What to do next?

T

tomhunter

Member
Messages
88
Likes
0
Hi

I was just looking for some advice:

Ive finished studying babypips to learn about trading forex and was woundering where it would be best to go next, should i get a book about forex day tradng or day trading the markets in general?


Or would it be best for me to do something else like any other good website or starting playing with a trading system.


Thank You
Best Regards
All help greatly appreciated

Ps. Forex factory take the p*ss sometimes, ive just been banned for 2 weeks without consultation because ive mentioned babypips twice, as im learning from it to ask questions and in a post similar to this. I didn't even make a darn link just the name how can they be so petty is beyond me. Never to veer from t2w again :mad:
 
IMHO, the best thing you can do is bring up a chart of your market of choice and watch it, for weeks, months even, every second of its major 'business' hours, and watch the candles/bars form. It'll teach you more than you can imagine. Don't trade it, not even on paper, just watch and pay attention...
 
Additionally, steer clear of forexfactory and moneytec system searches.

Keep watching and watching and watching, a system teaches you nothing, experience and screen time will teach you 1000 times more, unless of course you just want easy money, then PM me and I'll give you my address to send me a cheque now!
 
I agree with wasp, though I'd add that you have some sort of objective. Otherwise, you'll get very bored very quickly, which defeats the purpose of the exercise.

Even if you aren't looking for a particular pattern or a particular bar type or a particular anything else, you can't help but notice movements that you wish you had been in a position to take advantage of. At the time, or later, look at those moves. Try to determine where you would have entered in order to take advantage of that move as well as where you would have bailed if it turned out you were wrong. Determine also what you would have had to see in order to either prove yourself right or wrong in entering the trade.

This should help keep your ass glued to the chair for a bit longer.

Db
 
Yeah my ass is glued to the chair.. I plan on watching at least 3 months worth of cable (no pun intended) before I put any of my money in..

I don't want a system, I want to create my own system through observation..

haha, it really tests your integrity too.. I'm trying to be honest with myself as to if I would have really bailed on not.. lol

Is it worth my time to watch Dave Floyd's thread? He seems very knowledgable!
 
You needn't take three months to do it, though. Get yourself a charting program with replay. Then you can watch whenever you like at whatever speed you like.

Db
 
Like db says, if you can find a charting program with replay you can intensify your study but the more hours watched the better IMO, all the years I've been trading, I still see more in a chart than I did the day before, its an ever flowing education.

Never looked at Dave Floyd's thread and although there may be worthwhile posts in there, understanding the market has to be done on an individual journey mostly. Not to say you cannot learn from others, but you have to take your own path to understanding .
 
dbphoenix said:
You needn't take three months to do it, though. Get yourself a charting program with replay. Then you can watch whenever you like at whatever speed you like.

Db
Click to expand...

Do you suggest any particular one?

Thanks a lot guys!



Tryin' ta get da skillz dat pay da billz :)
 
For FX you can use Lab facility in Omnitrader to do replays, although I have never used them, someone told me about it. Db probably knows of others...
 
I use SierraCharts, though I understand that E-Signal also has it. SC is, of course, much less expensive.
 
Oh, so it's going to cost me a monthly premium to be able to access these or an initiation fee?
 
I don't know anyone who offers replay for free, though I understand there's some way of doing it in Excel.
 
Thanks alot, specifically dp and wasp.

So when im looking at the charts should i be trying indicators and looking at for example how often fib provides support/resistance and applying other tools or just look at the trends and reversals and look at the charts.

Should i use a book to build on my knowledge while looking at the charts? As without much knowledge is it not going to be less effective?


Thanks
 
wasp said:
IMHO, the best thing you can do is bring up a chart of your market of choice and watch it, for weeks, months even, every second of its major 'business' hours, and watch the candles/bars form. It'll teach you more than you can imagine. Don't trade it, not even on paper, just watch and pay attention...
Click to expand...

Thanks, What should i be looking for when doing this?

I dont have to watch live do i, just keep an eye on it as say im watchinga 1hr chart it would take ages for new candles to form.

Thanks
 
Hi,

I'm busy at the moment tomhunter so I'll go into it a bit more after the US closes down later but yes, watch every last pip! thats where the answers are. Like db says, get hold of a charting program with replay so you can do it at your will.
 
tomhunter said:
Thanks alot, specifically dp and wasp.

So when im looking at the charts should i be trying indicators and looking at for example how often fib provides support/resistance and applying other tools or just look at the trends and reversals and look at the charts.

Should i use a book to build on my knowledge while looking at the charts? As without much knowledge is it not going to be less effective?


Thanks
Click to expand...

Use anything you like. Everything you've ever read about or heard about or seen. Find out in safety, for yourself, whether any of this stuff actually helps you or not. Get it out of your system. You may find something you like, something that actually helps you. Or you may find that you achieve the greatest clairty by looking at nothing more than price, perhaps but not necessarily accompanied by volume (volume may after all not be available to you, depending on what you want to trade).

There's more information available at the Trading Journals link below my name.

As to books, since I have one, I'm not likely to say no. But there's much to be said for beginning your study as a virgin and looking at what's in front of you without filtering it through somebody else's bias. In fact, after you've spent x amount of time with your own studies, whatever you then find in a book or books will likely carry much more meaning for you (or, you may think to yourself what a load of crap the book is since you found through your own effort that what the book says is nonsense).

Db
 
dbphoenix said:
In fact, after you've spent x amount of time with your own studies, whatever you then find in a book or books will likely carry much more meaning for you (or, you may think to yourself what a load of crap the book is since you found through your own effort that what the book says is nonsense).

Db
Click to expand...

Thanks alot again wasp and dp great help, as to the above quote yeah thats exactly what i thought reading after experience is normally much more effective.


Thanks alot guys :)
 
wasp said:
Hi,

I'm busy at the moment tomhunter so I'll go into it a bit more after the US closes down later but yes, watch every last pip! thats where the answers are. Like db says, get hold of a charting program with replay so you can do it at your will.
Click to expand...

Yeh thanks alot il look forward to it. So i can browse the past price action 1 candlestick at a time right, can you go through it watching a candlestick form so i can watch "every last pip"?

(lol sorry for another question, if you would be so kind just answear whenever you have time)


Thanks alot ;)
 
You must log in or register to reply here.

Similar threads

T
What market to trade?
Replies
9
Views
3K
damianoakley
D
H
Good resources for learning FX and Equities Trading
Replies
1
Views
2K
FXchedda
F
esscubed
A thread for BeginnerJoe!!
Replies
2
Views
1K
enragedcow
enragedcow
P
What do YOU consider a succesful days trading ?
2 3
Replies
59
Views
9K
Latty12
L
H
Whats the view?
Replies
0
Views
1K
HIGHLANDER59
H
Top