Recent content by Scarab

Is it safe to assume that you experienced traders watch charts/indicators and interpret the signals yourselves, as opposed to using Tradestation or Excel based systems to help generate buy/sell/stop signals?

Read as much as you can and practice, practice, practice on demo accounts. Also, when you are practicing on your demo accounts, and you've lost 75% of your balance, try to slowly get it back...it's not easy. And when you start rationalizing that if you were trading with real money you...

Is it safe to assume that you experienced traders watch charts/indicators and interpret the signals yourselves, as opposed to using Tradestation or Excel based systems to help generate buy/sell/stop signals?

Wallace, you couldn't be more correct. It is a bit of a catch-22. It is hard to practice discipline and stick to a system if I don't have one in the first place. Yet if I don't give a system a chance to work, I'll never know if it is good and is worth using. You also gave some good advice...

More sound advice. In my short time trading, I've gone through several phases of thinking I could outsmart the market, thinking I could gather tons of data and see things nobody else could see, thinking that highs and lows have been hit, only to see new all-time highs and lows (not in my favor...

great posts and good advice...thanks

Some very good advice...thanks! When we talk about support and resistance levels, what time frame are you talking about if you are day trading Forex? I make about 20+ euro trades a day, and of course get different messages from different charts. The tick chart seems to be good for timing an...

ok, ok, I get the message. Assuming you are the ones who are actually making money at this, stops are a must. I'll assume the other postings I've seen about not using stops are guys on their way to a zero balance. Would you say that the limit should be set at least as distant from the open as...

Forgive my ignorance, but how do you check intraday volume on the Forex spot market? Is that info available in real time? That would be helpful, but I read that is not available because there is no central trading location. Thanks, Scarab

After trading on a live account for a few weeks now, and reading entire forests-worth of books and postings, I am curious about more experienced traders' thoughts on stops. It seems to me that if you are going to play it safe and use tight stops (approx 10 pips) there is a fairly good chance...