Currently, I have a fair knowledge (still a beginner) about the forex market and various strategies. So, I decided that I want to concentrate on learning price action and I have found a lot of free and paid resources to start my learning journey. For example, I found this post on this reddit two days ago Price Action Trading - The Greatest System - Reddit and it contains a lot of great resources to learn price action. However, I don’t know in what order or sequence should I start exploring and learning each one of them.
For example, Trading with Rayner Teo have a lot of videos, ebooks and free courses shared on his website and youtube, so, in which order should I watch the videos, or read the ebooks, or take the courses. And the same goes for the other shared resources in the post mentioned above.
So, I hope if anyone that have any experience in price action, would help me and suggest an order or sequence on how to address and start learning these resources or suggest any other unmentioned resources if you have any.
OK. Lets asume today we have a big new release and that will affect markets, if u open chart and have inside info and you know everyone is on BUY side today on pair,for ex,EUR/USD look at chart when new is released and when price will fall down,ask urself why
All that price action does is to respond to the market sentiment. If the prices are rising the bulls are in control and if it’s falling the bears are in control. Very simple, really, but the key questions you need to ask yourself is ‘WHY is the price moving this way’ ? AND What has happened for the price to move this way?
Traders use many indicators, candlestick patterns and technical drawings all over their charts - trying to find a solution. This misses the point, entirely - and, IMO, it’s a lazy approach.
You are right. I mainly prefer videos over books but sometimes I find detailed answers to my questions in the books. So, do you have any recommendations on youtube channels or books other than the ones that was mentioned in the post?
No, I stay out of the recommendation game for the most part - I think most educators talk hot air personally. I look at what they are doing, and think, damn my way is far superior - lol
Jokes aside, my only recommendations are for you to read the Market Wizards series and Reminiscences of a stock operator.
There is a never-ending supply of techniques being taught (part of your problem I believe) but very few quality sources providing real market wisdom.
Have you ever questioned why a great trade was a loser? Apart from not following your strategy or making a mistake? No rationale to hand, a complete mystery?
TA is used to confirm what is happening in the markets, which is one way of looking at it - and I also use it all the time. But, what and why is it happening? And more importantly, is this a short term occurrence, medium term or longer?
In today’s Covid 18 environment, major economies are fraught with dangers, and fundamental analysis is increasingly taking a stronger influence in driving price action. Which is most usually based on humans having confidence in government control over the economy.
Hence increasing retracements are now the norm - short term fluctuations in price movements. Which, IMO, is driven more so by what is happening outside the markets, and how traders are influenced or not.
Covid 19 is here to stay, and unstable situations will also remain the norm, worldwide.
Thai Visa Assist has all the answers - quite reasonable costs. It is a slam dunk certainty that Covid 19 will remain like flu and you’ll need a vaccine shot every year - as well as periodic lockdowns. And the next pandemic will happen at a future point…
No 555’s today, mate. BTW, how’s trading? Mine circles around the breakeven territory…
I’m good till November with the visa, but I really hope the borders open by then. I have a decent lawyer already, but at some point they are going to stop this visa application within the country stuff.
As for trading, to be honest really quiet for me.
I have not been all that focused on trading since before Xmas, and the results are telling.
I took my eyes of the ball and missed some real big run ups in the banks and oil stocks - and am livid about it.
Went short gold a couple of times (not something I do too much).
It’s time for me to really start getting into it all again. Hence a few more posts of late on here.
I totally agree. Actually, I was planning to really concentrate on studying TA first. And after I am good at it, I was going to study how I can use fundamentals alongside it as I believe and as you said fundamentals play a huge part in price action, especially in this period.
guys dont try to understand TA and FA its a waste of time,trust me
It has nothing to do with real market ,and with every process that take place there,NOTHING APSOLUTELLY NOTHING
