Hey everyone, My name is Dominic, from London and just started getting into trading about a month ago and not long signed up to the site.
This might be a stupid question but I figured, why not ask lol.
Anyways,
I’ve been gathering lots of information from videos, books and the education section on this site (which is amazing!) but I feel like I need to practice reading the graph. So I’ve opened a demo account (IG Trading platform) and I was just wondering what other methods have people adopted when reading the graphs and having an understanding which way the graph might be heading and what ways to practice?
Dont panic , enough screen time and you will get there. I am based in Durham and also use IG as my platform of choice. The charts on offer are very clear, if stuck by all means give me a DM shout as I trade for a living (find The Scruffy Trader on youtube) and I will be happy to help (Dont worry I dont sell courses or anything like that). In the meantime try top down approach ie start at a high time frame and work down to entry chart makes the charts easy to read when you know the bigger picture
The markets can be really good for income or a hobby that earns, enjoy the journey and the results. Dont be put off with the negative comments by those who really should be helping instead of trying to be self important.
Take your time and learn the craft , its a great life
LOL yeah Instagram the land of make believe , does make me chuckle. I have a telegram group where I hang out alot while working welcome to join all free just a chat group the scruffy trader and I post videos on youtube , getting better with camera skills as it is not something I am good at but getting better new microphone etc coming this week so onward and upwards
Nice! and yeah IG is the land of make-believe, lol
I will definitely dm you for any questions as well as on here and also to get that link to your telegram group. But like dompaul stated in this chat earlier, I also need to practice reading the graph and would like to know what is the best approach…
I like your wholesome approach we are all here to learn and get better as traders but as human beings as well. Trading in general has changed my outlook and my thought process on a lot of things. Initially I thought it was going to open a path to financial freedom but it has done so much more than that. It has changed the way I even approach things as I’m not as hasty as I once was.
Anywho back to OP.
Pretty much similar to what gtspeed said is look at the larger time frames as you’ll be getting a more concise image or the bigger picture if you will. Try to stay away from the smaller frames for now as it may produce a lot of noise and fluff and you may see yourself getting wonked out. I’d say look at one pair in the beginning as well just keep it nice and simple. You’ll start to see patterns or little habits a pair might make or encroach on when hitting a certain price level. Again it’s something that you’ll understand as you get more practice looking at the charts and developing your plan and ideas.
Try not to cloud your mind with so much information that it overloads you. Some individuals look for holy grails in trading when there are none. I’ve been a successful trader the last few years as well and I’ve been most profitable when I keep it simple and follow the trends of the market. I like to get in, take profit, and get out. Sure I could be losing a bigger potential profit but I can always come back in at the right price. Never feel tethered to a losing trade as well if it violates your strategy/plan just axe the whole position.
momoisnyc, well said and explained. Thank you as well for the feedback! I will keep this strategy handy as I go into my learning journey while studying graphs.
