Well done) Interesting thread
Thanks so much! These are a huge help.
Wow, i really needed this. Thanks!
Thank you sir
Thanks this will help a lot
Thank you for sharing your knowledge and this information is quite useful.
Just printed these and hung up round my desk thanks
I am new to visit and comment here. I would like to find out when is the right time to start practicing with Demo Trade. I’ve been reading some lessons with BabyPips since May 2019 but I need guidance whether it is advisable to read all the topics first and then start Demo Trade or practice with Demo Trade after a few lessons.
Thank you very much will help a lot
Hi and welcome…
Understanding the market and almost anything trumps Technical Analysis on its own. UNDERSTANDING Technical Analysis I would say trumps anything else when it comes to trading. You can stare at charts ALL day and get used to how they move. Candlesticks are great at showing what is happening tick by tick. My experience is PA folks say indicators are useless because its all historic data. Well… I hate to break it to them but all data in real time is also HISTORICAL data lol. You have no idea which direction the next tick is going to go EVER. Its all probability and momentum. SO, I say, why not have tools that are taking in all the data analyze it for me and get really good at judging their accuracy and probability %'s for me to take trades in the best general direction. OH yeah and just stay out of choppy markets? With 28 major pairs to choose from and only being able to risk 5%-2% a trade I’ll be just fine with the amount of trades I take.
IMO memorzing candlestick names, chart patterns, counting waves, cycles, waiting for S/R, drawing trendlines, using FIBB tools, pivot points, etc is honestly a waste of time. I went through all of babypips school and printed out every cheatsheet, i memorized gartley, bat, double tops and bottoms. Well a double top can become a triple top or a head and shoulder, and then it can just do the OPPOSITE of what its supposed to. Instead of reversing it goes in the direction.
In fact I challenge you to go back to charts and look back a year. Find every double top and bottom (they’re easy to spot) count the Wins/Loss on trading the reverse with a 1 or 1.5 ATR stop loss. Good %?
Rant mostly over. I wont discount knowing the market. KNOW the market. Learn how it operates, why it operates, who the players are. But dont discount TA either.
You only need a few indicators but they can help confirm trades.
Get a good confirmation/entry - MA/Supertrend/DPO (zero-line cross, two line cross, or on chart)
Get a second confirmation of that indicator - 3-5 MA’s confirm direction of entry, RSI or some momentum variation
Add a baseline - some kind of moving average/trend direction indicator
VOLUME - OBV, or CMF, theres lots out there
EXIT indicator - Something that gets you out at a good time, not too early not too late. Could be one of the first two confirmation indicators with higher settings, longer time period, some kind of cross action? AROON up/down?
Always use the ATR, thats your risk and money manager right there.
Thanks and hope everyone gives indicators at least one month, OR at least compares it to other methods.
compliments to VP from No Nonsense Forex for all the great info!