Thread: TopGun
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  #11 (permalink)  
Old 04-14-2007, 07:17 AM
solidsmoke solidsmoke is offline
 

Join Date: Jan 2007
Posts: 2
Default Consider this

I've been trading live since feb 04 and really, this software makes things way easier.

Most people need 3-4 weeks to get used to it but I was able to jump right in after watching the vids. I didn't care for the classes because it just went too fast and I got irritated. I would suggest that you take your time with the software and study technical analysis more.

Also, I ignore some of the indicators, like the reversal and snap-back because like someone had said - its not a good idea to let the software think for you.

I was also pretty daunted by all the indicators, and if you're a brand-spanking newbie, you have my sympathies with trying to understand it all.

If you decide to continue with it, the software, don't follow every thing verbatim. You have to keep what works for you and toss the rest. Try this for example...use the Forex Cumulative Tick and watch the numbers it puts out...use the adx, macd and stochastic settings as advocated, and the Buy/sell pressure gauge. Focus on the 50ema, and balance point, and use the chandelier stops. If its uptrend, then gets close to a chandelier stop, buy...bear market do the opposite...or just wait and watch the balance point / 50 ema...I mean, if you can understand support and resistance and trade with the trend (and only with the trend) you're halfway there.

From what you posted though, I really think you may be too new for the software and may have some issues with trusting certain things, like Fib retracements, and indicators. and if you're too new to have a trading style of your own, you'll have to develop one and that will take time.

Hang in there and be patient. There's $$$ to be had, but it won't come on a silver platter. Try trading a single mini, or just go on demo. FX is hard and it takes lots of time. You'll just have to put your time in, and learn.
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