How to increase trading skills ?

JenalAripin posted:

goldjunge posted:
1 - STAY AWAY from ( the magical combination of 3 , 4 , 5 indicators ) that will bring you a lot of money , cause that's BS .. they are ALL lagging ...

Too much indicators means too much things to understand. The question is: do you really understand all of them? If you do, then it wouldn't be a problem to your trading process...

I use two indicators PSAR and Bollinger bands ,that's it,they can be effective sometimes but it takes experience to use them properly.
But as you say above lagging is of little use,best to test on demo and see how it behaves on one product.

snapdragon1970 posted:

JenalAripin posted:


Too much indicators means too much things to understand. The question is: do you really understand all of them? If you do, then it wouldn't be a problem to your trading process...

I use two indicators PSAR and Bollinger bands ,that's it,they can be effective sometimes but it takes experience to use them properly.
But as you say above lagging is of little use,best to test on demo and see how it behaves on one product.

Personally I just use SMA and BB Aand I agree with both of you, we need to understand them first in order to use them properly And demo account is the best place to do so...

Apipfx posted:

snapdragon1970 posted:

JenalAripin posted:


Too much indicators means too much things to understand. The question is: do you really understand all of them? If you do, then it wouldn't be a problem to your trading process...

I use two indicators PSAR and Bollinger bands ,that's it,they can be effective sometimes but it takes experience to use them properly.
But as you say above lagging is of little use,best to test on demo and see how it behaves on one product.

Personally I just use SMA and BB Aand I agree with both of you, we need to understand them first in order to use them properly And demo account is the best place to do so...

We need to learn about the indicators we're about to use in order to understand them in the future trade, some traders might using more than 4-5 indicators that might be a complicating this for those who don't.

Most of them are based on averages,which is of little use because its past data ,unless your getting live feeds from the exchange.

snapdragon1970 posted:
Most of them are based on averages,which is of little use because its past data ,unless your getting live feeds from the exchange.

Right, but most traders have no idea how to recognize live feeds from the exchange, that's why analyzing the average of past movement is easier than to following live feeds...

luthfi_maung posted:

snapdragon1970 posted:
Most of them are based on averages,which is of little use because its past data ,unless your getting live feeds from the exchange.

Right, but most traders have no idea how to recognize live feeds from the exchange, that's why analyzing the average of past movement is easier than to following live feeds...

Easier and most used by traders.
Most traders who using technical analysis are considering fundamental one (news, etc) as their nemesis and they likely avoiding it...

Study and learn about various basic aspects such as how the trading is done online, trade management, risk management, position sizing, fundamental and technical analysis, trading systems etc. As you study and gain some understanding, you will know your aptitude for certain methods and you can increase your focus on them. Learning is a continuous activity, keep yourself up to date by regular self-study.

tbinarybrokers.com

I would say the simple formula is Fundmanetals+Sentiment = Trading Choice and THEN Techinical Methods for Consistent Entry Management.... a good place to start.

There's always the Trading Workshop option such as https://dailyforexschool.com/one-day-workshop

Just make sure you only go to well known trainers, with at least some non biased reviews and myfxbook performance. Hope this helps

The market is being manipulated by the central banks. No technical indicator or fundamental divining can undo a fixed market. To beat a manipulated market, you have to be clairvoyant, have inside information or trade Bitcoin which has no central bank to manipulate it.

I am no Clairvoyant or have inside information so .....

In short, 98% of all the advice hat you get on these forums is worth exactly what you paid for it.

Bob

How to increase trading skills: practice not loosing money. That is all you have to to do.

FXtrader2010 posted:
How to increase trading skills: practice not loosing money. That is all you have to to do.

That is often easier said than done. That said, I agree.

dianajs posted:

FXtrader2010 posted:
How to increase trading skills: practice not loosing money. That is all you have to to do.

That is often easier said than done. That said, I agree.

of course it is, look at all the forums with people posting, after the fact.
who said trading is easy?

Haha, I've seen plenty of newbies saying that trading is easy. Then a few months later they realize it's not. :D

Very easy to increase trading skills!

This is a list of priorities, #1 is the most important one on the list.

1. Learn the basics of how to protect the trading account with risk management.
2. Have a stop loss on every position placed.
3. Calculate the risk on every entry and how much you will lose in amount and percentage if the position goes against you.
4. Have a predefined stop loss for the day and for the week and a predefined profit as well of the account.
4. Do not panic if you have a bad trading day, another trading day is just around the corner.
5. Do not overtrade if you are not in sync with the market.
5. Treat winning days the same as a losing days as there will be a mix of both.
6. Learn how to enter and exit a position by observing resistance levels.
7. Do not trade news releases unless you are a very experience trader.
8. Do not hold positions over the weekend when the market is closed.
9. Feel positive and good about your trading goals.
10. Do other things outside trading, it will clear your mind and make you more alert.

I could go on and on and I'm sure other traders on this thread could fill in on this priority list :).

trading is the hardest thing you will ever take on, in your life.
The only thing you have to do is not lose money, don't need all these BS million rules. Just don't loose money that is all. Doesn't matter what you do how you trade whatever. You will learn for yourself what works best and your own style as you get more experience with real live money only. demo will only take you so far.

FXtrader2010 posted:

dianajs posted:

FXtrader2010 posted:
How to increase trading skills: practice not loosing money. That is all you have to to do.

That is often easier said than done. That said, I agree.

of course it is, look at all the forums with people posting, after the fact.
who said trading is easy?

I post before and after...

I try to post during trading, most of the time at least.

I just forget sometimes,busy looking at news or interviews,checking events,posting on other blogs,updating data,answering emails.

FXtrader2010 posted:

dianajs posted:

FXtrader2010 posted:
How to increase trading skills: practice not loosing money. That is all you have to to do.

That is often easier said than done. That said, I agree.

of course it is, look at all the forums with people posting, after the fact.
who said trading is easy?

He's 100% right!!!!!!

Rule #1 Don't lose money
Rule #2 See rule #1
Rule #3 Become obsessed not losing money!

My tip, open a live account, do like maximum of like 1k. That's fun money nonetheless and trade like 9-11 weeks, if your still in the game and breath and eat forex (or other preferred commodity) trading every single day. You will become very successful.
Talk only about trading everyday (just not your wife *wink*, with whoever you meet).

Technically, you have to go to sleep and plan that next trade during your sleep. If your this type of trader, you'll make it!!