Thanks for your reply @anon58863749! I’ve accepted this that I have a lot of learning to do. I’ve also accepted that it may take me years to understand and even have the guts to go live. What I’m having a hard time accepting is if what they say is true then it’s going to take up so much of my time everyday just to get myself updated.
I’ll have a read of the the links you’ve given. Thanks so much.
I feel like if we all want to be at the level as some of the top traders, we need to do more than the average person. I was told that it takes at least 10,000 hours of practicing something to become an expert at it. We need to be studying and backtesting more than the avg person
…Deaaaaaar God…I so much love this trend, was smiling while reading people’s comment and their respective opinion, trust me; keep this trend for another year our opinion will never stop coming, hence; as a newbee you will get more scarier, like you said the information are too much out there, and our opinions are based on our daily lifestyle and routine which affects our mind and decisions to chose a trading strategy, lol…then we comment with all energy.
Sentiment or Fundamentals or Technical to successful trading in my humble “opinion” they are irrelevant to which is most preferred or better.
What is Key:
Create a simple personalised strategy that suits your lifestyle.
Perhaps your lifestyle (work, family, school, etc) don’t allow you to stair at the market as much! Stick to that simple strategy come rain come sun. Yo do be good.
Enjoy your losses.
As newbee; losses hurts so bad, you have to learn how to enjoy it, cuz you 'll lose alot even after becoming a pro.
Imaging you trade once a day, 22 trades in a month. You gain 8 and lose 14. at an average of 30 pips loss and 80 pips gain, at the end you are still winning, but can you hold on while you are losing?
A forex trader must know how he can deal with his trading approaches. And a trader must conduct analysis to ensure safe and right trading decisions. For me while ignoring the sentiment both the fundamental and technical analysis can help a forex trader.
Thanks for your reply @Falstaff but I’m not sure if I got what your trying to say correctly. Are you saying that Technical is more important but also look into the conditions that are going on?
Thanks for the input. @artawidi I also feel that way. I feel like as a newbie it would be so hard to figure out which information would be useful and if I’m interpreting it correctly.
Really? Hmmm my friends said that TA is important in that it gives you details on how to go about your trade but which trades to enter should be based on Fundamentals and Sentiment. They said that relying solely on TA and strictly following a system without consideration of fundamentals and sentiment is how accounts get blown.
@CoinLady, lest cut to the chase, Forex trading is about price action. Price action is measured by the technicals. Sentiment builds momentum and is also measured by technicals. Maybe I am oversimplifying this but sentiment + momentum = trend.
Accounts are blown due to poor trade management namely cash management.
It really all depends on the trader. I believe TA is more important than fundamentals because you’re spending more time on the charts than you are analyzing the news. I check the news every night while analyzing my pairs for the next day. That just helps me figure out if there will be a lot of volatility around the pairs I’m trading. But, I’ve heard of some people not even paying attention to the news, and just solely doing TA. So, it just depends on your trading style really
Hi Coinlady, get yourself a mentor that has been around the block in this game, it takes years to learn this stuff and then you still are at the start. There is a great group called Forex Mentor Pro at just under 50 bucks a month and you get five well-seasoned 15yrs or more in the field and established. They teach all aspects and leave the silly stuff out.
Well worth checking out.
Cheers.
IMHO you can be successful just with technical analysis. Long term fundamental can be either priced or lag behind.
Again a lot depend if one is a day trader, swing trader or even just an investor.
Daily news and headlines are especially important for day and intraday traders. Sometime you can have a candle/situation which according to technical analysis is a buy but if you know how the candle has generated (news and headlines) than you can comfortably say that it is a sell.
I think all is important as it gives extra info and makes the picture clearer. At least as long as it makes sense, improves your edge and keep the picture simple enough.
I partly agree with the advice, however good a technical trader you are, it is very important to make sure you are constantly scanning fundamental events taking place around the globe. I read one piece about fundamental trading by Pipbear ( you can Google) that changed my entire trading career.
Not really. What I’m trying to say is thet what are called “Fundamentals” on here are not really “fundamentals” at all - what some geezer says about forthcoming interest rates - is no really as important as whether a currency is “cheap” or “dear” in historical terms. But of course with real fundamentals - (see my “Bitcoin to fall off a cliff” thread ) - it is easy enough to SEE the truth - but almost impossible to TIME the effects of that truth !
Meanwhile, I say technicals are what we trade and continue to do so - but take a BIG long term “Long” on Bitcoin (in direct opposition to what I see as the “fundamental picture” ) for example at your peril !
Thanks for your input @tommor. True and I get what you’re trying to say. I think what my friends are saying is that I focus on Fundamentals and Sentiment and then use TA only for confirmation, something like that.