I started in Forex - 3yrs. Lost a LOT. I finally read a book - "A Complete Guide to Volume Price Analysis" by Anna Coulling. It changed EVERYTHING for me. COMPLETELY opened my eyes to the ROLE of VOLUME and NEEDING REAL VOLUME in a market to trade. Switched to Futures, spent time and money trialing a lot of things and then found JIGSAW trading. Bought their DOM, listened to the free training and then found their free training in the customer hub - The Stephen Kelly trading method. --- GOLD! I have this playing in the background almost every day and pick up bits and pieces as I'm watching the DOM live. It has been the CHEAPEST and the BEST trading material I have ever seen. I've made more progress in the last 3 months then I have in the last 4yrs. I've recently switched from ES which I was finding extremely hard to read on the DOM (ES is fast moving on DOM) to ZB (30yr US Treasuries) (ZB is slow moving on the DOM). Since watching the ZB, I'm finding I'm able to pick out a lot more on the ES as well when I go back to it. Its certainly not the only way to trade but its the only way I have found personally to trade (And I've tried a LOT of different ways and spent a LOT of $ trying different ways and systems (Well over $35K)). I'm now having some very nice days but I still have a long way to go to being proficient at reading the DOM. But in 3months I have picked up more PROFITABLE learning then I have in all the preceding time I've wasted trying to learn to trade in Forex and Futures. BEST thing I ever did was leave Forex. The absolute best you can ever hope for is to get 1/2 the information. You will NEVER find real volume data in Forex and PRICE is nothing more then a trailing indicator of the market participants. ALL Forex indicators are build upon or in relation to PRICE and these indicators are even further trailing behind price which is itself a trailing indication of the market participants. Any way you look at it, in Forex, you will ALWAYS be BEHIND. There are many ways to trade. YOU have to find the way that makes sense to you and works for you. No one else can tell you what that is, they can tell you what works for them and then its up to you to check if its right or not for yourself.
I quite agree. I am much more consistent with Forex. You don't get the 10%-30% swings you see in stocks, nor the wild daily swings of some commodities, and I've traded them all and still do. I suppose that may be why so many say Forex sucks. However, I'm comfortable with the macro view that frames forex moves, and I'm comfortable trading very short as well as longer timeframes, though for me very short is a day or two, not intraday.
Stocks are more volatile than forex according to calculations of volatility using standard deviation. But liquidity is an advantage on the forex side, HFT EA's work best there. But its really hard to find strategy that works both good on forex and stocks
Yes, and trade management needs to be entirely different too. It was what I struggled with initially in FX.
Might this final decision if all tried and not work, might forex not for them or because still can't learn well because already some trader still enjoy in trading.