To Smouke :
I am not an authority on trading as you would find an authority such as has written a book.
But I will give you what I have learnt from experience.
Firstly, be inpired by the following amazing hyperlink :
The Trading Game
It says, with, great authority, that which I would like to say and, says it in much finer words.
Now be inspired again by the following hyperlink :
Candle Sheds More Light Than The MACD
As you may probably guess, I have given up on indicators.
When I first started trading, I used the MACD and some other fancy stuff for my entries and exits.
I consistantly found that when I entered long , the market went short and vice versa. As a result I kept on hitting my stop losses and , therefore, losing money.
Messed around a lot, but still lost money. No worries on a demo account.
Then I thought I had it right, and started [U]live [/U]trading - result - lose much money with an occasional profit.
Revision of all strategy!! Look, look, look.
I knew about candlesticks and the above links plus my candlesticks books took on very great meaning for me, greatly motivated by my present money losses.
I started candlestick trading and [B]wow[/B], I was amazed at the reversal - I started winning money like crazy and …and…no losses!!
I now have the following theory :
It is the view of many traders, besides myself, that indicators do [B]not [/B]work. They look nice, sound very mathematical, but…but…they are derived from the price action, and as the hyperlinks explained, they are [B]delayed [/B]data.
Who wants to trade with delayed data - no wonder you lose money with indicators! Candlesticks are direct price action and their “data” is, as such, immediate.
Candlesticks are much, much simpler to trade than indicators - the strain is off you!
Now I am not trying to convert you - but then yes I am. Still,what you do is your business.
However, I am trying to save you from losing your live account.
Now when you start with your demo, you will make all the usual mistakes - no problem, that what a demo is for.
But live trading…well thats different.
Read and study again the sections on money management in the school. Notably, “the number one cause of death for forex traders” and
"money management" and
"which timeframe should I trade"
Print them and study.
Then highlight statements that summerize the whole articles.
Then do consider what I have said here and start demo trading. All the best.
I am a retired schoolteacher. (maths, physics, chem)
Kind regards, Tymen Wortel, Perth, Western Australia.