Fudomyo is correct Nina is WRONG
It is very simple. Study candle stick patterns. Learn PA. Learn chart patterns. Use trend lines, fibos, MAs, support and resistance. That's all you need.
Even Bill Williams gave up on OA and went back to the basics.
If you don't understand the basics, no indicator is going to make you a good trader. I use a modified Jurik RSX indicator for verification, but I pick my trades based on PA first. Most of my trades are between 50 and 150 pips.
7 out of 10 trades are good, and the 3 that are bad I keep the losses low.
Trading for 10 pips is a loss because your lot size or leverage needs to be high, you have to pay the spread, and the SL would have to be too tight for proper MM.
I trade lower lot sizes, and use a wide SL (so I don't get stopped out by normal price swings) and ride the trends. No broker can kill you if you work longer trades on the higher time frames at a lower percentage of base.
Anyway, I wanted to post because there are successful traders out here, who ARE making money. After reading some of this thread, I can see why Nina failed as a trader. A bad state of mind was part of it, and not having a good trading method or true understanding of how price action really works was a bigger part. Trading takes discipline, and a lot of hard work.
If you came here looking for an indicator to make you money, that IS gambling. If you have a good understanding of the markets, can read a chart properly, and base your trades on sound analysis, then you are a trader.
Nina I posted in this thread in 2007 when I first found out that you could make money trading forex. I even paid you for signals.
It is very sad to hear you say "all retail traders will fail" It just isn't true.
There are many sucessful traders on this forum and other forums. I would not be so rude as to name them in your thread but if anyone would like some help they should PM me.
Fudomyo is spot on with his advice.
For me I became profitable after dumping all the indicators and concentrated on trend analysis (pring) and price action at support and resistance levels.
My trading improved again when I moved away from the 15 minute charts and learned to trade the daily, weekly and monthly charts. I can now trade the 15 minute charts even better than before. Good money management is the key to becoming profitable and STAYING profitable.
You never stop learning in this game, three years is no time at all, I am looking forward to how good it will be after five or ten years at this.
I am learning fundis now and am finding combining them with daily, weekly and monthly chart analysis is proving very helpful also.
My advice to newbs is find a good trader / mentor, preferably in a live trading room environment (I am in my fourth live room now, each one better than the last, and know I am in the right place now to take my trading to the next level) . The guy that runs this liveroom has been trading for 10 years and also manages other peoples accounts (loads a money). He is a safe trader a good teacher and is very profitable. Trading can be quite lonely so it is also a very nice place to hang out whilst watching charts.
Nina you are so wrong and I am sorry to hear you have become one of the 95% that fail.
Anyone needs any help or advice PM me.
Good luck in the future Nina.
"all retail traders will fail if they did not learn from his mistake "
Forex Indicators Collection
I tried to PM you still it seems you don't accept PMs for some reason.
I would like to know more about those live trading rooms, like how do you become a member of one, how they are organized etc etc. It is really lonely to stare at charts all day long all by myself, not even talking about being with people that can improve my own trading skills. Any info appreciated.
Hi MRV I am not sure why I am not accepting PM's I checked my settings and I have received PM's in the past before, it may be a temporary glitch.
Live rooms are not to everyones taste but they suit me well, I like the company, it's a nice atmosphere and it really helps me focus on price action. There are plenty out there free and by subscription, I suggest you do a search and look for any that offer a free trial and are sensibly priced.
I started out in a free paltalk room, there are hundreds to choose from, had a 10 month spell in the brilliant fx500club after that, but as mentioned in my previous post I wanted to add fundamental knowledge to my technical trading skills.
Anders does a great job running our little community so I would deffinately recommend him. Just do a search for "Anders Baard Larsen" (no affiliation)
Check out any of the above, paltalk is free and the other two have free trials, good luck.
Thank you too forex-tsd, you are a brilliant resource.
Need your help to learn to trade forex
Need ur help to trade in forex. Would appreciate if you could guide me as to the trading strategy on trends. Looking forward to your help and guidance.
Thanks in advance
CatFx50 - Forex STD
This is a very long thread. It will take forever to finish reading everything. But, I guess, that is the only way to get all the information.
ya , it could be a good scalping template -- if you use it on 4H , then add some assisted indicators around it
ema 5 with ema 13
ema 10 with lma 40
extreem which i am working on
ema 1 with ema 5
but the real thing is stop because stop is wt we need i will try to explain u in picture
You can usually recognize when an MA crossover is going to finish out by keeping an eye on the RSI and Stochastic Indicators. If you're not using them in conjunction with your MA cross, I would strongly recommend it. I'm willing to bet solid money that the RSI crossed above 50 at the point where you wanted to close out your 10/40 MA.
Just a thought.
why is nina saying this when others are saying catfx is an amazing system.
i don't get it.
Hoping to reach XKR.
Hey, good evening XKR,
I was just reading a thread on the CATFX50, where you offerred to possibly lend a helping hand to a few traders back on Feb. 14th. If you're still able to do so, I could use a little tweaking. I've been studying hard for quite some time and would say I know a fair bit, I just can't seem to bring it all together. It's getting a little tough to stay focussed and committed.