The Basics of Trading

This is a discussion on The Basics of Trading within the First Steps forums, part of the Reception category; Price Action is King. You only need a daily chart to make a living, with a horizontal line. Actually, you ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Jun 13, 2008, 8:35am   #533
Joined Dec 2006
Price Action is King. You only need a daily chart to make a living, with a horizontal line. Actually, you just need to find a few setups, and then learn to read markets. It so simple when you learn how.

It really is a case of "if it looks hard, its usually simple" kind of logic.

Why do people fail? It's quite simple... they just don't have a plan of attack, and they chop and change, they are gamblers and bored lazy idiots who use the markets to fill a void in their life. THis is money, real money , treat it seriously and remove all emotion. THis is not entertainment.

I use basic price action signals, as well as support resistance. When a market experiences a sudden shift in momentum, I use the 8 day average expoential to sell strength or buy weakness depending on the direction.

Plan 1 - Find a short term bias, or trend, if there is no trend, stay away. Use horizontal lines on your chart . Old support becomes new resistance and visa versa. Sell rallies, in falling markets, buy dips in rising markets. Go with breaks from consolidations in obvious trends.

Plan 2 - Wait for a market to contract in tight range, and go with the move of the break. If the break fails, stop and reverse.

Plan 3 - Learn core price patterns and trade from them . EG Pin bar, inside bars, fals inside day breaks, et etc.

The best free website to learn is Forex Trading System - Learn How to trade , CFDs, Forex, Shares - Home
Dow Predator is offline   Reply With Quote
Old Jun 14, 2008, 4:15am   #534
cu2
Joined Apr 2007
Thumbs down I beg to differ!

It is not easy, even if all rules are down pat. Things like bad broker companies. Systems changing over night. It all depends on where you get in. All systems will fail sooner or later. O and the forex is one of the worst.
Dont trade, futures, CFDs or forex - long term flat or non trending markets, in other words dont trade now.
cu2 is offline   Reply With Quote
Old Jun 21, 2008, 12:20pm   #535
 
8 Posts
Joined Jun 2008
Quote:
Originally Posted by cu2 View Post
It is not easy, even if all rules are down pat. Things like bad broker companies. Systems changing over night. It all depends on where you get in. All systems will fail sooner or later. O and the forex is one of the worst.
Dont trade, futures, CFDs or forex - long term flat or non trending markets, in other words dont trade now.
I'm newbie, Why?
Tyrian is offline   Reply With Quote
Old Jun 22, 2008, 6:04am   #536
cu2
Joined Apr 2007
Because you will loose money and lots of it. there is so much written stuff out there telling you that you are doing something wrong - crap! Do all the rules and you will still loose money, because systems will fail you after time. So there is your answer why 95% of traders loose money including professional traders.
The banks make money out of you, that is what it is all about.
Stocks with high volume in trending markets can make you money. At this moment the stock markets arent trending they are moving sideways - its very hard to make money with that. It may take a couple of years before its safe to trade stocks again.

Try and see. Open a free demo account with forex or CFDs, I will bet you will loose within 6 months of trading your system, if you dont have a system then you will loose straight away. For free CFDs account go to ABN Amro marketindex. Just watch the how the brokers take your money.
cu2 is offline   Reply With Quote
Old Jun 22, 2008, 3:44pm   #537
 
8 Posts
Joined Jun 2008
I see, so does it mean 'not to trade at all'?
I got Forex Tester simulator.. quite well program by the way. So what happen if I will improve my strategy all the time according to the market?
Tyrian is offline   Reply With Quote
Old Jun 26, 2008, 2:08am   #538
Joined Dec 2003
You are right there.

All you need to look at is your market, price and volume

Baldur
__________________
Be conservative on your capital until you have mastered trading. Don't add to loosers.
ofurbaldur is offline Coach/Trainer   Reply With Quote
Old Jun 29, 2008, 3:51pm   #539
 
1 Posts
Joined Jun 2008
Tt Trader Platform???

I am starting in trading.
E trade has the TT TRADER platform and I have not bee able to get it going so i can get any data.
i tried trade navigator from sierra and i like it and understand the system.
the problem is that my account is with e trade.
can someone tell me something about tt trader?
TORINO
TORINO7 is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Article: Basics of Trading: Part 1 T2W Bot Educational Resources 32 Feb 8, 2013 11:09pm
Article: Basics of Trading: Part 3 T2W Bot Educational Resources 13 Oct 21, 2012 1:26pm
Best Thread: The Basics of Trading FTSE Beater First Steps 360 Mar 23, 2011 12:37pm
Article: The Basics of Trading:Part 2 T2W Bot Educational Resources 8 Feb 16, 2005 11:09pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)