Trade What You See

Beginner Questions
1

Hey all,

I’ve just received a copy of ‘Trade what you see: How to profit from pattern recognition’ through the post today on the recommendation of tmoneybags in his thread ‘30 pips a day keep the money at bay.’ Im looking forward to reading it but im worried i might be learning things that may be beyond what i should know at this stage.

So far ive been through the school of pipsology, ive back tested a few months of the cowabunga system and ive learnt some of the more advanced candlestick patterns to look out for. Oh yea did i forget to mention Im a noob??! (only found this site and discovered forex a couple of weeks ago) but i feel like im absorbing the information at a good rate, and im really enjoying it so far.

So what im wondering is are there any areas anyone can recommend researching before i dive into this book…? So far ive only demo traded on the cable and havent touched any other markets, i feel like gaining a feel for each market and learning its ‘characteristics’ would be very beneficial but have no idea how to achieve this yet…

Look forward to your advice :slight_smile:

2

Understand the basic fundamentals of supply and demand. How does this translate into charts? Supply and demand = support and resistance. Everything in forex relies on S/R, it’s a market right? In a market, there’re supply and demand. Of course one could profit from patterns but I’ve seen S/R violates so many patterns before. To me, S/R trumps everything, save for during news announcements of course. Good luck with your trading!

3

ok ill definitely look supply and demand although i think i already pretty much understand it… Thanks for your help :smiley: