I just want to trade profitabily
- Thread starter fxstudent
- Start date
It may sound like sarcasm but it is not...
If price is going up then you go long
If price is going down then you go short.
Forget the diagonal & squiggly lines, Fibonacci, oscillator, and other misc BS...
Diagonal Lines:
By the time they are of any use they are of no use at all.
They do tell you that...
1. You should have bought earlier
2. You should have exited higher when you had the chance
Squiggly Lines:
We can throw oscillators and moving averages here, anything based on the movement of price over time cannot be better than the movement of price over time.
Fibonacci (as a method of buying a retrace):
You mean to tell me that price will reverse some where between 23.6 & a 61.8%+ (+ because price almost NEVER stops on a dime)?
Of course price is going to reverse somewhere between 23.6 & 99% of its previous move IF IT IS A CORRECTION!
Indicators with "secret settings":
They are only proprietary to increase the perceived value of expensive software or courses.
If you do not know how something works then you should not use it no matter what all the back/forward testing in the world implies.
What then can you use to trade?
The open, high, low, distance over time (range), progress over time (close).
The open, high, & low are represented by a horizontal line.
If price closes above a line over x period of time then price is going up.
If price closes below a line over x period of time then price is going...
you are right, price is going DOWN!
You don't believe me?
Here, take a look for yourself:
http://i25.tinypic.com/34q4n4k.gif
Now that you know how to find a trade, you can focus on things that really matter like: planning, position sizing, scaling, money management, your psychology, etc.
Do you know what would be great? If some gold-plated guru showed up to help the poor struggling newbie, promising some secret knowledge that can really help your trading. Instantly, of course. Maybe you could correspond by PM or email. Or maybe they could offer their secrets through a training course?
Then the rest of us could contact the guru and learn how to trade too! We can all be rich.
<em><u>“Insanity: doing the same thing over and over again and expecting different results”</u></em>
<strong>Albert Einstein</strong>
As somebody else mentioned for you mental health you may need to reconsider if trading is for you. If not, you should try to move away from subjective trading or make a clean break from the tools you are using.
Not everything that glitters is gold. Your daily breaks may appear better than they are if you don't fully understand in terms of risk/stops & targets the difference between a daily/weekly move or a 30 minutes intraday move.
Best of luck
jjrvat
<strong>Albert Einstein</strong>
As somebody else mentioned for you mental health you may need to reconsider if trading is for you. If not, you should try to move away from subjective trading or make a clean break from the tools you are using.
Not everything that glitters is gold. Your daily breaks may appear better than they are if you don't fully understand in terms of risk/stops & targets the difference between a daily/weekly move or a 30 minutes intraday move.
Best of luck
jjrvat
we're only playing with numbers. you don't need any other instruments on your chart. follow price, study it, where it makes highs and lows and breakout patterns, then you're good to go.