I don't think your original post tells us enough to figure out your dilemma, and based on that, all I can suggest is to keep studying PA, devise a trade execution plan, and forward test, or simply just quit.
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I have tried everything and nothing works (Technical analysis)
- Thread starter iamnewuser911
- Start date
The only think I can add... Technicals are simply a LENS to look through to TRY to understand what is going on in the market.
Try to look at technicals in that light... they simply add a little color to what is going on.
Also, in my opinion, look at long term charts, Daily or even Weekly to get a feel as to what is going on with your lens'.
I use technicals to measure the speed things are moving or in other words momentum. Look how fast something is moving, that tells you alot as to what is going on.
Example, if something is moving up FAST, that means there are very little sellers and mostly buyers. And if it is moving really fast, Something is going on...whatever it is, that does not matter.
In the short run, look to trade in that direction. On the longer term charts look to reverse that. Risk Management and Sizing ultimately determines the outcome, not the technicals.
Try to look at technicals in that light... they simply add a little color to what is going on.
Also, in my opinion, look at long term charts, Daily or even Weekly to get a feel as to what is going on with your lens'.
I use technicals to measure the speed things are moving or in other words momentum. Look how fast something is moving, that tells you alot as to what is going on.
Example, if something is moving up FAST, that means there are very little sellers and mostly buyers. And if it is moving really fast, Something is going on...whatever it is, that does not matter.
In the short run, look to trade in that direction. On the longer term charts look to reverse that. Risk Management and Sizing ultimately determines the outcome, not the technicals.
Orderflow?
Look at the Market delta videos on Youtube https://www.youtube.com/channel/UCLdZZPcnxZLB_G7bzG8ZM7A
Spend a few hours watching the free order flow lessons from Jigsaw trading.
http://www.jigsawtrading.com/learn-to-trade/free-order-flow-analysis-lessons/
(Please note- I am not pushing Jigsaw tools. I think the free video course is very informative)
Let me guess a few things. You have more than 5 "indicators" on your chart. You have tried to curve fit the indicators to make them appear to work. You hop around from indicator to indicator every few weeks.
I won't go as far as saying technical analysis doesn't work but will say all it can do is give you a picture of what the market HAS done in the past. It can't tell you what it is CURRENTLY doing.
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L
lovethetrade
2 years is being a bit optimistic, try 5-10 years (10-20,000 hrs) unless someone is teaching you.
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Some people see the light, while others don't as easy necessarily -- we all can't be Super Heros.
Maybe trading is just not for you. Each trader has limited resources and time to attempt to make it work for them.
Try to get different Perspectives on trading -- don't think of it narrow-mindedly like just sitting in a crowded blackjack or roulette wheel table.
Look at the big, greater picture of things...and the micro, smaller one as well.
Try to look at the positive and negative forces that move a market. -- and remember...trading is part art, part science.
Maybe trading is just not for you. Each trader has limited resources and time to attempt to make it work for them.
Try to get different Perspectives on trading -- don't think of it narrow-mindedly like just sitting in a crowded blackjack or roulette wheel table.
Look at the big, greater picture of things...and the micro, smaller one as well.
Try to look at the positive and negative forces that move a market. -- and remember...trading is part art, part science.
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2 years is very optimistic indeed. I thought I had found something after 2 years but that edge was very feeble and disappeared in a year or two. Found something significant in year 5. Without any outside help, just obsessive study and reading. First few years are spent understanding the basics anyway, there are many small details that make a difference.
Markets frustrate a lot of people these days and it's entirely possible the issue you're facing right now is not necessarily not knowing how to trade but instead not choosing the right instruments or the number 1 killer: impatience.
I don't know what fx pairs you're trading (you should let us know) but there's plenty of garbage out there the past few months to keep traders spinning their wheels. This is why it's important to be able to adapt and switch instruments and a given market is more conducive to actually making money in it. For instance one may say "but I'm a euro trader and that's what I trade" not realizing that they're basically a slave to that single instrument and inevitably during times of chop or long term meandering trades end up being forced or driven by all sorts of dysfunctions when they should really just be looking at other opportunities.
I'm always curious about what people consider an edge. So instead of asking what you're doing now, which you clearly aren't going to say, can you comment on what it was that you thought worked only to discover that it didn't? I imagine its something like every morning after 10:30, so and so happens if you see this move first. Or it could be something like a particular pattern to look for once price breaks a key level to tell you if you should fade the move, or get on board.
To me, the edge isn't any one thing. It's constantly taking trade after trade, in a area where price will either reverse, or continue, and if it doesn't work out that way, having a firm set of trade management rules that either take you out of the trade or keep you in the trade. But the key here is that you don't obsess over every entry, but just let it either hit profit or stop, and then onto the next trade.
But this is of course my version, and I'm curious what you would say in terms of how this edge was defined.
Funny how many posters act as if you were doing something very wrong and absurd, like trying to find the sun at night. You doing nothing wrong, most people fail at trading, particularly daytrading, and most who post on this board are failed traders, even those who claim otherwise and are willing to "help". Pick your ego from the floor, which is something trading most likely slammed down to the ground, and try another line of work, healthier and with better odds, trading is a pipedream for 99% of the population.
Last but not least, 2 years is nothing in trading, and wasting even more years will not guarantee success, choose wisely, you only get one life.
Last but not least, 2 years is nothing in trading, and wasting even more years will not guarantee success, choose wisely, you only get one life.
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