Hm…
This should clear all this chitter chatter up.
Nope. Wrong again. Where’s your citation? A lot of brokers released statistics… Some have up to 40% of clients profitable and the average is 25%.
They aren’t completely ruling the markets…not yet. And their TA is far too advanced for us to catch on to. All I’m saying is, it’s better to go with the flow of things vs trying to predict what will happen. And too many people rely on TA alone. This market is not playing fair anymore and for the average Joe, we can’t change that.
You believe the brokers?lol Poor guy…
[QUOTE=“bwillz092;626954”]
They aren’t completely ruling the markets…not yet. And their TA is far too advanced for us to catch on to. All I’m saying is, it’s better to go with the flow of things vs trying to predict what will happen. And too many people rely on TA alone. This market is not playing fair anymore and for the average Joe, we can’t change that.[/QUOTE]
How do you know what “the flow” is so you can go with it? If it were as simple as that then why would firms be spending millions on developing computer systems to trade?
Normal people like us don’t have the money to move the market. So basically we have to adjust to what’s going on and not try to beat the big guys.
if the market is trending, it’s trending for a reason and 9 times out of 10 it’s because the economy is doing well. or not so well…not because of support and resistance, or fibs or complicated lagging “Forex Systems”.
[QUOTE=“bwillz092;626958”]
Normal people like us don’t have the money to move the market. So basically we have to adjust to what’s going on and not try to beat the big guys.
if the market is trending, it’s trending for a reason and 9 times out of 10 it’s because the economy is doing well…not because of support and resistance, or fibs or complicated lagging “Forex Systems”.[/QUOTE]
But if it were that easy then why the rise of computers?
Because It is far too complicated for regular traders to catch on to. This is why I said the safest way to trade is either following the news are just trend following. Neither really needs a lot of technical analysis. No one can out beat these programs and they are stopping traders out left and right. For us, since we don’t have the money or the knowledge to create these million dollar programs, all we can do is ride the wave. And i’m speaking from a swing trader prospective. From my experience i have been much more successful just trading this way because I don’t have to check my charts every minute and I can actually have a life outside of trading. Some people sit in front of the computer all day trying to figure things out and wonder why they keep getting stopped out. No one is playing fair so trying to figure out what price will do is just suicidal. instead you should come to reality and see that we are nothing to this market. Unless your trading $100 million positions, best thing to do is just ride the waves.
[QUOTE=“bwillz092;626962”]Because It is far too complicated for regular traders to catch on to. This is why I said the safest way to trade is either following the news are just trend following. Neither really needs a lot of technical analysis. No one can out beat these programs and they are stopping traders out left and right. For us, since we don’t have the money or the knowledge to create these million dollar programs, all we can do is ride the wave. And i’m speaking from a swing trader prospective. From my experience i have been much more successful just trading this way because I don’t have to check my charts every minute and I can actually have a life outside of trading. Some people sit in front of the computer all day trying to figure things out and wonder why they keep getting stopped out. No one is playing fair so trying to figure out what price will do is just suicidal. instead you should come to reality and see that we are nothing to this market. Unless your trading $100 million positions, best thing to do is just ride the waves.[/QUOTE]
I guess how then do we define a trend, and how do we know when it is going to change?
Simply by observing the charts. And I’m not talking about cluttering your charts with indicators. Just something as simple as a moving average will do the job. This to me is not even a technical indicator, but more of a tool. What ever your strategy is for exiting a trade is up to you to decide, I personally use heiken ashi candles and just exit or take profit when the candle turns the opposite color. And you may think if it were that simple then why isn’t everyone rich by now? well that’s problem, no one is really keeping things simple these days. instead we rely on lagging software or indicators to tell us how to trade, when these things are doing nothing but showing you what you already see! The professional traders that are buying mansions and cars probably couldn’t tell you a thing about technical analysis…think about it, forex is not suppose to be that hard. I stay off the short intraday charts and focus only only 4 hour or even daily charts. I may go down to the 1 hour chart. But i literally only take 3 to 5 trades per week. And i’m closing trades that have a reward 3x my risk. This is because i take big chunks out of the market and when i lose, i only lose a small amount. I don’t try to predict anything or use a bunch of lines and indicators. I only follow the overall trends and follow economic data. Much less stressful life and much more profitable trading.
Brokers want you to day trade…this is good for them.lol i know brokers and believe me, they are not our friends.
[QUOTE=“bwillz092;626965”]
Simply by observing the charts. And I’m not talking about cluttering your charts with indicators. Just something as simple as a moving average will do the job. This to me is not even a technical indicator, but more of a tool. What ever your strategy is for exiting a trade is up to you to decide, I personally use heiken ashi candles and just exit or take profit when the candle turns the opposite color. And you may think if it were that simple then why isn’t everyone rich by now? well that’s problem, no one is really keeping things simple these days. instead we rely on lagging software or indicators to tell us how to trade, when these things are doing nothing but showing you what you already see! The professional traders that are buying mansions and cars probably couldn’t tell you a thing about technical analysis…think about it, forex is not suppose to be that hard. I stay off the short intraday charts and focus only only 4 hour or even daily charts. I may go down to the 1 hour chart. But i literally only take 3 to 5 trades per week. And i’m closing trades that have a reward 3x my risk. This is because i take big chunks out of the market and when i lose, i only lose a small amount. I don’t try to predict anything or use a bunch of lines and indicators. I only follow the overall trends and follow economic data. Much less stressful life and much more profitable trading.[/QUOTE]
Can you post the 3 or 5 trades you take this week WHEN you take them so I can see what you are doing? And maybe a screenshot?
Yes I plan on doing that this week. I will show you exactly what I’m doing.
I know for a fact that there are plenty of bank traders using all the technical analysis tools like fibs, s/r, ma’s etc. How do I know, because I am a taxi driver who has the privilege of picking up these traders once in a while. I’ve fired every question I could possibly think over the years. There is one thing they do agree on & that the markets are random but even randomness has patterns. Think about flipping a coin 1000 times, that’s random but there will be a pattern emerging. Guess who will be the winner. Heads or Tails? I don’t know but I bet there is not a great difference in margin after 1000 flips.
Easily said than done. Proof in the pudding so show us your pudding. Open up a journal with your trades planned a posted before entry so we can follow along. Simple. Plenty of traders on babypips do it with pretty good myfxbook accounts.
Random does create patterns. If you make a chart of heads vs tails on thousand coin flips, you get a chart that looks eerily similar to a forex pair. That doesn’t mean these are tradeable patterns. Each flip is independent from the last, that’s the definition of random. The patterns become the product of the action, and don’t actually dictate the action itself.
You mentioned quite a few traders on here have profitable myfxbooks? Can you point them out? Always good to see what the profitable ones are doing. 
Here are a few interesting links that would seem to substantiate the OP’s ideas.
Technical Analysis? 5 Reasons To Be Sceptical About Charting | Stockopedia Features
5,000 Technical Trading Rules Shown To Be Useless - Business Insider
Sure these links mostly refer to stocks, but tech analysis would be universal to all markets as its main theory is human psychology, which is basic to both stock and forex markets.
You can’t see trade history but I always go to this one to show long term profitability.
In my opinion technical trading is skill like any other. Many will try for a little, be unsuccessful at it, and then lay it down claiming it to be useless or boring. “I tried it and it didn’t work for me, it must not work for anyone!” lol. The average trader has such a puddle of knowledge compared to the true depth of what ‘technical’ analysis contains. What kind of parameters are implemented in a trading bot? Some algorithm to read and interpret news articles? Doubtful.
I think there is some merit to what you are saying. I’ve been looking at longer term trading myself as I’ve not done well on the shorter time frames. I’ll sometimes look at a Daily chart with just a 3 & 10 EMA and say to myself “If I would just take the cross and held it for a month or till the next cross I would have done a whole lot better”. I’m interested in what you have to show us bwillz092.
Cheers
I like what you said, but to be fair enough, there are also some things they can’t say as they are bound by contractual obligation to do so.
Good post.
And my take for this thread is just this and this alone. No more.
Hmm yes and this too.