You guessed it i'm new to this Forex thing - trading a demo ac for 2 months unsuccessfully. My emphasis is on gaining knowledge and learning heaps, as much as I can in the time available to me. As the trading errors occur I make new rules, like the one u stated "Check - wait for the fundamental news". Now looking at Bloomberg and cnbc and I do have the baby pips calendar that I look at daily. I'm fixated on certain currency pairs AUS/USD EUR/USD GBP/USD - looking at the charts is a challenge: recognizing patterns, trying to predict price action - to get a setup entry/sl/profit - this is what technicals are all about. Some of it seems very arbitrary e.g. Elliot Waves (not simple) to identify reversals and new trends but it IS a way of finding a setup. What do you think of them? My thinking thing now is volume/volatility and time (there may be a robot here). Also, i've been stopped out a few times, poor risk reward ratio, that's inexperience on my part not greed. I love this site and the forthright "pippers". Have a good one. Greg.
You guessed it i'm new to this Forex thing - trading a demo ac for 2 months unsuccessfully. My emphasis is on gaining knowledge and learning heaps, as much as I can in the time available to me. As the trading errors occur I make new rules, like the one u stated "Check - wait for the fundamental news". Now looking at Bloomberg and cnbc and I do have the baby pips calendar that I look at daily. I'm fixated on certain currency pairs AUS/USD EUR/USD GBP/USD - looking at the charts is a challenge: recognizing patterns, trying to predict price action - to get a setup entry/sl/profit - this is what technicals are all about. Some of it seems very arbitrary e.g. Elliot Waves (not simple) to identify reversals and new trends but it IS a way of finding a setup. What do you think of them? My thinking thing now is volume/volatility and time (there may be a robot here). Also, i've been stopped out a few times, poor risk reward ratio, that's inexperience on my part not greed. I love this site and the forthright "pippers". Have a good one. Greg.