ItGeek:

i will differ from the above, there are traders that have traded for long using indicators and they are profitable, in this business there are no hard and fast rules, some prefer candlestick analysis, pattern analysis, price action, fundamentals etc; Newbies(which i am one) should note the following.

1. Have a good trading plan.

2. Two different traders can use the same system, and one is profitable, while the other is not.

3. The most important thing about trading is understanding yourself, your psychology and emotional disposition to winning and loosing. Avoid greed, and use strict money management do not expect to turn a $100 account to a $10,000 account in few weeks.

4. You can be profitable in the short term and yet loose everything to the market in the long term, some more experienced traders in the forum can attest.

5. When starting out do not trade demo too much. Open a live account(micro) with an amount you can afford to loose, trade with it until you have a good feel of the market, your emotions and your trading system, then you can invest higher amounts.

6. Remember you are on your own (before taking signals from anyone realize the final decision lies with you)

7. keep a detailed trading journal, analyze your performance periodically and find your strength and weakness.

8. Above all, treat trading as a business, develop a disciplined approach.


can share a book or two (trading rules that work & art of contrarian trading, trading in the zone) they've helped me a lot.

NB: I just started trading this year and do not claim to know it all.

May the pips be with you all.

unclenna: EU currently @ 1.21211 ....xe.com

unclenna: EU currently @ 1.21211 ....xe.com

unclenna: men see GAP FOR EU

Pro02:

Thanks frenchman2 but i wasn't talking about bank statement,i had already sent it.I was wondering what they needed my trade history for from another broker,anywayz i sent it sha.HOw ur trades with them??

unclenna: men see GAP FOR EU

unclenna: men see GAP FOR EU

skate: Will the Gap close before the market takes its new direction

endfx1: this is how we do it

unclenna: FOR NOW IS THE GAP WE ARE TRADING SO AM BUYING EU and EJ @ CURRENT PRICE.....

EPOMA:

You said you are a newbie , so where do I start. we are not here to argue who is right or wrong, I use indicators like RSI, bollinger band and MACD but if a new trader have not learnt price action , support and resistance,they will nevre really see the market the way they should. I did not ever say you can not make money with indicators for crying out loud and that is why i Mentioned the names of some good traders here who use indicator to limit the amount of indicator or system they are putting forward here for the new traders.

Unclenna gave a call on friday for GBP\USD, I can bet you that he used support and resistance level to give that call. Even the trading zone you are talking about in your book is still support and resistance levels

unclenna: FOR NOW IS THE GAP WE ARE TRADING SO AM BUYING EU and EJ @ CURRENT PRICE.....

EPOMA:
well done

unclenna: @ LEAST 50 -70%, SOMETIMES 100%................But I see a ranging market tomorrow...the market is moving towards the PP......that's one of the rules of PP

unclenna: @ LEAST 50 -70%, SOMETIMES 100%................But I see a ranging market tomorrow...the market is moving towards the PP......that's one of the rules of PP

endfx1: this is how we do it

beejaay: bros is support and resistance plus price action not indicators?? trading in the zone is not about how you trade but who is trading!!if i wanna understand market strucure i will start with Dow theory then work my up to to the creation and coining of the words fundamental and technical analysis. therein lies asnwers the market structure.you wanna know more about formation of market and its structure get ur hands on the complete resource for financial market technicians by charles and julie and then read everything you can on Victor Sperandeo known as the wall street wizard. trading with price action and S/R doesnt make one technician but rather follower. understanding why they are working and their underlining principle is what makes a trader and stringly build confidence which inturn improve positive expectancy.

just my 2 cent sha!!

endfx1: Be ready to join the expected down pour on EU and EJ after the likely retracement to fill the market gap.

skate: pls which time fram is this

infofirst: Hi all, happi pipping week, if u r a fibo fan,i see a retracement on 1hr tf for eu to 1.2220,who is seeing same tin.(considering the fact that eu will move to close d gap at 1.2194.

@uncleanna and all,i strongly suggest u visit http://www.fibonaccibook.com/ to learn the magic of fibo,ur trading will never be same again. Fibo with price action is like trading like magician. And if u r lucky to have pivot system, mbfx,ema and co, then u r on d right track

unclenna: My bro I will not miss the down pour at all