What should you be doing?
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thread: What should you be doing?

  1. #1

    What should you be doing?

    If you visit the Rookie segment to find out, that would not be the best, however I will post here regularly with some ideas for you.

    Starting now. Think about news. What happens? Well, now is unique. Here:



    There's a lot here to simply inform you, but if you want to make it in forex trading you should have some notion of the answers to those questions:

    How frequently is your FOMC economic projection?
    How did preceding issues affect USD?
    Could the Usd/Cad weekly trend last?
    Could the Usd/Jpy weekly trend last?
    Could the Nzd/Usd weekly trend last?

    And so Forth. Now is not a good day for trading because we're waiting for the news in about 12 hours time. Use this time wisely, because tomorrow will most likely be a good day for trading.

  2. #2
    So if the last post was somewhat dull I am hoping you can await the juice. In other words, what made me change from a hopeful, hard working loser into a consistent profit maker.

    I ceased using indiors. As usual, a simple phrase like this hides plenty of details. On occasion you will come across a prosperous trader who utilizes indiors. They will understand how the indior works, what it relies on and, therefore, when it isn't dependable. In other words, they're using it as a tool. In an ever changing market there's no true substitute for the human brain. After all, the market is individual brains. What chance does a trading robot, so called expert advisor have, really, with a set of rules limited by the time and intelligence of a human developer, using advice from yesteryear?

    So that you can use indiors as a tool. Here's an analogy. Give a circular saw to someone who has no idea of resources. You tell them it's a cutting edge tool and leave them to it. When they don't cut their fingers off they will probably damage it cutting metal, rock or anything it wasn't designed for. So I feel that is quite a good analogy.

    Some indiors just inform you if the market is going up or going down. Some even have an arrow to tell you it's going quite quickly now and it's time to buy or sell. Let me inform you, that is often the time when you need to be doing precisely the opposite. But they can work, like an hour after, when you have already closed the transactions, disappointed that the market didn't instantly give you a profit and that is when you look at the chart and smack your forehead and say well, the indior was right now but I chickened out because I could not endure the draw down. Steer clear of those indiors:



    Above is your Golden Madro. Just Mad would have completed for the name, really. It's a combination of ma crossovers, strength and what have you. How can it be so wrong? The market wasn't right for it, that is obvious. Hence the answer to the amount is that we must understand when the market is maybe going to be correct. Then, once we understand that we take our chances with an indior, or even better our brains.

    That I have a few indiors that I wouldn't be without. I will let you know what they are for in the subsequent posts. You must realise that these suit my style of trading and may not suit yours but these will give an insight to what we should be searching for from the market and what probability to target for.

  3. #3
    I actually don't really see much chance in the majors at the moment. Everything appears to be consolidating. However, consolidation workouts can be quite lucrative for the longer term trader. Take a peek at the weekly and monthly charts and search for pairs that have paused in consolidation in an otherwise strong trend.

  4. #4
    quote This is very much useful video! Yes, I'm also doing my technical analysis based on the recent moves of the market chart!
    Easy and clear, but only when someone points it out!

  5. #5
    Hi, 2 years ago I came to learn about Forex from my uncle who lives in Spain. From that point I started to gather understanding of the market. It took me 4 weeks to obtain the knowledge to be a trader. Following that, I started a demo account and made some profit. I got excited and opened an account. This has been my worst experience. Many of the transactions hit on the S/L ( even the market never went on there) and when I asked my account supervisor about that he said it might be due to the current spread. Thus, I ignored the whole thing and moved on I think...
    I'd suggest using a nano or micro account for a few weeks to evaluate how well you can do. Do a search for an award winning broker. Perhaps do a bit of study by asking people here.

  6. #6
    This is very much useful video! Yes, I am also doing my technical analysis based on the recent moves of the market chart!

  7. #7
    Junior Member 77almeray's Avatar
    22
    Hi,

    two years ago I came to learn about Forex in my uncle who lives in Spain. From there I began to gather knowledge about the market. It took me 4 weeks to gain the knowledge to be a trader. After that, I began a demo account and made some profit. I got excited and opened a real account. This has been my worst experience. Many of the transactions hit on the S/L ( the market never went on that point) and when I asked my account manager about he said it could be because of the current spread. So, I ignored the entire thing and proceeded I believe that was my fault since after that happened with me twice and eventually I left trading. But, From the past 6 months I've been taking courses of Forex and now I want to try a new broker with the equity is 500 euro. Can anyone suggest me a fantastic broker who doesn't do interior trading? If you guys know please allow me to know.

    Thanks

  8. #8
    A couple of words about amounts.



    That is an hourly chart which covers the interval 4th January - 15th January 2018 - less than fourteen days. The gray box highlights how price acts (how traders behave) around big round numbers. Traders are opening and closing trades around these areas.

    The yellow line which is branded W1 is the 2011 high. The year high for Eur/Usd in 2011 - 7 years back and this price affects trading over the hourly chart on a Tuesday morning in January 2018.

    That is a big topic, worthy of a thread of its own. Because it is so important, my proposal would be to examine those amounts, how price reacts about them and apply it into your trading. Folks glibly say indiors do not work. The easiest indiors operate and they can do the job well, but faced with a degree of importance, whether it is the day open, a week's close, or the 2011 high, they could fail.

  9. #9
    I decided to resurrect this thread. I'll have a read through and see if there are some items I can add. I see rookies making simple mistakes all of the time.

    This has to stop!

  10. #10
    quote I expect it has been a good doozy and I truly hope a minumum of one of my posts has helped somebody.
    LOL, wish I had really stayed back in UK for the remainder of the summer..it is blazing hot down here . . Possibly I should reloe to alaska. .
    Anyway lately got one of these will you mentor me emails, so I reproduced this thread and shipped it over..so hopefully it helped that trader. .

    Just keep doing what you're doing and itt is a good read, for everybody and believe me, I do enjoy reading your thread. On the other hand, you don't come off as condescending or pessimistic as some of the other er..experts here, lol

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