Absolutely, and if it gets the job done it obviously works. Whatever edge a consistently profitable trader uses is fine with me, it's kinda pointless trying to tell them their strategy doesn't work
You are a MORON. nuff said. A pragmatist sees evidence and applies. An idiot like yourself ignores it. "Gee, so they found nothing works." But what about forex? I have no proof, but Works for me! There, I just disproved all those longterm studies. Duhhhhhhhh." NO EVIDENCE THAT IT WORKS. But that doesn't faze a clueless idiot like yourself. have a nice life. And now on ignore. When facts don't faze someone, then they are little more than a potted plant. Lindec. People like Cabletrader are a poster child for the 95% that lose their money. Follow people like him, and lose. Demonstrate strong, well-established evidence that something is useless, and it has no meaning to them. They just know better.
Thanks for all the awesome advice guys. There's a lot of good tidbits in this thread. Also, didn't mean to start a fundamental vs technical analysis flamewar here haha. I've been trading stocks for awhile, and I've dabbled in options. But what I like about Forex thusfar is that even when the US economy is thrashed and most people that are long on stocks (I'm ignoring those hyperactive futures traders and spread scalpers and stuff) are losing tons of money, Forex traders don't care, they can simply trade a currency the opposite direction, or move to a different pair. So I guess this brings me to some more questions as far as technical analysis. Right now, the only tools I'm really using are the MACD, support/resistance and analyzing the candles. I know the basics- a hammer indicates a turn upward, tweezer tops trend reversal, double tops, etc.. But it's the MACD that interests me. When I look at when there is bullish/bearish convergence/divergence in the MACD and signal, the market does seem to follow, but when I try to base trades off when the MACD turns, I don't tend to do all that well. What's the best way to use the MACD? I know it can be an indicator of the motion of the market, but I also know it can be a delayed indicator. So should I think about entering a position *just before* the convergence/divergence? Should the MACD be a major or minor factor in my trade decision? Also, when you guys are looking at your charts, what time-frame do you tend to use? I generally look at the daily, then 2 hr and then 15 min frames and then trade based on the 15 min, but I'm starting to think the 2 hour is a much better indicator. What do you guys do and why? Sorry for all the questions. Hopefully they aren't too dumb. Thanks again for all the help everyone!!
ROFLMAO - You know what's really sad? YOU are the one who is on most people's "ignore" list. Not mine, though. I read your stuff for the entertainment value. One of these days when you grow up and trade for real like Cabletrader, maybe someone will care what you have to say.
lol, all evidence to the contrary TraderZones, some of us actually trade and consistently make money! You really should try trading one day, put some of those questionable theories of yours into practice, rofl http://elitetrader.com/vb/showthread.php?s=&postid=1869174#post1869174 http://elitetrader.com/vb/showthread.php?s=&postid=1906987#post1906987 http://elitetrader.com/vb/showthread.php?s=&postid=2036695#post2036695 http://elitetrader.com/vb/showthread.php?s=&postid=2054511#post2054511 http://elitetrader.com/vb/showthread.php?s=&postid=2072639#post2072639 http://elitetrader.com/vb/showthread.php?s=&postid=2072750#post2072750 http://elitetrader.com/vb/showthread.php?s=&postid=2075579#post2075579 http://elitetrader.com/vb/showthread.php?s=&postid=2097877#post2097877
Hi lindec, don't worry you didn't start the fundamental vs technical war, it's been an ongoing emotive 'debate' on pretty much every trading forum since time immemorial! On occasions there are some very knowledgeable traders who have the ability and experience to argue their point about technical analysis being ineffective, unfortunately this isn't one of those occasions What is glaringly obvious to me is that the likes of TraderZones rarely offer an alternative to TA, they just quote inconclusive unrelated research about the application of TA in a totally different market, then when challenged they shout and scream abuse to hide their ignorance and inability to support their view with any kind of reason or logic. They're entertaining to a degree but at the end of the day they're just noise that needs filtering out when discussing trading seriously. Anyway back to the topic! You'll find an awful lot of indicators are based on lagging oscillators, they look very pretty after the event but don't really help in a live trading environment. I've used MACD myself in the past but more as a general indicator of whether to stay in an existing trade rather than a reason to get into a new one. sg20 posted an interesting link to a trading strategy which uses Fibonacci levels quite effectively, I've watched a couple of the videos and they're pretty good in my opinion.....and free! The author of the videos had a couple of long-running threads on another forum which were extremely popular, he seems to know what he's doing and his results seem to bear that out, after all it's all about bottom line results in this business, either someone's making money or they're not. Regards candle patterns, I can't help you there as I use a bar chart, candles were always too confusing and contradictory to me. If you have a look around the forums there are some detailed threads about them, and there are a couple of good books on the subject which might be worth reading. I think that whatever strategy or system you use it's bottom line results will always depend on sensible money management and discipline. If you read around any trading forum you'll find endless discussions about trading strategies but very little about money and risk management, which in my opinion is why an alleged 95% of traders lose money in the long run, they don't focus enough on what's really important.
Sorry, misread you post slightly in my previous reply! It's no surprise TraderZones ends up on most people's ignore list, even comic characters like him have a limited shelf life and entertainment value
I'm sure you caught my sarcasm, it's just too easy for a new person to throw a lot of $ at a new account. Funny thing, I have a DVI-to-HDMI cable, DVI outputs from my PC, so I connected the PC to my plasma, went on hulu.com, and after all that,watched a Miami Vice episode (the one with Phil Collins). "I got the readies, if that's what you mean."