Overcomplicating this

I am new to fx trading, been doing a demo account for a couple of months. Have went all the way thru baby pips school twice. First couple of weeks I was winning 75% of short term trades, just looking at price action and reading candlesticks. At this point I didn’t fully understand Fibonacci, macd, bollinger etc. To keep improving I got serious about learning fx.I am a quick learner and voracious reader, so in several weeks I read 5 books on various theories and programs. The I went back to trading using this information and started losing 75% of my trades! I had so many charts and graphs on my screen my eyes bugged. Anyway this week I removed all of my charts, tried to forget all about fibonacci, resistance, bollinger etc, and just trade price action and reading candlesticks. The results are scary they are so good, so I am going to go back to being a newbie. I think many people way over complicate this process. As my name implies, my background is in sales training, I have seen many students who where great at theory, but never succeeded when it came time to pull the trigger, I am glad I caught myself before I got too bogged down in all the noise of theories. Old time sales guys used to tell new guys to stay new and dumb they would sell more, I think a bit of that could apply to fx trading.

yes,many members in my other thread also told me that they trade successfully with just price trend,nothing else.

This is what makes or breaks traders. :frowning:

The rule it try to stick with is simple:

[I][B]Keep it simple stupid[/B][/I] :slight_smile:

Glad that you found a way that works for you.

I relate with your story both in Forex and as a career in my profession. In the past I have seen so many new sales guys turn great numbers because they simply didnt know that people could actually say no.

I did my best keeping new guys away from seasoned guys, because the seasoned guys would pollute the minds of the newbies.

I as well trade candlestick patterns coupled with Fibonacci and a couple other handy price action tools. This is definitely a business where keeping it simple is the true key to lasting success.

Ya, that will often happen. You learn something new and it either falls apart in application or is just executed off.

What I’ve found is that when you are messing with some new indicator or technique you start to focus to much on the new gizmo itself instead of paying attention to the actual price.

Remember ANY indicator or set up is just a reaction to, or plotted by price. Everthing looks great in hindsight. Even fibo’s, if price decides to, it can blow past what looked like strong fibo levels as if they were never there.

I have just relocated this week, back in sales-burnt out on training and managing for a while…I am loving it, am busy selling while the other guys are busy reading bad headlines in the newspaper, lol! The toughest part is biting your tongue when the slackers start polluting the air with all of their negativity. I think my years in training and managing will make me a better salesman this time around, and I was a very good one the first time around. A interviewer asked Jim Rohn once how he became successful, he replied " I did the things every day without fail to be successful, it was easy" the interviewer asked if it was easy, why didn’t everyone do it?..Mr Rohn replied…“it is also easy NOT to do those things every day…” I think that is a powerful statement!

LOL!

That’s called brain washing. Keep trading as newbie and you will be better than 95% of the ole guys knowing everything how to win in theory and how to lose while trading. :smiley:

Cheers!

Trading as a newbie?

I am an investor since 10 years. But I still call myself a newbie.

You know why?

Because I never finish learning.

I am sure that same second I’d call myself not a newbie anymore I’d start losing.

That’s what I had in mind.

Plus I agree with the thread opener. I red a lot of books, but 95% or so is just a brain washer.

Over analysing, yes been there done that for far too long, it’s just amazing how hard it is to convince people that they do this.

I’ve also been trading about two months and this describes my experience to a T – except I had just the other day decided to revert to my earlier state of ignorance for the coming week, haven’t tried it yet (about 15 minutes to go…) Great to hear this is working out for you, since I’d wondered if my early successes were pure beginner’s luck! Keep us posted.