DislikedIt's going to take between 2 - 10 years. Maybe even longer. And even then there's no guarantees. There's some good people out there. My advice is connect with them, post your charts, post your analysis, and most importantly don't ever be afraid to ask questions (the only silly question is the one we don't ask, right?) Good luck!Ignored
Hi, this my first long text written in english, so I hope that it won't trigger any grammar nazis. I chose this title because honestly, I'm really getting sick. I want to learn, I don't mind spending my free time in front of a computer studying and analysing charts...
I wanted to open a thread with the below instrcuctions in the newbie section to help many newbies skip the years I wasted running around in the dark. I changed my mind, but will do so now. So here it is.
You want to learn? don't mind spending time?
Given you already know indicators don't count for much
Prep. Read this here . Forget the HolyGrail ultimate stuff at the end. The rest is solid.
Step 1. Go to Sonic R thread, study post 1 to the 'end' (keeping in mind indicators are don't mean much)...trade it on a small live a/c (3 months)
Sonic R is to give you an idea of how market movers work and at the same time slowly take you off indicators.
Step 2. Find Captain Jack, read his posts on this forum...and especially his thread on the other forum (google is your friend)...trade it on another small live a/c (3 months)
This is strictly for the how to trade naked charts.
Final Step: Find MzVega, read her thread and all the books/references (6 months)
Here you will find out about a better way to see price, why price does what it does, and really understand what it is you are/should be doing.
Money management. There's clues on how to find an edge and define it in the book shown below. Click here for a quick run, or see attached excel file (my template 800:1 leverage starting) modify as suitable to you.
Psycology. Read "Trading in the Zone - Mark Douglas" Read on cognitive bias, find yours in relation to trading, eliminate it or use it to your advantage.
Quick suggestion: The only real timeframes are the market sessions...
Do your chart screen time.
This is a one year painstaking drill.
If you follow the above judiciously with perfect discipline without skipping a line... and you still fail, then I humbly suggest you begin to look for another profession.
I am in Step 2.
Good luck to you.
For any further questions google is your friend.
Haven't read a single answer, don't care to do so. So if something was already mentioned - sorry.
If you're longer term it's fundamentals, right. Short term, not so much. It simply depends on what you do ...
Indicators:
The discussion/hype around indicators reminds me of that EA bullshit ... People dream about the computer telling them what to do, if that would be that simple, there would be no market to participate in. There is no magic EA just as there is no magic indicator - these things can be useful if you actually understand what they do. Many so called professional automated trading systems are actually monitored by people who understand what these systems do fully capable to intervene and change some of the operation settings. In other words: Indicators can be part of a trading system but if you rely on them without understanding what they do, do you really need me to tell you that you're wasting time and money? I honestly hope not.
Of course, the trading floor is a zoo of trained monkeys - any left wing (I hate "banksters"!) idiot can guarantee you that! Joke aside: They're not but it shouldn't matter to you what they do. The funds have some big money under their belts but contrary to popular believe that is not always a good thing. HFT or trend trading is simply not possible with really big money. FX is very liquid but not infinite. You're not going to scalp some 5 pips with a billion on the EUR/USD
There is no one right way, there are thousand ways or more and actually all of them can be right and wrong at the same time simply because they work for some people and won't work for others. I'm a short term trader, people here will tell you that scalpers will lose money. Well, I bought a house, a car and some nice holidays with not losing money by scalping the fx market.
A good technical basis is probably support/resistance zones combined with typical reversal patterns.
How you can or should further proceed from there really depends on whether you're short term (many mostly smaller trades a day, potentially higher risk per trade) or long term.
In other words: Learn the basics that are relevant to you. Too much information is as bad as too little! Then create your own systems, one that works with YOUR mindset. Psychological speaking: we're all damaged goods so what works for someone is usually something that works around his/her problems or even leverages on them.
Good luck!
Hi, this my first long text written in english, so I hope that it won't trigger any grammar nazis
Indicators:
The discussion/hype around indicators reminds me of that EA bullshit ... People dream about the computer telling them what to do, if that would be that simple, there would be no market to participate in. There is no magic EA just as there is no magic indicator - these things can be useful if you actually understand what they do. Many so called professional automated trading systems are actually monitored by people who understand what these systems do fully capable to intervene and change some of the operation settings. In other words: Indicators can be part of a trading system but if you rely on them without understanding what they do, do you really need me to tell you that you're wasting time and money? I honestly hope not.
I'm now 17 and still interested in FX but all the stuff I find in the libraries seems to me as a complete BS, let's be honest here it's easier to teach it than to do it right? I can not believe that there are guys in Goldman Sachs waiting for an MA cross and for their RSI to hit 80 and just after that execute the order. It would be not just ridiculous but also stupid and naive to believe that the smart money trades like this.
Is my opinion, that aproximetly 99% of information regarding trading is nonsense right? I am not asking for a step-by-step guide on how to become a trader, all I would like is advice on where to learn from, since the internet is overflooded with scams and ''gurus''.
A good technical basis is probably support/resistance zones combined with typical reversal patterns.
How you can or should further proceed from there really depends on whether you're short term (many mostly smaller trades a day, potentially higher risk per trade) or long term.
In other words: Learn the basics that are relevant to you. Too much information is as bad as too little! Then create your own systems, one that works with YOUR mindset. Psychological speaking: we're all damaged goods so what works for someone is usually something that works around his/her problems or even leverages on them.
Good luck!
- #27
- Edited 7:11am Sep 4, 2016 12:20am | Edited 7:11am
- Joined Apr 2015 | Status: Trader | 1,756 Posts
Some indicators can be useful as a predictive tool... most not, and they don't work on any pair... forr example you can't use a momentum indicator on a 'quiet' instrument, or a trend indicator if the instrument likes to spike up and down like crazy.
stick to the simplest as they are (almost) all based on MA's. everything that involves indicators can be automated. you can also automate a PA based strategy without indicators, but that would be much more complicated!
I found no edge in scalping with an automated system, unless I'm ready to blow the account in a couple days or even overnight.
A fully automated strategy that might work in the long term gives 5 entries/month which translates to 70%/year.
As a rule of thumb, whenever you find a complete strategy, whether it is automatic or not that means said strategy doesn't work, so those gurus can actually saving you time.
stick to the simplest as they are (almost) all based on MA's. everything that involves indicators can be automated. you can also automate a PA based strategy without indicators, but that would be much more complicated!
I found no edge in scalping with an automated system, unless I'm ready to blow the account in a couple days or even overnight.
A fully automated strategy that might work in the long term gives 5 entries/month which translates to 70%/year.
As a rule of thumb, whenever you find a complete strategy, whether it is automatic or not that means said strategy doesn't work, so those gurus can actually saving you time.
- #31
- Sep 4, 2016 6:48am Sep 4, 2016 6:48am
- | Commercial User | Joined Jan 2015 | 1,352 Posts
First of all, thanks for all the responses, I highly appreciate them all. Sadly, my opinion about the information regarding forex on the internet has been proven, by you guys, to be true. On the other hand, I am glad, that I know the real truth, which I can use for my future progress in this area. As you can feel from the tone in which my posts are written in, I was really angry about all those ''overnight, 100% bulletproof, no losing trades'' systems. I bet if there was someone, who would have told me at least all I know now, my progress would...
20 Pips a day keeps centerlink away
{quote} From what I can see your English writing skills are fine, and in fact better than some native English speakers so dont worry. Go for it and write a book you will make more money from the book than trading.
. My intentions are far away from making money from it. I'll sum up things that noobies need to know before starting LEARNING. As I've mentioned before, the internet is overflooded with ''gurus'' and systems, that are not reliable at all. This way people will get ripped off much harder and their learning process will be much more effective.
- #33
- Sep 4, 2016 8:08am Sep 4, 2016 8:08am
- Joined Feb 2008 | Status: Trader | 6,736 Posts
Time hides Nothing
- #34
- Sep 4, 2016 8:10am Sep 4, 2016 8:10am
- Joined Feb 2008 | Status: Trader | 6,736 Posts
Time hides Nothing
