Hello,
It has been a good while since I posted on FF but I wanted to share some stuff that might actual make you a better trader faster than the average person.
I'll list a few steps to this system and try to explain why each step holds true
steps...
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1. Stop coming to the trading system page and trying to find a magical system you can follow to generate wealth daytrading...
Understand that most the people posting systems are new themselves and dont make any money trading Forex.. also understand some people have huge egos and want to feed there ego via the threads (they will lie and you can't trust anyone, people will act like they make money when they really don't just to feed their ego)
2. Understand most if not all indicators are worthless..
also understand that almost every indicator created pretty much measures price, time, or a combination of both.. so why have more than 1 indicators on your screen? a stochastic and a macd really measure the same thing..
you know what also measures price and time?.. a bar chart.. a candle chart.. a line chart...
3. Understand you will lose money and trades...
Everyone wants to find a system or strategy that wins 100% of the time.. 1 trade fails you they give up on that method and go looking elsewhere..
you will never win every trade.. its not winning the battles that matter its winning the war...
4. Understand Time frames.. and charts.. and bars.. etc.
have you ever considered the irrationality of buying if the next bar closes higher than the previous?
let me put it this way.. on any time frame chart.. a closing price is simply where price closed at a specific time when all millisecounds and secounds and minutes hit 00... so why would a bar closing higher or lower than a previous ever make logical since to trigger a trade?
5. This leads us to understanding how the forex market works...
is the forex market really a bar chart with a technical indicators attached?
Interbanks make up 75% of the money coming in and out of the market daily.. not individuals or hedgefunds.. and no im not even talking about the central banks...
do some research and learn the how, what, when, why, and who ...
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Thats all the steps i have so far, probably missed a few important ones.. but those are probably enough to get most people on the right track a few years in advance.. but more then likely if your anything like me you will be thick headed for a while not follow any of the steps above.. I know i didn't follow those steps.. it sucked
Best wishes
It has been a good while since I posted on FF but I wanted to share some stuff that might actual make you a better trader faster than the average person.
I'll list a few steps to this system and try to explain why each step holds true
steps...
----------
1. Stop coming to the trading system page and trying to find a magical system you can follow to generate wealth daytrading...
Understand that most the people posting systems are new themselves and dont make any money trading Forex.. also understand some people have huge egos and want to feed there ego via the threads (they will lie and you can't trust anyone, people will act like they make money when they really don't just to feed their ego)
2. Understand most if not all indicators are worthless..
also understand that almost every indicator created pretty much measures price, time, or a combination of both.. so why have more than 1 indicators on your screen? a stochastic and a macd really measure the same thing..
you know what also measures price and time?.. a bar chart.. a candle chart.. a line chart...
3. Understand you will lose money and trades...
Everyone wants to find a system or strategy that wins 100% of the time.. 1 trade fails you they give up on that method and go looking elsewhere..
you will never win every trade.. its not winning the battles that matter its winning the war...
4. Understand Time frames.. and charts.. and bars.. etc.
have you ever considered the irrationality of buying if the next bar closes higher than the previous?
let me put it this way.. on any time frame chart.. a closing price is simply where price closed at a specific time when all millisecounds and secounds and minutes hit 00... so why would a bar closing higher or lower than a previous ever make logical since to trigger a trade?
5. This leads us to understanding how the forex market works...
is the forex market really a bar chart with a technical indicators attached?
Interbanks make up 75% of the money coming in and out of the market daily.. not individuals or hedgefunds.. and no im not even talking about the central banks...
do some research and learn the how, what, when, why, and who ...
---------
Thats all the steps i have so far, probably missed a few important ones.. but those are probably enough to get most people on the right track a few years in advance.. but more then likely if your anything like me you will be thick headed for a while not follow any of the steps above.. I know i didn't follow those steps.. it sucked
Best wishes