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-- need to find an experience one
to oversee our trades (he use his charts), we use ours
this is the only way --
to find out any fundamental mistakes
===
the other possible solution
-- do you have enough gut to trade upside down
and believe sudden outbreak are just REVERSE PSYCHOLOGY that market will bet -- you will fall for that
PROBABLY, volatility and dealing with LOSS -- are human weakness and we are really bad at these 2
you know what? i think i may have solved my problem. on top of which, you ALL were right, very right. from the psychological standpoint and having enough gut to trade the reversals, which just turned out to be ignorance on my part as well as settings and indicators that i've been using. the point is that basically i needed to look at things a little differently.
at the present im in the process of working things out in practice: double or tripple my demo account then start out with a small live trading account. it does seem back and forth and up and down but i think the point is that if there isnt a trade don't force one. at least for me.
you guys are great and i'll let you know what happens!
I love teaching, cuz it helps me as well getting better and better,
You need to be more specific of what do you want to learn and what you want to achieve, your trading preferences...
Read everything you find about support and resistance, and fibonacci. That's the basics of markets nature.
Start analyzing what you've learned on one or at most two pairs, familiarize with them, and apply fibo retracements to the price action. You may also use an extra tool like pivot points, and try to connect those tools. Don't use any other indicator. Analyze it in various timeframes, too. Keep it simple at the beginning. YOU MUST UNDERSTAND THE PRICE ALONE.
Now, you are almost ready to demo trading. Read some about Money Management, to know how many trades and/or with which lot size you can open without risking your account. Then go to demo.
After a couple of months of practicing this, you can begin to explore strategies, combination of indicators, etc. but at this moment you have a great knowledge to understand any strategy.
Most of us started upside-down, but on the path you will understand that this might be the correct way. Of course every trader is different, and maybe many other ways to learn, just explore. When you get confidence, knowledgement and practice (and it's not in a couple of weeks for sure), you possibly know when to start with real money.
REMEMBER THE MARKET IS PERFECT.
REMEMBER TO BE PATIENT, TOO.
You mention that you trade the 4H bars based on the opening of a new bar.
Always ALWAYS keep in mind this simple fact, which applies to any TF (Time Frame) above the 1H: We ALL have different opening candles !!! because the 4H will start and end at different times depending on where you broker is located.
So my own broker is in Europe (although I'm personally in Canada) so my 4H bars "start" at (EST time) 6am, 10am, 14pm, 18pm, 22pm, 2am but if your broker is in the US, then the 4H will start at 00:00, 4am, 8am, 12pm, 16pm, 8pm and if you're in Japan or Australia or on Pacific time in the US or (etc etc I'm sure you get what I'm saying) the bars will all start at different times. This also applies for the dailies - my broker's "day" starts at 6pm EST (it's 00:00 over there) but if my broker was in Canada, then the "day" would start at 00.00 EST.
I know this can be confusing, but if you either base a trading approach on candle opening/closing times or even more important, on candle formations (doji, evening star, etc.) anything above the 1H will become irrelevant. For the 1H and below, we all have the same candle openings/closings and candle formations.
This currency has been overbought forever - I'm actually looking for a major correction. I do love fish and chips and Bass Ale - but this rampant speculation, with europe's weakest economy makes no sense. GBP, come on down - you're the next contestant on "The Price is Wrong!"
The Pound weakened across the board and was the only major currency that did not join the rally against the Dollar. The Sterling failed to hold gains after peaking up and shortly plunged to the lower levels following the release of the UK Industrial Production that showed a non-expected decline in August to the lowest level in 17 years, adding to speculation the economic recovery in Britain will reduce. Overall, GBP/USD traded with a low of 1.5875 and with a high of 1.6048.
And Finally - Tiger21 seems to be lighting it up with his fundamental analysis - worth a read when he posts.
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