Hey guys, I have practiced forex trading within months, and tried several strategies like scalping, range-bound trading, trend following, or fundamental analysis, but I am looking forward to have systematic knowledge of trading. Like I'm interested in the theory of fractal geometry, and how the market price is set all the time, or even trading psychology. Any suggestions please?
forex systematic knowledge
- Thread starter Brianshen
- Start date
Brianshen,
Welcome to ET...
Excellent thread idea.
Good Trading to you.
ES
Welcome to ET...
Excellent thread idea.
Good Trading to you.
ES
Don't over complicate the fractal thingy. All it is really saying that if you take the time stamp off a chart, you cannot tell a 1 minute chart from a yearly chart.
Pick a timeframe that allows you to accurately process the information you seek, and stay there.
Next thing to look at is that what does your market do most of the time, on the timeframe you have picked?
Is the true range of a USDCHF bar 200 pips on a five minute chart?
Build your trading plan around price behavior.
I doubt very much you will find any forex education sites that are worth anything. Unless you put together your strategy yourself based on your own account size and the way you see the world, you won't have the faith to stick with it when the enevitable drawdown starts to occur.
That's why you hear all kinds of complainers on ET whining that they paid for some info and lost 10k.
The sure road to ruin is to go with a system and then abandon it at the depths of drawdown and then switch to a new system. If you think about it, all that is, is a master system which says trade until you lose then do something else.
I've been trading a long time, but am just a beginner at forex. I find it is very difficult to find good information. Especially on the fundamentals. Most books are written for people with degrees in finance or economics. Forex only went retail in about 1990 so compared to stocks it is very new.
good luck finding info, but I would never trade my hard earned money on it. It gets really sad down there and you really have to believe in what you are doing, and that aint gonna happen if you learned it from some book or worse yet, something you read on the web (especially if you were dumb enough to pay for it.)