“Hope is [a] bogus emotion that only costs you money.” - PETER LYNCH
Why do indicators not work/work? Why is Forex not truly random? 129 replies
Is the Bloomberg terminal worth it for forex trading? 22 replies
CMT: Is it worth it for a Forex trader 2 replies
FOREX course - worth to invest $ ? 3 replies
Disliked{quote} I can't agree more. I have been trading for 2 years now (almost). Started off with demo got familiar with the platform, the lingo. Moved onto "nano" live account. Started trading minuscule lots. Still nothing. I was going nowhere. Things weren't going as I planned. Signed up with fx forum. Finished their school. Read everything (educational material) that I could find on forex. Everything except systems and indicators. I was never a fan of a system that promised quick money. Found trading buddies on the forum that I signed up ....Ignored
Disliked{quote} If a trader cannot develop a profitable mechanical system he probably should abandon technical analysis / chart reading altogether. Its very unsettling that many people here would choose the false hope that discretionary trading gives rather than accept that they haven't found an edge. This is just my observation of FF folk, obviously there are many successful traders and fund managers who use discretionary approaches. To me, and anyone who really understands trading systems, speculation is ultimately discretionary regardless of the approach....Ignored
Disliked{quote} there absolutely nothing to clarify. the statement is crystal clear: there are things not suitable for everybody. unless you want to discuss just for the sake of discussion. there are people who will never become successful business owners. there are people who will never become champions in a specific branch of sport. there are people who will never become a general and so on. and there are people who will never become a successful forex trader. it does not matter you trade manually or through ea. if you are risking money in the market...Ignored
Disliked{quote} - going short at the resistance/support without confirmation = burned account - trading at retracements without confirmation = burned account - trading the stupidest pattern in whole universe, the head and shoulders, without confirmation = burned account - listening to gurus (especially self-proclaimed ones) = burned account Learning begins? You guessed it - when you start trading confirmations. If you REALLY want to get ahead of market and predict the price without confirmation first, you're better of putting all your bucks on barcelona...Ignored
Disliked{quote} Market makers(MM) decide about price action and timing for that....So what retail trader (RT) is confirming if that doesn't depend on her/him? Most of the time retail trader(RT) helps market maker (MM) to buy low and sell high....if RT have short position with 100 pips stop loss (buying) certainly MM will go that high to sell to that RT who is willing to buy so high.....Then RT complains that market is manipulating , that trading is random etc...Consequences come with that ...Ignored
Disliked{quote} Read this, replacing "stocks" with "forex". My understanding is this: The implication is that, IF price movement was a completely random walk, then all profits and losses would be 100% 'luck' no matter what analysis/entries/exits/MM you might use, and that (due to br0ker costs) all retail traders would be mathematically bound to eventually lose. However, if markets are manipulated to the extent that exploitable patterns are created, then they are definitely NOT...Ignored
Disliked{quote} If "burned account" after these 4 methods that you have mentioned, it is NOT due to these methods. It can be due to wrongly classifying the reasons for the "burned account'. Figure out more on what really caused those "burned account". Regarding to what you mentioned about Confirmation First, this is depending on how much time gap between your Signal versus the Confirmation. And also what market you are playing. Here, assuming playing Forex market, your Confirmation must be quite fast after the Signal, else the fast move of that forex pair...Ignored
DislikedHey guys, I've read all things you wrote regarding confirmation and here is what I meant: {image} Since I trade daily candles only atm, by confirmation I mean the candle pattern must fulfill perfectly and completely for me to enter. I hope everything is visible enough, I used my old platform template which I don't trade anymore, feel free to ask questions - if any.Ignored
Disliked{quote} I dont think in that way - I never think (and I try really really hard) where will the price go. If I notice myself doing that I usually stop trading. For me different candle patterns have different reliability. Some candle patterns are confirmation in itself, while others need to be confirmed in the next session - if they're not confirmed in the next session, I move my stop loss and decrease it so I'll take the least loss possible. Above I showed the last 2 trades I took on eur/usd in last 3 months. I hope you can see what my strategy is,...Ignored
Disliked{quote} We don't comment on whether a mechanical system is profitable or not first. Not all trader can develop a mechanical system A person who may develop a mechanical system does NOT mean that person can do chart reading or do technical analysis in a relevant manner. A person who can program a mechanical system does NOT mean that person is a trader. A trader who can do relevant chart reading may find it difficult to code what they see on the charts, as certain information flow they see may be harder to explain in a mechanical manner.Ignored
Disliked{quote} In my opinion, terms like 'chart reading' / 'technical analysis' are misleading. Most people understand conventional reading and analysis to imply a level of objectivity. In speculation, what one derives from analysis is merely an opinion of future events. Mechanizing such analysis into a system is also just that; an opinion. Anyway, I think the technical aspects of trading whether discretionary or mechanical are overrated and given too much importance. Managing risk is far more important yet hardly discussed.Ignored
Disliked{quote} In my opinion, terms like 'chart reading' / 'technical analysis' are misleading. Most people understand conventional reading and analysis to imply a level of objectivity. In speculation, what one derives from analysis is merely an opinion of future events. Mechanizing such analysis into a system is also just that; an opinion. Anyway, I think the technical aspects of trading whether discretionary or mechanical are overrated and given too much importance. Managing risk is far more important yet hardly discussed.Ignored
DislikedI have been burning my accounts constantly for 2-3 years trading solely on indicators. This statement is somewhat incomplete since it doesnt containt the key sentence - without confirmation. If we have a line which we think is a resistance for example and we enter a trade as soon as the price touches that resistance (short entry) - we are trading blind in vast majority of cases. Why not wait until that candle upon which we want to trade closes first. In this example the whole fallacy of fear and greed is contained. We fear that price will escape...Ignored