Quote:
Originally Posted by scottyPIPin
This comment has already been mentioned, but I think it's important to mention it again... "Personality" in trading is more or less how you prefer to trade the market. OzFX for example is a longer term strategy that involves trades being open for anywhere from 1-3 or even 4 days. Scalping on the other hand is when trades are on the table minutes or less. Ingots Rainbow on the other hand is a very long term strategy with trades open for weeks or months... All are viable strategies and tend to work if you can "follow the rules", but where does personality fit in? I, for example, tend to be a bit ADD. I like to get in and either walk away and do something else, or get in and out in a very short period of time. Others may feel comfortable with a strategy like OzFX where you open a trade with a 100-300 PIP stop loss and let it ride for days... Not me. Can I follow the directions on OzFX? Sure! And I have. I actually did ok with OzFX; however, it didn't fit my personality. I don't like having my money (fake money at this point) out there in this volitile market for days, but I CAN - just don't want to.
I also want to offer another perspective on things... A strategy that uses indicators may have clean cut rules on when this oscillator does this and that, buy. But do you know WHY? I came into this Forex stuff about a year ago with a similar attitude as I'm seeing here. After screwing around with every indicator under the sun I realized that just throwing indicators on a chart doesn't make me an expert. I needed to know what each indicator was trying to tell me... I ended up surfing the internet, reading technical trading books and Borders, and researching forums to find my answers. Trust me when I tell you this! Knowing WHY a stochastic moves the way it does, and how an ADX can give you an idea of what may happen, or what the RSI is telling you when it's above 80 is VERY VERY important... simply looking for patterns won't always do - I wish it was that cut and dry...
Have fun learning this stuff. It's all very fascinating! It's like a big challenge, and if you have a competitive personality, use that to your advantage and learn learn learn as much as you possibly can.
I normally say happy PIPing, but in your case, Happy Learning, then Happy PIPing!!  |
hey, i'm a real noob here. Just wondering if you can point me out which book out there that is important to read? I really don't know where to start. I read the school of pipsology on here.. Think i'm attracted to pivot points, trend lines and either RSI or stochastic.. oh and probably a moving average as well.
(btw if I only use those I mentioned above, would that make my trading system too simple?)
any help would be greatly appreciated, thx