Price Action v Indicators
- Thread starter mgabriel01
- Start date
Check this site out for awhile:
http://www.tactrade.com/index.html
You will come to realize that there is alot more to trading than just a few indicators on a chart. :eek:
Eventhough I have no first hand experience with the links posted above I'm not sure why some of the members are recommending expensive ebooks and services when most of them are snakeoil salesman. The trend states most of the services are junk and since the trend is my friend I will place a small bet that they continue to be.
The way I see it, I will offer you a free option and a cheap one.
1) Read my journal and sim trade for six months or until you see constant profitability in your trading.
...and if willing to spend little money, buy the following books to complement the journal.
2) Trading in the Zone by Douglas and Trading Chart Patterns by Suri Duddella. Can possibly get both for around 100 bucks.
A trader who advertises products has an extremely high chance of being a snake oil salesman, aside from regularly priced books, stay away from chat rooms, expensive ebooks, expensive indicators, expensive anything.
The only expensive anything required in profitable trading cannot be bought because it is a product of time, and this is called screen time.
Anek
The way I see it, I will offer you a free option and a cheap one.
1) Read my journal and sim trade for six months or until you see constant profitability in your trading.
...and if willing to spend little money, buy the following books to complement the journal.
2) Trading in the Zone by Douglas and Trading Chart Patterns by Suri Duddella. Can possibly get both for around 100 bucks.
A trader who advertises products has an extremely high chance of being a snake oil salesman, aside from regularly priced books, stay away from chat rooms, expensive ebooks, expensive indicators, expensive anything.
The only expensive anything required in profitable trading cannot be bought because it is a product of time, and this is called screen time.
Anek
Totally agree. If something is expensive and it relates to trading 99% it will be snake oil. There are some exceptions but not many.
Reliable charitng system and hardware might cost a bit, but otherwise be very careful how you spnd your $.
This site has enough info to make one profitable.
Reliable charitng system and hardware might cost a bit, but otherwise be very careful how you spnd your $.
This site has enough info to make one profitable.
There are traders who use TA and make decent money and others who use price action do likewise. Conversely, there are traders who have used everything known to mankind and still continue to lose consistently.
So what separates the winners from the losers? It isn't their methods or setups, but their minds. Winners trade without emotion but with great discipline and faith in their methodology. When they wake up and get ready for the trading day, they are 100% confident they will take money out of the market even though they will have a losing day now and then. They understand and play the probabilities without fear.
Learn to think like a professional trader.
So what separates the winners from the losers? It isn't their methods or setups, but their minds. Winners trade without emotion but with great discipline and faith in their methodology. When they wake up and get ready for the trading day, they are 100% confident they will take money out of the market even though they will have a losing day now and then. They understand and play the probabilities without fear.
Learn to think like a professional trader.
Also stay away from dogma and blanket statements like the one above. If you choose to take the path of spending up to $10k for a trading education/mentorship, go about it responsibly and diligently. There are legitimate services and tools available but they are in the minority. Do your homework, take your time, and if you have any reasonable doubt about what your considering, then stay away.
Most of the beneficial information on this site lies in the psychology section where it should be. Don't expect to learn how to trade from this or any other forum.
Hm let me see. You just talked about probabilities of professinal traders. Now what you call dogma is probability actually. What are the chances that service/chat room that cost thousands are really worth it. From probability stand point almost no chance. Thus it is no dogma, bur a really low probability scenario.
You'll get a lot of different opinions and ultimately of course you'll have to decide for yourself. I've read time and again that very very few successful professional traders use "indicators" (RSI, MACD, STOCHS, CCI, ect.). No doubt somebody somewhere is successfully using them. Personally I think you would be better off in the long run if you concentrate on simple price and volume action.