i meant for support and resistance - does it plot it for y ou or do i manually need to do it myself???
TOM 123 just answered the question about as good as you possibly could. don't go for gimmicks. Find a simple system that works and test it for a very long time. Here is my daily schedule while learning. I wake up at 2 am. trade till 6 am. I go and work my full time job. Get home at 5:30. then I eat and trade till about 9pm. sleep, get up and do it all over again. Until you can get to do this full time, it's a hard lifestyle if you want to be good and profitable. My other advice, is get your mind ready for it. It can be stressful dealing with fear and greed, learn how to do it and move forward without any emotions on your trading.
I was reading from babipips and you are right, thank you for your help. Now, I need to get a broker but someone in a forum recommended me to use tradeview forex. Is the same thing? Whatâs the difference? I need to know about a good one. Thanks!
I agree with your thoughts ,simple...and sounds like you have a good study /trade plan going. Montal..... the thing you said about finding a platform that 'plots the s/r points for you'.... not sure if there is , but I would advise against ever using any automated gadget or system, that ....'thinks' or analyzes 'for you'.... it will make your mind and analytical skills weak. you need to learn to 'see' the s/r points with your own vision... to take the time and effort to draw all the trendlines with free hand. and to see all the key s/r points, and not just on one time frame but on many time frames ,simultaneously. if you only watch one time frame.... you will be limited as to what price is really doing. I believe it takes a very clear and expanded vision , of many time frames, from the weekly thru the 1 minute charts... to get some sense of what price is doing now, and what it might do in the next moment. and as I said, its taken me almost a whole year to craft this clear vision. I'm just about there now. heres an example of what my trendline picture might look like at a given moment. its very basic
Looking at all the maze of trendline channels, can you 'see' which way price is going? up or down ? the answer ,I think, is Both up and down. its the classic battle between bull and bear energy. My strategy in analysis, using multiple time frame charts side by side, the 1 minute, 5 minute, 15 min. and 1 hour, as well as 30 second, and 3 hour, and daily.... is to somehow find the critical moment in time, and critical price at key s/r point, where the tipping point is reached, and price has to move in a direction. and the skill to exercise is in seeing which way price wants to go. Often the first telling signal comes from the 30 second and 1 minute candle at critical s/r points....but unless you also see what the 1 hour chart is telling, you cant know how long the movement might last. indicators also help to suggest how long a movement may last...as well as where the next target s/r point might be. Now matter how simple I try to explain what I'm learning....the forex puzzle game is so complex and tricky, theres no simple way to explain it. its a 5 thousand piece puzzle, and you have to be able to see all 5000 pieces all at once. the trendlines, and SMA's, and indicators, help to focus the vision to see the most critical pieces of data, and offer a sense of direction. the biggest weakness that a newbie has is Lack of screentime. If you only spend as many hours at the computer , watching candlestick price action, for as many hours a day as you can.... you will do more to move your skills forward than anything else. learning to Observe Everything,and understanding what happened and why it happened,and what it means in the last candlestick, so that you can see ahead of the next candlestick. The biggest thing I learned in the first 5 months, was that it takes unbelievably sharp mental skills, analytical awareness, to become good at this puzzle game....it takes complete mastery of a trading strategy and the skills of analysis and execution to do it successfully. think of it like on the same level as brain surgery or becoming a chess grand master.or mastering a martial art, or a foreign language. When I think of a newbie to forex, someone who just discovered the red and green arrows and some book called "win big easy at forex"...something like that.... to make you think theres nothing to it.... I wonder how many poor newcomers have been suckered into wagering their savings into a small account and trying to win at forex, like going to the casinos, and discovering the hard way, that its shockingly easy to lose all your money in the first month. Newcomers have no idea how complex forex trading is, how long the learning process is, and has to be, ....newcomers want to get rich quick, and they get suckered into the scam of advertising and gimicks. The big question newcomers have to ask themselves ,about wanting to succeed at trading forex, is ....Do you have at least a whole year, or two years , to intensively study it , for hours a day, in order to learn it well enough to develop the skills , so that you will have maybe a 50/50 chance of breaking even in the first year, and maybe making a small profit in the second year. Look at it like going to a trade school for 3 years. That would be a start toward realistic understanding of what forex is about.
yeah,Surdo, lol, thats what I think too sometimes... sometimes, I see such clear trendline channels, more like 'energy channels' ...that show me a price target hours ahead of time, and I watch price eventually go right there...and Ive spent hours calculating and analyzing,and drawing lines, and burning brain cells...and in the end, when price goes to the target...at the last minute, I see....oh for crise sake...the whole time, the target was simply the previous days high or low...and thats all it was. !!LOL
trading is simple, try to learn all you can but don't overclutter your brain. the price goes up, down, and sideways. its just not immediately obvious you don't have to be "right" to do it and many start out trying to figure out how to not take a loss. just figure out that mastering trading does not mean necesarily winning all the time. its about finding your risk reward comfort zone and which setups correspond to that. once you do that, you just play the probabilities. not that I'm any master trader, but I do know a (very) little bit