Forex patterns

Yes you can be successful with inexpensive tools. I have had lunch/coffee with a couple of successful traders and each stresses the importance of keeping it simple. Your makeup is more important than any chart pattern. I think Van Tharp details in his book how randomly entered positions with proper money management can actually be profitable.

In my own trading it is my emotions that get in the way, not my cheap tools.

As always, just my 2¢
 
Quote from enochbenjamin:

Yes you can be successful with inexpensive tools. I have had lunch/coffee with a couple of successful traders and each stresses the importance of keeping it simple. Your makeup is more important than any chart pattern. I think Van Tharp details in his book how randomly entered positions with proper money management can actually be profitable.

In my own trading it is my emotions that get in the way, not my cheap tools.

As always, just my 2¢
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Since you have thrown in names, according to Larry Williams then you are still at the emotive trading stage. Tools won't do any good to you, whether advanced or simple. After you pass from the emotive stage, then you need to advance your use of tools.

People out there are not stupid and not willing to lose, except some pocket change recreational traders. Nothing that is obvious to you and to many others can make money because it means some who are also aware of this are willing to lose to you.

The key to big profits is outsmarting the smartest. IT is a very technical bluffers game. It is a very difficult game. As soon as you speak about emotions getting in the way, you are in trouble.

Not that I'm emotion free, don't misunderstand me, I'm not trying to pretend I'm better than you.

Bill
 
Bill - I don't really disagree with what you are saying. At this stage of the game (for me) it is all about the emotions. I can identify patterns and feel what's about to happen, it is just much harder for me to stay in my positions long enough to recoup the rewards of my analysis. But you touched on a bigger issue and maybe that is what I am missing...maybe over time and with a better understanding of all of the players involved I will better appretiate the finer (more expensive) tools. I guess only time will tell...

Until then, I will continue on my journey and trust that you will also.
 
Quote from enochbenjamin:

Bill - I don't really disagree with what you are saying. At this stage of the game (for me) it is all about the emotions. I can identify patterns and feel what's about to happen, it is just much harder for me to stay in my positions long enough to recoup the rewards of my analysis.
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I have this exact same probllem. I don't pretend I'm any better at this point. Very hard to overcome it.

Bill
 
Quote from enochbenjamin:

Yes you can be successful with inexpensive tools. I have had lunch/coffee with a couple of successful traders and each stresses the importance of keeping it simple. Your makeup is more important than any chart pattern.
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Exactly, and that's why 90% lose money in my opinion, they're too busy trying to find something which will tell them where price is going and not spending enough time on the important things.
 
Quote from intradaybill:

Nothing that is obvious to you and to many others can make money because it means some who are also aware of this are willing to lose to you.
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Fibonacci levels as an example, everyone knows about them yet they're just as significant today as they always have been.

It's not the tools, it's the way they're used that makes a master craftsman.
 
Quote from cabletrader:

Fibonacci levels as an example, everyone knows about them yet they're just as significant today as they always have been.
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FIbs are good but you never know whether is going to be 50% or 61.8% for example, and that can cause a lot of pain if you are wrong.

Ron
 
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