hello all. i am new to the forums. i am doing alot of reading both on the forums and bookwise as well. i have been in the markets for 6 months and lost around £3000 pounds so i have made it my ultimate goal to obtain knowledge before i enter again.
I would like to know if there is any trianing out there that is worthwhile.
i am really keen to know what i need to know inorder to be a competant trader specifically in forex.
Thanks for all ur help
Decide what ype of analysis you prefer as a way of determining your trading decsions, fundamental or technical.
Even if fundamental it would be useful to have some technical awareness/skills in order to find a suitable entry to your chosen market/instument (s.)
Decide too on your chosen market/instrument (s.)
Re technical analysis;.
1. Choose a time frame you feel comfortable trading, then designate a lower time frame as your potential trigger, and a longer t/f as your trend t/f . (use factors of ./. & x4-6 to determine your trigger and trend t/f's.)
2. Understand when a t/f is trending or ranging via overall price action-classic peak/trough analysis
3. Understand where the potential support/resistance lies in the market, previos price pivots, fibs, and t/lines will be your most useful tools here.
4. Understand individual price action (candlesticks) as your trigger for market entry.
5. You may also want to looks at infdicator based techniques such as oscillator divergence/extreme readings and band/channel deviation in order to further fuine tune your market entry. (particularly useful on the lower time frames.)
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A very simple technical technique for eg is to look for pullbacks in a trend to previous price pivots and looking for any confluence that exists around such previous price pivots, fine tuning your entry on the trigger t/f in direction of the trend t/f.
You may find some of the documents on this thread useful, page 10, post 74.
http://www.trade2win.com/boards/for...prehensive-trading-system-methodology-10.html
So many useful resources on this and other boards/forums, here Trader_Dante's thread is another very useful starting place for eg:
http://www.trade2win.com/boards/first-steps/26947-making-money-trading.html
The confluence (coming together) of technical factors is where the highest probability trading opportunities reside.
G/L
