Hello everyone! Over six months ago I began my journey into forex. Prior to this I have had some limited success trading equities but made the switch for various reasons. I didn't expect to make money instantly but I didn't think the transition would be as rough as it has been because of my equity trading. Nothing seems to be working! For those of you that have found consistency in the FX, what works and what doesn't? I am not asking for a hand out but some direction would be much appreciated. TA seems to be not as useful. There is no volume data or time and sales available. I don't know much of the fundamentals but is that the only way to trade the fx? Thanks!
Yes, thank you, but I know the whole "psychology is the only holy grail" thing but psychology means nothing when you don't have an actual method, an edge.
Your technique must be pretty slack. Everything that works in stock trading works on Fx. But because Fx can move fast and far your trading weaknesses get amplified. The candles, S&R, trendlines, indicators etc. are all the same. Take your failed set ups and analyze them to see how you could tighten it up. If you post a chart of a failed set up you'll get more specific advice.
I don't fully agree with that. FX runs edges all the time. Stocks are usually fairly consistent in their little box of S&R/trends. FX is a great market though. Much better run even though that's contrary to popular belief. In FX fading is a BITCH. No sense in doing it if that's what you're dong. (My best advice to the OP.)
1 pip ain't like 0.25 points on ES or 1/64 points on ZN. On EUR you have to work with 6-10 pips "ticks" IMO. It is tough. Also there are times when no one will quote you within 50-80 pips of your position. You have to get used to it. What you see is not what you get. Learn the difference between ECN and MM. Just search ECN vs MM Forex.
I wasn't talking psychology. I'm talking strategy. You gotta figure it out. Try forexfactory. There's some good threads over there. And the other poster is right. TA is TA.
This is exactly what I am seeing. My methods are rather simple, relying mostly on support/resistance and trend analysis. However, there is way too many false breaks of S/R that makes it extremely difficult to trade.