It seems the more I learn with Fx the less I know. I have heard many say that Fx trading is easy, and yet 90% of people lose money. I have also heard that Fx trading is hard, and I would totally agree. The more strategies I learn the more confused I become. Lets take the EU example from just now.
so here we see EU on the daily TF. I drew some S & R which might be correct. Are they? Who knows. Seems to be in a down trend from what I’m seeing. Watched some YouTube vids and they said wait for a retracement before continuing down. No idea where it will retrace to.
You can see why this is so frustrating for me. This ‘go figure it out’ approach has never helped me. It does not matter how much screen time I get. The more questions I have for mentors about Fx, the quieter they get.
Not as comprehensive as Dennis’s thread, but a little simpler to grasp for the newbie trader with links to Websites, tools and YouTube channels demonstrating the strategies in detail.
What I have linked is only a fraction of what’s out there, but this should help you understand the bigger picture and possibly the reason various currency pairs move… Hope this is of some help.
S/r lines, as well as trend-lines, are completely subjective. Not only does the rest of the world draw its s/r in different ways to everyone else, even an experienced trader might be unable to draw the same lines in the same place on the same chart on a different day.
Which is not the end of the world as they’re only for the trader’s guidance anyway, they are not predictions of what the market will do. But it does mean you do not have a consistent firm idea of what you will do between the conception of the trade and the exit from the trade.
If you need guidance, use an EMA.
EUR/USD is in a downtrend, I am hoping to go short on this myself. Price has stalled, and Friday’s session was a bullish retracement. If you are not already short, what about setting a sell order below Friday’s low? A stop-loss could be just above the day’s high, possibly quite a bit higher to allow for volatility.
I’ve been studying trading for almost three years ! Without take at least one buck of this market. I passed through futures indexes, currencies, and studied order flow analysis for almost two years. I also worked at a prop firm - what gone wrong and I needed get out. I never did a course and I don’t have much money to buy books. I’m still on college and has almost 4 years to conclude it (i’ve been there for 3yrs).
Are you frustraded?
I meet people that tell me make amounts of money in the market but don’t know half than I have been studying.
Are you frustraded ?
Mate… pay attention to one thing. You are feelling yourself frustraded because you have been watching people showing his highs gains, cars and travels. Stop doing that. To be a professional takes time. If you aren’t understanding something, just believe you are on the right way, keep going, studying and believing on you. If you keep yourself going, you will meet me on the top. Because, God willing, I will be there on day.
