Hello, im new to spread betting. I have read alot of websites on all sorts of software, charting tools and indicators/ocsillators. But i dont seem to be getting anywhere? I must have spent about 100 man hours studying this but getting no where?
Do you know any books around that can help develop and build my own trading strategy
100 hours, only 9,900 to go then!
that was a guess! no i feeel like ive spent ageesss!! ive learnt about all indicators, but one website will say there good and one will say there bad
I would say that they are neither, they are simply overated. Indicators can help refine entry and exit from trades, or inform the decision to enter a trade (I basically don’t use them, but they have many advocates) but they will not provide a strategy, they are not much use on their own. I see them more as something to be applied to an existing trading strategy. To gain an overall feel for the market, I would start out learning to plot Support and Resistance areas. Price reacts to this real time, indicators tend to lag. Then learn about Price Action, and the S&R levels will begin to make more sense. Then dig in for the many, many hours of screen time, and at some point patterns will begin to leap out at you. Then layer it all up from there.
Can’t really give you much in a couple of short paragraphs, but my basic point is: don’t start with indicators, start with S&R and Price Action. Even if these two do not ultimately form the basis of your trading approach, studying them will help you get a feel for the shape of the market faster than other areas of study I can think of.
Hope this helps a little! It is a long journey (I think of learning trading as studying for a degree in terms of time, effort etc.) but definitely worth it if you turn out to have a knack for it.
ST
ahh finally… somebody that actually can help out… i have been looking into SR & using trendlines let the trend be your friend etc… i have also been studiying FIBONATCHI retracements, but where im trying to learn so much in one go its overloading and becoming too much!! im gonna start tomorrow by going through SR & trendlines and go from there.
CHEERS ST