Hi all,
I have been learning how to trade FX for around a year and a half now. I will be honest, I feel it probably takes me a bit longer to process information than most people.
When it comes to technical analysis, I haven’t yet had that Halloula moment when everything just clicks. I haven’t yet opened a live account because I haven’t got the confidence behind me yet which is now starting to frustrate me because of the slow progress.
Have you experienced this before? Did you have that ‘Halloula’ moment? How do you determine an entry/exit by just using technical analysis?
Thank you for any responses, I wish you all the best.
LM
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Care to be more specific what exactly have you done up to today?
Hi Pazartesi,
I have got to grips with finding the support/resistance areas, and trend lines and when a currency pair are in consolidation periods. I am also sure to view the charts in the daily, 4hr & 1hr time frames to give myself a better understanding of the long term trends.
However, even after drawing the trend lines, support & resistance areas, I still cannot seem to find any clarity on where the pair may go. This is the trouble I am having, is determining where the trade opportunity is.
Thanks again,
LM
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Consolidation and sr levels are great but you can never know for sure the direction. Just do your best and keep learning and improving. The rest must be covered by risk reward ratio, position sizing and risk management. So once you have a simple strategy to begin with, stick with it and concentrate on tweaking those other things.
I would also recommend going live on as small account as possible, with some pocket money you will not miss if lost.
By the way, how did it take you a year and a half to learn support resistance??? Are you a single parent with two full time jobs?
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In the year and a half I have also covered all R/R and how to get myself in the right frame of mind to trade, all of the basics. It’s just when looking at the charts, I can’t see any obvious entries almost ever. And no, as I said above, I do feel information takes longer to absorb for me than most that’s why it’s taken me longer than probably most to get going. But I’m someone that will not quit so I know it will happen for me one day.
Appreciate your responses tho Pazartesi, all the best!
Nothing wrong with taking your time. Just found it unusual. Well done for for perseverance.
Since you already studied the theory but have difficulties with entering the trade, maybe the issue is not technical but more psychological. Learning psychology in trading as important if not even more important than the technicals. Thats why i said trading live is better, you get to work on the psychological aspect. Definitely read Mark Dougles Trading in the zone.
Some entry ideas:
https://www.fxstreet.com/education/lessons-from-the-pros-forex-201003300000
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Thanks Pazartesi, I will focus more on the physiological side and see how I get on. That’s a coincidence that you mentioned Trading in the Zone, I put it in my Amazon basket this afternoon! Not kidding.
Thanks for the links too, will get on them ASAP!
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Trading in the zone was my Aha! Moment.
I don’t want to be the bearer of bad news, but most technical analysis is BS.
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@Lewis1995
There is a certain kind of trading knowledge that only comes with years of experience. I don’t care how smart you are or how many trading books you have read. This “experiential knowledge” is a requisite.
Your not slow, trading is a craft. It takes years to be able to stand your own in this buisness, let alone profit.
Best of luck to you
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That’s interesting to hear. Thanks for the link I will get on to it ASAP!
Thanks Pancho. I have to agree with you, the way I look at it is, when I first started my job as an apprentice 6 years ago I was clueless. Now 6 years down the line I’m the manager of my department looking after 12 employees.
It is a patience game and all about working hard.
Best of luck to you too!
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I don’t know what Halloula is, and I don’t care about the term Halloula.
How many years did it take you to feel like you have a better gauge of the market?
It took me 10 years (on and off) to get to a point in my trading career where I could say that I had a solid understanding of how I needed to approach the market in order to keep my head above water.
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Hi LM
I was getting nowhere like you until I learnt that Forex is largely rigged
That is why most of the time the ‘theory’ does not work.
I recommend looking at the Market Makers concept. Googling it will lead you to some good places.
Then it all falls into place
Wayne