Quote:
Originally Posted by johnnykanoo
1) Tess is it your opinion that I am wrong to use indicators?
2) Im trying to develope my own template and I want to make the market predictable to me.
3) I know you have answered this before about what timeframes you like to draw s/r from and even by your examples. So what I will try to do this week is delete the bb which is about all I use that and stochs.
4) I just want to feel I am making consistant good decisions that are predictable.
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1) It doesn't matter what I think. As long as whatever you're utilizing is of positive benefit, then use it whilst continuing to explore & develop your other preferred area's of study & market observation such as s&r etc.
2) And you will if that's what you really wish to do. Trouble is, it often takes an awful long while before you go full circle & realize that the simple tactics are quite often the most productive.
It's all a matter of trial & error. But don't completely abandon your current mode of market observation. All it will do is frustrate & irritate you. Like I said, if you're extracting profit from your instruments, then continue & develop alternative area's of study.
3) Experiment with your timeframes. Take a look at the Daily & focus on 2 or 3 real big, obvious levels (if they exist) & draw your horizontal line, tying them all up. Cascade the line down onto all the lower timeframes & leave it there until price begins threatening that level.
If the Daily is of little value, then repeat the process on the 4 hour and/or 1 hour timeframes. Only plot those levels which really stand out & hit you as soon as you look to the left on your chart.
If your technical charts allow you to zoom out, then all the better. The more price activity you can squeeze onto the specific chart reference, the better.
Get used to plotting the big, ballsy zones first & leave the lower tiered (minor) levels until you begin to get accustomed to the process.
Remember: take bite sized chunks out of your learning process. That way, you won't become overwhelmed & discouraged with the educational journey.
4) That takes time, & experience comes with time. You can't rush or fast forward this element of your education unfortunately.
It can be made a little less stressful by maybe taking heed of others warning signs & advice, but generally you need to experience the failures & setbacks to make the success all the more tangible.
Determination & patience will take you a good lick down the road. Don't be in a rush to give all your trading account money to the brokers. Take your time & flip to demo mode each time you wish to test out a particular item of interest.
Ensure you're fully conversant with whatever it is you're using before commiting real money to the game.
and
ENJOY it.....it's meant to be mildly pleasurable at the very least
