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The danger isn’t finding information, its that there is too much of it. And because everyone you could listen to has differing objectives, audiences and agendas, most of it will be inapplicable to any one individual private trader. i.e. junk.
I suggest start with the trading system of your selection, hopefully a simple strategy with the least subjective input. Then list what you would need to know before opening the trade, and before closing the trade. Everything else is unnecessary.
I use a practical news calendar at dailyfx.com and occasionally daily / weekly TA YouTube clips re the majors from fxempire.com. Everything else comes from my price charts. Definitely nothing from TV.
Thank you. Thought the audience in this post will be more or less informative. Definitively TV is for economic news mainly. Probably not as useful as other sources. Do you guys read newspapers, magazines, like once a week or so. Do you at least look up at the front page. Obviously Internet sites are the main ones right?
So many trading systems it is hard to decide for the first time, is there top 3 choices that somebody can tell.
Not for me … I tend to avoid them.
I do watch news and current affairs things on TV, but that’s primarily because of my interest in politics, and has very little (if any) impact on my day-to-day trading at all.
I firmly agree with the opinion of TurboNero, expressed in this post.
In general, it’s when people try to “copy something that just ‘works’,” that all the accidents tend to happen, in my opinion.
There are many different reasons for that, but these three would generally be included among the most significant ones …
(i) Different things are going to suit different people, depending on their own outlooks, experience-level, available trading-times, and objectives;
(ii) The realities of trading, and especially the realities of online “information” about trading, tend to predicate that trying to copy lots of different systems until each fails tends to lead to people having “one month’s trading experience repeated 36 times over” rather than geninely “having 3 years’ real trading experience” as they sometimes imagine;
(iii) It’s a poor substitute for education, developing skills and analysis, and being able to learn to design your own methods that suit your own parameters.
However, having said all that, if you want to look at three different trading systems that “work” in the sense that for people who know how to trade, understand the basics of trading-related statistics and probabilities and are both able and willing to apply the necessary patience and discipline to trading them, these three are all based on very sound and reliable parameters, and in my opinion are certainly among the very best “easy systems” outlined here at BabyPips …
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[B]301 Moved Permanently (my own knowledge and experience of the method explained in the post linked to, here, have increased considerably since I originally mentioned it, and it can [I]very[/I] beneficially be combined with a very long, very slow MACD indicator used as a “[I]directional bias indicator[/I]”, seeking to identify potential long positions only when the MACD-line is above both its signal-line and its midline, and short positions only when it’s below both). Edited to add: I’m not an “indicator trader”, at all, myself, but since my original post on the subject I’ve further been very impressed with this method’s backtesting results and its forward-testing outcomes. Actually, it’s perhaps the best “simple, indicator-based method” I’ve ever seen.
TV, newspapers, magazines? - never.
Whatever they say, if the price chart shows an uptrend I want to be long, if it shows a downtrend I want to be short. I don’t take a position against the current market direction waiting for it to turn around.
I take note when central bank interest rate announcements will be, plus the US NFPR’s, and am more often than not out of the pairs concerned by some hours or the day before.
If you’re daytrading, economic fundamentals will be even less significant.
Thanks for answering. Seems like you guys differ on some things, but same on other. Do not want to copy anybody, but see tips or have few trading system to consider that are no scam. Will look up these mentioned here.
What if you are more of long term trader or short term and missed something. Sometimes trader magazines or what have you offer articles on strategies, sociology, pairs right? How about these Fortune, Forbes magazines for economies, trading subjects or general business, forex, stock market news. Do people pick them up once a month or year and which ones. Do you get like weekly or monthly round up in case you missed something. Interesting to know how to organize between the sources. Probably people pick up some magazine on weekend or their way to work. Lol in airplane or subway.
Btw, lexus I still do not understand how far the broker discussion can go so stopped for now. These rules were confusing. Just wanted someone to contact with experience in other platform and with various trading strategies. In return help them out with bonus, strategies or platforms. Kind of share knowledge in forums as everybody else. How to do it in messages or forums.
I understand … I’m not suggesting that promoting broker-links is your primary reason for being here. I think there are often grey areas with these things. The problem is that when you’re seen to be offering “broker introductions” of any kind (whether incentivised or not), and especially when you invite private contact about it, it’s always going to come across as “posting with a promotional agenda”, and it’s probably always going to fall foul of the no solicitation rule.
People help each other out openly, and on the board, here … so anything that invites private contact is bound to come across as potentially “suspicious”.
I think the short answer is that people here will help you without needing broker recommendations/bonuses anyway, and it’s best to err on the side of not doing/saying anything that might come across as either potentially incentivised or solicitation. :33:
OK. Love to have some friends, contacts that have more or less of years of experiences than me. Btw, can anybody say where do they get information mostly from and what publications they read too. Previously asked, but hope for bigger response.
These were my most reliable and helpful information-sources.
And these are the five classic mistakes which all successful traders must eventually learn to avoid, in my opinion.
Thank you. I meant periodicals to keep up to date with information from business world to forex. Does anybody read magazines, newspapers, digital or print and which ones.