, I have discovered that the 3 platforms I have checked have extremely varying data, and therefore varying degrees of success for this method.
My questions are:
1. Anyone trading this method, live successfully?
2. What brokers are you using, if the above is true?
I don't care about you proving to me your accounts or pip count, I want to find who the best brokers are for this way of trading. I intend to do my due diligence anyway and see if the broker fits me....
Look forward to some responses..
TP