SIMPLE : does anybody use any of theese (along with fibonacci ruler, Gann fan, speed lines etc, etc, etc) as I have all theese in Ensign but absolutely no clue what to do with it. Would like to learn though.... if it works... Alex
Neo I have read a lot of your posts and the best advice I can give you is, keep it simple. The worst mistake you can make starting out (I speak from experience) is jumping from one strategy to another, from one indicator to another. You will never get anywhere. Decide on something and stick to it.
THX Nicodemus, I actually don't see much in those anyway... THX for the comments! Alex P.S. Glad to hear someone reads my rambling he he
Not to dismiss what Nicodemus said but... It's true that you should be consistent but if you stumble on a new idea that helps you perceive support and resistance or trends a bit differently, it's worthwhile. Check out this address to learn how a really succesful trader uses elliot wave in his trading. http://www.sellnow.net/freesite/ This guy's the real deal and he's got great links on Gann and elliotwave. As for fibonacci, there are some interesting articles on www.hardrightedge.com. Good luck neo.
Nicodemus: âThe worst mistake you can make starting out is jumping from one strategy to another, from one indicator to another. Decide on something and stick to it.â The man knoweth whateth he speaketh of. As liltrdr suggested, there is certainly value in examining many different methods so that you might compose a style from those pieces that resonate with you. I think, though, that Nicâs words are particularly poignant for newer traders because you must first really understand what it is your working with before you can accurately judge its value for you. That type of knowledge often comes only after consistent and extensive testing.
the market is always changing and is always the same. that's the paradox. but it is a dangerous state because when you jump from ideas to ideas, something will work (when in sync with the current market behaviour) and then, suddenly does not work, you switch again and you loose again (maybe keeping the first strategy would work that day!). the point is, to make money you need to keep it simple, very simple indeed. you need to test it and paper trade it, you really need to. you need to stick to the plan, stick to it indeed. if you think I am repeating myself, well, that's a bit how your trading should be trading success is not an indicator, a drawing tool or a special method. it is odds management and making sure profits are bigger than losses. to increase your odds, it is true you want to know what a trend is, what a consolidation (congestion) is. but priorities should be in the right place. there are several interesting threads in ET's archive regarding these. tntneo