The moment I decide to enter the market; Enter the exact opposite position of what I had previously concluded based on the indicators I have chosen to keep an eye on. Thats right…do the opposite of my analysis every time.
I’ll admit…this is fairly new to me, however I have read a descent amount of information to try to make conclustions as to what the next move will be. I have been wrong the majority of the time even when all the stars align and the next move looks apparent. Thus using the strategy outlined above I think I could use it to my advantage.
I am eagerly awaiting the day when things start coming together and my book smarts transfer into street smarts w/ trading. :rolleyes: I’m giving the demo account a proper beating in the mean time. At what point do you cross that “gamble” feeling and become confident to some degree and leave a tight stop loss on the board just in case you’re wrong? Everything about being a newb in the “school tab” is true.
Just a frustrating rant…not really sure what I need to do except practice and take my time with it.
In time you’ll start to understand. The street smarts part comes from staring at charts and noticing things. The more you look, the more you’ll start to see. I’ve been at this for a couple of months now, and I’m starting to get a real good feel for things. I’m getting to know the pairs I trade and when they are most active, learning to spot different support and resistance levels that reveal market sentiment and most importantly, building a set of trading rules for myself that go beyond just a trading system.
You can try to learn forex as fast as you can, you can bury yourself in reading 24/7, but there is still a time factor to understanding how it all works. Don’t let the frustrations get you down. I’m seeing progress; so will you.
The learning process is always frustrating, especially since we all have a “success now” mentality…don’t we???
Just stick with it…learn something new every day, record your trades and observations, make adjustments.
Success comes with doing the small things right on a consistent basis - every day. Positive transformations come over time, not over night. Warren Buffett didn’t become the world’s greatest investor in one month did he?
So, be patient my friend, adjust and adapt, and keep on keepin on!
Ok…now that I’m refreshed I’ll ask a question that some of you can help with.
What are the top 3 trading platforms that are available on the web. What do you like about them, what are they missing or are they all pretty much the same? It would nice start working with the right tool, the first time around.
As of right now I’ve only been using forex.com Everything seems pretty kosher except that they don’t have auto pivot points on the chart system…you have to manually add them, which isnt the end of the world, just an inconvienence. Is this normal?
Also, I’ll be able to trade during the day at work, but wont be able to download a lil program, so what would be the best web based application? Forex.com has a web based version but it is limited from what I can tell and I dont feel comfortable with it cause it doesnt give you the nitty gritty details of the downloaded app. that I can use at home.
the best platform is of course a matter of opinion. For a web based platform (among other positives) I don’t think you can beat Oanda.com. Similar to yourself, I like the ability to trade from wherever, so I’m using the MT4 platform - which has a pretty full featured mobile version for windows mobile phones. Right now I prefer ibfx.com for the MT4 platform. You will need to do some reading yourself though, to figure out which broker will be best for you. While there are many similarities between brokers, there are also differences that may make you choose one over the other based on the trading style you develop.
Hello there I am also a beginner trying to do my own thing, reading the charts and making crazy lines. I have to admit you begin to see things on the charts the problem is understanding them?
