Yes...The best traders I know use Trendlines, MA's and Fib & Fib Extensions and that's it.
oh yes and long hours....
But I think everyone has probably looked at "such and such indicator" but in the heat of the battle nothing really stacks up....
It's an interesting subject....
From what I've seen, alot of traders do get discouraged by getting one trade wrong and then perhaps another -
I always think the best approach is to liken it to Nadel playing tennis - he's not sure what his opponent is going to do and it's only after
being in the game for a while that he get's a feel for the game and what's the best action..
That's why I have mixed views about EAs and automated trading - I can see the merits but also well aware of the pitfalls and I might also add,
using EA's can really reduce your understanding of price movement.
But I can still understand why peeps use automated trading and it's "Time" .
Trading realtime absorbs a huge amount of time....and I see this as the biggest obstacle for many as they simply don't have the time to follow every twist and turn during a session.
Best thing is doing your homework every night - understand what price is doing, where it finds support or resistance, how has it reacted to trendlines, what are the moving averages doing. Do that and you'll be prepared the following day and gradually it becomes intuitive....
Always interested in everything that people post here...and these are just my thoughts.....
oh yes and long hours....
But I think everyone has probably looked at "such and such indicator" but in the heat of the battle nothing really stacks up....
It's an interesting subject....
From what I've seen, alot of traders do get discouraged by getting one trade wrong and then perhaps another -
I always think the best approach is to liken it to Nadel playing tennis - he's not sure what his opponent is going to do and it's only after
being in the game for a while that he get's a feel for the game and what's the best action..
That's why I have mixed views about EAs and automated trading - I can see the merits but also well aware of the pitfalls and I might also add,
using EA's can really reduce your understanding of price movement.
But I can still understand why peeps use automated trading and it's "Time" .
Trading realtime absorbs a huge amount of time....and I see this as the biggest obstacle for many as they simply don't have the time to follow every twist and turn during a session.
Best thing is doing your homework every night - understand what price is doing, where it finds support or resistance, how has it reacted to trendlines, what are the moving averages doing. Do that and you'll be prepared the following day and gradually it becomes intuitive....
Always interested in everything that people post here...and these are just my thoughts.....