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Stick to the Basics
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Member Since Jul 17, 2012 5 posts
bobbie (skiilodge)
Aug 04 2012 at 11:45
To be successful in this business you need to stick to the basics, like support and resistance and trenline analysis. If you can read the candles (not patterns) on a individual basis then you will be fine. Now if you can tell what the market phase is before you enter a trade then that coupled with the other basic principals then you will be ahead of the curve !!!
S.elf K.nowledge I.s I.mportant L.iving O.ur D.reams G.rowing E.veryday |
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Member Since Jan 31, 2011 4 posts
Brennan
Aug 04 2012 at 23:56
I agree wholeheartedly with this post. I used to be one to think that the more indicators you had, the better off you were. This thinking only leads to several different indicators all giving different signals, which in turn leads to confusion and gives the trader no clear direction.
One thing that has REALLY helped me - and of course I'm no pro, not yet - is a post on DailyFX.com. Here's the link: http://www.dailyfx.com/forex/education/trading_tips/post_of_the_day/2011/06/15/How_to_Create_a_Trading_Edge_Know_the_Strong_and_the_Weak_Currencies.html |
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Member Since Jan 14, 2010 554 posts
James_Bond
Aug 05 2012 at 06:29
skiilodge posted: To be successful in this business you need to stick to the basics, like support and resistance and trenline analysis. If you can read the candles (not patterns) on a individual basis then you will be fine. Now if you can tell what the market phase is before you enter a trade then that coupled with the other basic principals then you will be ahead of the curve !!! I agree. Some think the more 'tools' they use, the better the trading system, but sometimes they miss the point of having to actually read the chart instead of thinking the indicators will do that job for them. May I know what is a market phase? Is that the type of the market, ie trending/ranging? |
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Member Since Aug 06, 2011 204 posts
Gary Sharp (myfxpt)
Jan 16 at 22:36
I think new traders ought to start with this thread
Keep it simple! |
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Member Since Aug 12, 2011 1 posts
Slim101
Jan 17 at 06:27
Right on the mark! The three most important words a trader can learn – Keep it simple!
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Member Since Dec 01, 2011 95 posts
Forex Signals By Forex RingLeader (Fxringleader)
Jan 17 at 07:16
95% Do Keep it simple
 - But not to many are ready to face the 5 Year Learning Curve..... 
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Member Since Dec 31, 2012 22 posts
C (CESTRADES)
Jan 29 at 14:35
James_Bond posted:
skiilodge posted: To be successful in this business you need to stick to the basics, like support and resistance and trenline analysis. If you can read the candles (not patterns) on a individual basis then you will be fine. Now if you can tell what the market phase is before you enter a trade then that coupled with the other basic principals then you will be ahead of the curve !!! I agree. Some think the more 'tools' they use, the better the trading system, but sometimes they miss the point of having to actually read the chart instead of thinking the indicators will do that job for them. May I know what is a market phase? Is that the type of the market, ie trending/ranging? I totally agree my friend. Simplicty; IMHO, is the key to all success no matter what you do. Work smarter not harder, the old saying is true. With trading, you spend a lot of time and practice to engulf the encyclopedia's of information, sort and import only what truly works then execute what works everytime. I apply that to my everyday life routines. Limiting mistake compounds go a long way in life too. Love your avatar Mr Bond, Happy pips everyday to all! C~ "Live The Dream" |
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Member Since Jan 20, 2013 3 posts
Nwaka Anthony (piplover)
Mar 26 at 09:34
you guys are so on point. newbies think dat the more indicator on their, the better the signal. market is no respecter of indicators. indicators are just what it is...for analysis and reporting, maybe for people working at CBNC lol
cut losses immediately...allow profits to run |
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Member Since Jun 12, 2011 31 posts
trader757
Mar 27 at 09:20
I also would like to add another important piece of information for those doing day trade or trade in 1H or less.
Pay attention to the financial news calendar. My rule is to stay out when high risk economic data are about to be released. |
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Member Since Mar 21, 2013 5 posts
SDTrading1
Mar 27 at 18:10
100% agree that basics is best. Main reason being to keep your mind clear and make it easier to follow a plan.
Is good experience at the start to trial indicators and understand how they are lagging etc. Then once go through that process, just need screen time and getting use to price action. Patience of a crocodile, discipline of a soldier |
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