"On the upside, break of 1.3691 resistance is needed to be the first signal of bottoming. Otherwise, outlook will remain bearish. "
What does the term bottoming mean ?
It means develping a low, a bottom, from which the market would then presumably work its way higher.
yeah, “buy the bottom”, lol.
oh right, of course 
thanks .
Be careful of trading on those kinds of forex website analysis, I have kept up with some of them in the past to see how accurate they are, they get it wrong a lot.
What they should say is, “on the upside break of 1.3691 resistance is needed to be the first signal of bottoming, Otherwise outlook will remain bearish, Unless something completely different happens in which case you will lose your money.”
well you see the thing I am trying to do is follow a few different sources for reports, so thats why I am getting stuck with the terms.
Longer term Id like to be able to filter all this information but it seems a huge challenge. I wouldnt mind paying for streamed info, or even to be part of some sort of trading room but Im not sure how they work. I would see it as a learning fee.
I always think if someone is so good to teach why are they not making millions ? maybe thats cynical, Im not sure.
M
Be cynical.
There are a lot of people around who are not profitable traders but know all about the systems, methods indicators etc they have experimented with so feel qualified to teach.
Personally I wouldnt take any notice of a forex teacher who doesnt offer any proof of his credentials, current profit/loss ratio etc, any more than I would let a man who couldnt fix his car teach me car mechanics.
Trading and mechanics are totally different animals. I mean have you ever heard of a mechanic who can’t do his job because of poor risk management skills?
That aside, saying you wouldn’t accept trading lessons from someone who doesn’t have a stellar trading track record is like saying you wouldn’t let someone who hadn’t won an olympic medal coach you in a sport. All it takes is one deficiency to keep someone from being elite, or potentially even “good”. That doesn’t mean the individual cannot teach others. I mean how many current high level basketball coaches could compete in the NBA? Judging by how short most of them are, not many. And how many ex-stars have become good coaches. Again, not many. The skill sets for coaching and performing are not the same.
Thats a good point.
I suppose its more a case of finding someone trustworthy. Since I became interested in forex, Ive had so many get rich offers through email, and on forums that it all seems like a scam.
Im sure not everyone is like that, its just finding them.
M
Theres a difference between most high level sports coaches and the kinds of forex people i was referring to, most high level sports coaches got where they are because they were once highly proficient at that sport, but got too old to play so they become a coach, forex traders dont get too old to trade, but some find it more profitable to teach, than to trade because they were not profitable as traders, but know all about the systems and methods they experimented with that didnt work for them.
Would you really want to be taught basketball by someone who has never been any good at playing it themselves ?
This is simply not the case. Having coached Division I athletics, I can tell you that most top level coaches I’ve seen were never all that special as players. Even if you were into volleyball you’d likely have never heard of the vast majority of them as players. And look at the ranks of top NFL coaches if you’re a football fan. The list of former pros in those ranks is extremely short.
Would you really want to be taught basketball by someone who has never been any good at playing it themselves ?
I would rather be taught by someone who knows the game, who can transfer that knowledge to me, and who can motivate me when needed than someone who was a star but has non-transferable skills and/or no talent for communication.
Im not an NFL fan I’m a football fan (you would probably call it soccer) and I can tell you almost every European Premier league coach I have ever heard of was previously a pro player, and every national team coach I ever ever heard of was previously a pro player.
I’m sure there must be some that wernt but it would be a some kind of feat to come up with a list of ten.
As for atheletics the only atheletics coach I ever had was my high school athletics coach his name was Mr Atherton and some years earlier had been a member of the British Olympics team.
Edit: having said all this it is beside the point, NFL coaches and premier league soccer coaches arnt exactly teachers, their team members hopefully already know how to play their sports.
A good way to check the credibility of anyone, or any website claiming to teach and advise forex traders is to look at their posts or blogs at the end of February, any of them worth paying attention to, would have, at that time been talking about the huge hedge funds including SAC Capital Advisors and Soros Fund Management that had made very large bearish bets against the Euro, reminiscent of the trading at the height of the US financial crisis, and that at some very exclusive dinners and other gatherings, these and other large hedge fund managers talked about their expectations of the Euro to fall to parity with the US Dollar.
Obviously these are some of the most influential movers in the forex markets and anyone claiming to be an advisor, guru, teacher, or whatever surely would have made issue of this and pointed their readers in that direction.
That assumes said guru (or whatever) trades in a fashion in which what SAC, Soros, or anyone else is saying matters.
You’re edit hits on an important differentiation between a manager and a coach. Some managers are in fact coaches. Others are just man/squad managers.
As for the former pro now manager, I would make the argument that you’re not exactly talking about real top level pros in most cases. Most managers may have been professional players at one point, but they certainly weren’t stars. Mourinho? Ferguson? Wenger? Scolari?
soccer, cool sport! can’t wait for the world cup in africa!
well yes some coaches like the ones you mentioned were never going to be mentioned in the anyones all time best players list but they still were pro players which puts them in the top 1% I remember when I was at school and the club scouts would come around to watch us play, you had to be something special to even be considered for a try out at their junior squad I can only remember one kid from my high schoool that actually went on to become a pro player, in fact I believe he was the only kid in the history of my high school who became a pro player, he played for arsenal and aston villa and became a sky sports commentator
Me either !! Glad to see the US team qualified again too
Even if they didnt it was still an important move to be taken note of and talked about
Only to the extent that it bears on their trading. For example, someone who’s a scalper or day trader really isn’t going to be looking at the positioning of the big players because it mainly doesn’t impact the price action in their timeframe. If you’re more toward the position trader side of things, then that’s a different story. Of course rather than listening to what Soros, et al are saying you could be looking at things like the COT data to see changes in positions.