Hi, thanks for your answer. First I d like to ask what "TA" means? I think may be I should take a break from forex. Its really funny but its like everyone is trying to steal my money! By everyone I mean banks, brokers, charts feeders, MT4... Whenever I enter a trade the market after a while turns (or even worse spikes) the other way! And this is happening the last two months! I really can't think when was the last time when i had a winning trade! Maybe I should start trading the other way of what I m thinking! Seriously! I m always trading with the losers side... I think I need to learn how to avoid loosing. How & where can I learn/study this? The funny part is that I my target is not higher than 10-20 pips daily! It sounds so easy but its really so hard!!!
TA = tits and ass, at least back in high school it did! Seriously, it stands for technical anyalsis. The state of mind you're in now is good because it's times like these where you can learn the most. Hunker down and keep grinding. There is some good advice in this thread. The only thing I'd tell you to ignore is people who tell you to trade certain time frames. Trade what works for YOU! 1 sec charts to daily charts - whatever, you just need to find the strategy that fits your personality. The trouble is that process can take years in this business.
Hi, As a day-trader, you don't really need to watch many currencies to make good profits. In fact, watching too many might cause you to dilute your attention and focus which results in losing track of the "feel" of the currency you're trading. It's true that for most day-traders, you should focus on a few main pairs at the most. The reason why, is that you're familiar with the behavior in the current market conditions. And yes, you can trade in either UP or DOWN trend! You should focus only on the Most Volatile and Active Traded Currency Pairs which are EUR/USD and USD/JPY, for the best result! The most important thing for successful forex trading is that you need to have a system you know the logic of! NOT just follow one blindly! and you must have confidence in how and why it works! Elliott Wave let you know what is going on and you've full control over your trade.
I ve heard before about ElliotWave theory but I couldn't find a proper book/video to study them. Generaly one huge problem with all these educational material like ebooks/books/videos and also systems and strategies as well is that they give you examples on past charts. And on a past chart I m also very good of giving very good entries and exits and with very good explanations (believe me I am!). My main problem is live charts and live trading! Also the truth is that most of the systems are based on 1H or 4H timeframe that requires pretty big SLs and thats really bad for psychology part (even if you re demo trading). The problem is that I ve read about too many different systems (ok to be honest I ve only tried 3 out of...60 systems? Anyway most of them are pretty much the same. MAs and some CCI, RSI, OSC etc) but so far I couldnt find any system to feel comfortable with. I think that what I should do is a fresh start, study (like Elliot Wave etc) and choose a system based on lower timeframes like 5M, 15M (I know that most of you will disagree on lower timeframes selection but scalping makes me feel more comfortable. Although in the end of the month/year I m not sure if you are positive or negative). Any suggestions on any educational link or system? achilles28 the link on the "No Brainer Trades" your gave me is one of the best I ve read (im still reading it). Many many thanks!