Well thank you, and your welcome
As far as why I look at so many markets, it's because I look to find markets that provide the lowest risk, highest probability situation on a day to day basis. If a long trade on eur/usd looks like it might be good...but in fact, I look at the eur/gbp, and see the eur/gbp is dropping quite a bit, it tells me that even though a long on the eur/usd may be good... I will have even better probability for success be trading the gbp/usd (since both are stronger than the USD, but the GBP is the stronger of the two)
So,...
How many of us are already making profit consistently?
Any advice on indicators etc? Not sure if that's rude to ask or not.. but if you can give any advice, it'd be appreciated.
http://www.forexfactory.com/showthread.php?t=364409
I go over how I do my analysis, and I also go over some of the technical analysis concepts I use on a day to day basis.... I will actually be spending some time over the next few weeks fleshing out more info on the technical analysis side of things, if not on that thread, then on a seperate blog I've started (a link to it is in that thread)
Really, here is how I see it though. You need to learn your craft. asking if you should learn fibonnacci to me, is like a mechanic asking if he should learn to use a wrench.
Yes. he should. be he also needs to know how to use a hammer, know various types of grease and what type of moving parts they are best used with, know the basics of how an engine works, as well as what can go wrong with it. They also need to have a wide variety of tools, because no tool is appropriate for all types of motor work/repairs.
I really feel it's best to get a familiarity with most, if not all, of the major tools for technical analysis, and then once you have this familiarity, you can start narrowing down which are working for your, and building a method that is suited to your temperment.
no one tool will be "the answer". Just like to a mechanic, no single tool will "do it". What really does it is the mechanic has a good working knowledge of how engines and motors operate...and therefore, when he sees a situation, he knows which tools are best to apply in that situation to make the thing work well.
This is how you should see it. And yes, that means you have a LOT of learning to do... just like learning a new language.
If this seems like a lot of work, remember, this is a zero sum game, in that you only profit off of someone's loss.... and there are guys like me and others much better who know our engines inside and out...and the only way we make our income is to take your account from you.
So, if you want to try to find a single tool, or an easy way out, without really learning how to be a mechanic...but just by learning howto use a hammer... well.. your never gonna get a job, because real mechanics are lining up every day...and they are more qualified than you, and will get hired before you ever do.
Trading is not a math formula, or some special secret tool. it's knowing all about the markets, and knowing how to choose the right tool for the right job, all the time
Hope this helps give you a better understanding of what goes into becoming a good trader.
X
Great job, I am sure a lot of new people can use this
I hope so man... It's kinda a pet peeve of mine to see people coming into the trading world with basically a completely ill conceived notion of what it is to be a successful trader.
It's not a math equation so much as it is a craft. And, I think a lot more people would find they DON'T want to do this if they knew the truth and those that do, would have an easier time knowing how to go about it...
that's the hope anyway, but i'm sure there will be a waiting list of people who want to argue this with my by the end of the week
X
- #37
- May 9, 2018 4:03am May 9, 2018 4:03am
- Joined Dec 2015 | Status: Suuka Maadik | 3,630 Posts
Only 4 out of every 10,000 traders,
do make money money.
Consistently.
9,996 are the net losers.
An official stats here.
I hope this helps.
do make money money.
Consistently.
9,996 are the net losers.
An official stats here.
I hope this helps.
Maadik Hugiis. IQ 69.
I hope to end Sept 2018 above %12 profit. My goal is to average %1 a month. I have had a -5% and a -2%, but overall if I make %12 or better I consider that consistent. But I want at least 2 years of %12 profit or more per year with %20 or less draw down.
I also got my 1st investor : :https://www.mql5.com/en/signals/455163
