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Specialize in only one market

  • #41
  • Aug 13, 2016 7:23am Aug 13, 2016 7:23am
Quoting Shabs19
{quote} You not only have to master the car but the track also. Conditions of both can change at any time. Winning the race is as important as coming out alive after the race.

It is exactly why I compared it to racing, do you know a guy able to race without knowing his track ? If the guy does not know the track he will not be able to finish or be the last, this is not racing, this is participating.

I am then much favorable to trade one market, to know the track I am competing in and being able to race and finish in the top 5.

Maybe Shabs9 are you on a bicycle ? No offense though.
LDFX Trading Ltd
  • #42
  • Aug 13, 2016 7:39am Aug 13, 2016 7:39am
what op mentioned is a way to approach the market, it's valid in its own world no doubt about that.

but it's not valid in other ways of trading.
if you were a counter trend trader, harmonic trader ...etc, it will be hard for you to trade one thing (pair) like the eur/usd because there might be a great chance (setup) that comes in pattern with your strategy in another chart, and at the same time there might not be any pattern going on your specialized chart unless you start forcing trades.

but yeah, you can specialized in one chart and try to apply everything (all types of strategies) in your hand to try to predict it.
  • #43
  • Aug 13, 2016 7:49am Aug 13, 2016 7:49am
Quoting j_snail
what op mentioned is a way to approach the market, it's valid in its own world no doubt about that. but it's not valid in other ways of trading. if you were a counter trend trader, harmonic trader ...etc, it will be hard for you to trade one thing (pair) like the eur/usd because there might be a great chance (setup) that comes in pattern with your strategy in another chart, and at the same time there might not be any pattern going on your specialized chart unless you start forcing trades. but yeah, you can specialized in one chart and try to apply...

That is funny, I am, believe it or not, a harmonic pattern trader on EURUSD, specialized in counter trend.
LDFX Trading Ltd
  • #44
  • Aug 13, 2016 8:02am Aug 13, 2016 8:02am
Quoting LDFX
{quote} It is exactly why I compared it to racing, do you know a guy able to race without knowing his track ? If the guy does not know the track he will not be able to finish or be the last, this is not racing, this is participating. I am then much favorable to trade one market, to know the track I am competing in and being able to race and finish in the top 5. Maybe Shabs9 are you on a bicycle ? No offense though.
Your profile photo suggests you have had a major crash.
It never gets easier, you just get better
  • #45
  • Aug 13, 2016 8:03am Aug 13, 2016 8:03am
Quoting LDFX
{quote} That is funny, I am, believe it or not, a harmonic pattern trader on EURUSD, specialized in counter trend.

my English skills aren't that great. I mean.... what if someone is a counter trend OR harmonic patterns OR a overlapping Fibonacci OR etc etc trader

are you guys here to discuss and learn or just to troll/criticize only?
  • #46
  • Aug 13, 2016 8:06am Aug 13, 2016 8:06am
Quoting Shabs19
{quote} Your profile photo suggests you have had a major crash.
sorry to LDFX but that comment is to funny
(.)(.) think first ...
  • #47
  • Aug 13, 2016 8:06am Aug 13, 2016 8:06am
Quoting j_snail
what op mentioned is a way to approach the market, it's valid in its own world no doubt about that. but it's not valid in other ways of trading. if you were a counter trend trader, harmonic trader ...etc, it will be hard for you to trade one thing (pair) like the eur/usd because there might be a great chance (setup) that comes in pattern with your strategy in another chart, and at the same time there might not be any pattern going on your specialized chart unless you start forcing trades. but yeah, you can specialized in one chart and try to apply...

If a similar pattern develops in another market, just ignore it, how correlated this market is ? How much risk is it ? How is the sentiment/overall trend, is there news ahead ? Etc..., I already got a headache.

keep it simple, you saw one pattern on your market, trade it, that is it, if your reward is higher than risk.

the simplier you do it the better.
LDFX Trading Ltd
  • #48
  • Aug 13, 2016 8:09am Aug 13, 2016 8:09am
Quoting maximumguita
{quote} sorry to LDFX but that comment is to funny

Haha,

yes you are right, that is very fine humor, I have to incline myself.
LDFX Trading Ltd
  • #49
  • Aug 13, 2016 8:10am Aug 13, 2016 8:10am
Quoting Shabs19
{quote} Your profile photo suggests you have had a major crash.

Good one.
LDFX Trading Ltd
  • #50
  • Aug 13, 2016 8:13am Aug 13, 2016 8:13am
Quoting j_snail
{quote} my English skills aren't that great. I mean.... what if someone is a counter trend OR harmonic patterns OR a overlapping Fibonacci OR etc etc trader are you guys here to discuss and learn or just to troll/criticize only?

Yes I am here to criticize too, to share my good experience about trading only one market, therefore criticizing your opinions about trading higher multiple markets.

that is a forum, no ?
LDFX Trading Ltd
  • #51
  • Aug 13, 2016 8:26am Aug 13, 2016 8:26am
Quoting Shabs19
{quote} Your profile photo suggests you have had a major crash.

I would say who better than the deads knows about the life ?

Oh yes, and I had more than one...

It took me more than five years before to succeed.
LDFX Trading Ltd
  • #52
  • Aug 13, 2016 8:38am Aug 13, 2016 8:38am
Quoting swetrader
I opened this thread because I want to discuss the benefits and disadvantages of this type of trading.
Quoting LDFX
{quote} Yes I am here to criticize too, to share my good experience about trading only one market, therefore criticizing your opinions about trading higher multiple markets. that is a forum, no ?

Keep the conversation on the op's quote.

There is no one better way to trade than another, they all have their merits.

End of the day we are all different.

Quoting LDFX
{quote} I would say who better than the deads knows about the life ?
The dead cant talk.
It never gets easier, you just get better
  • #53
  • Aug 13, 2016 8:55am Aug 13, 2016 8:55am
Quoting LDFX
{quote} Haha, yes you are right, that is very fine humor, I have to incline myself.
good to hear that you have humor
(.)(.) think first ...
  • #54
  • Aug 13, 2016 8:57am Aug 13, 2016 8:57am
Quoting maximuscx
Hi! Agree with Zelo, use your weekend to analyse markets. You may want to search for every Major Currencies CB websites to get the initial idea (Look at their target, current data and current challenges). Open few websites discussing about Major Currencies and comparing their analysis. The rule of thumb is to determine all these Major Currencies fundamental. Then you'll know the trend. At least, this is sufficient for you to get the idea on where to start your SwingTrading. Technical itself is not sufficient to safe your back when the sentiment...
Hi maximuscx. Using my weekend to make a detailed analyse is absolutely a good idea!
  • #55
  • Aug 13, 2016 9:03am Aug 13, 2016 9:03am
Quoting Triton
There are many good suggestions here. My suggetions are: Clarify for yourself why you want to trade Forex. Why forego other markets? You could trade a portfolio of markets e.g. equities (some low-priced stocks can give returns of 1000% or more in a few years), foreign equities markets indices, ETFs of market sectors e.g. energy, and forex. Only you can decide how risk averse you are and what your required return on investment is. For example, if you want a return of 100% p.a then you wont invest in the SP500 because it does not deliver such profits....
Hi Triton. It is a good question, why do I want to trade Forex? My answer is not very good but it seems to be a interesting and very volatile market to trade. I have been thinking about trading indices as well like DAX or OMXS30.

Yes, day trading is impossible for me so it is all about longer term charts like W/D/H4.
  • #56
  • Aug 13, 2016 9:05am Aug 13, 2016 9:05am
Quoting Shabs19
{quote} I am not endorsing or promoting anyone in particular, do your own research on the platform tech forum. One popular one is the MADash. Plenty of discussion on how to use the tool.
Thank you.
  • #57
  • Aug 13, 2016 9:10am Aug 13, 2016 9:10am
my opinion: the most traders trade to much and jumping from chart to chart an looking for a chance and jumping the money behind. I did last year only 2 trades, but from the beginning till the end with buying selling buying selling and so on. I think, the best you can do is to concentrate on one Pair and one day you know exactly the important levels and know when and what is to do when.... and there is the big money!
(.)(.) think first ...
  • #58
  • Aug 13, 2016 9:11am Aug 13, 2016 9:11am
Quoting j_snail
what op mentioned is a way to approach the market, it's valid in its own world no doubt about that. but it's not valid in other ways of trading. if you were a counter trend trader, harmonic trader ...etc, it will be hard for you to trade one thing (pair) like the eur/usd because there might be a great chance (setup) that comes in pattern with your strategy in another chart, and at the same time there might not be any pattern going on your specialized chart unless you start forcing trades. but yeah, you can specialized in one chart and try...
Hi. When trading one market I guess you need to have a lot of patience. Especially if you are trading the higher time frames.
  • #59
  • Edited 9:36am Aug 13, 2016 9:14am | Edited 9:36am
Quoting maximumguita
my opinion: the most traders trade to much and jumping from chart to chart an looking for a chance and jumping the money behind. I did last year only 2 trades, but from the beginning till the end with buying selling buying selling and so on. I think, the best you can do is to concentrate on one Pair and one day you know exactly the important levels and know when and what is to do when.... and there is the big money!
That is exactly the kind of idea running through my mind.

By the way, I am very thankful of the help that I get from all of you. It means a lot to me!
  • #60
  • Aug 13, 2016 10:15am Aug 13, 2016 10:15am
[quote=swetrader;9082216]{quote} That is exactly the kind of idea running through my mind.

btw, i think someone mentioned it here already, but to be sure because so far as i can see you are a rookie, EURUSD is one of the hardest pairs to trade. i would look for over pairs. Indices like dax or dow can be hard as well because there are a lot of gaps. If you can wait and think long term maybe you should have a look at JPY crosses. Its very low at the moment and a Reversal or correction is likely. EURGBP is very high and here also a Reversal or correction between 0.88 and 0.90 likely.
(.)(.) think first ...
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