Hello Gents,
About 3 months ago I was introduced to Mr.Forex and Mrs.Pips, quite an interesting couple.
Anyhooo, I've been studying up since then; reading books, online tutorials, some ideas of "Gurus" and this lovely forum. I have also gathered more than a fair share of different systems for all trading styles. Kind of information overload if you ask me, but I am just trying to get a little grasp of something.
Like everyone else I tried a demo account, but not for long, I was sure trading with real money, no matter how small, is a completely different beast, so I now have a little account open, and trying to see where this can go. I am trying to consciously, as much as possible, to maintain discipline and healthy trading mentality, which I am not sure what that really is but I formed an idea from my readings and it'll change as I learn. Sometimes I still throw away all Money Management principles sometimes though, following some impulses.
I know I am new and haven't stood the test of time yet, but something occured to me and I would definitely like to hear some seasoned traders' opinion on this.
I think the natural tendancy is to jump into systems too soon, before working on the basics. What I've found out from looking at historic charts and trying so many different systems is that the systems are there to get our attention when there is a possible trade, but the far more important issues to deciding the trade is price action, based on candles/bars, trendlines, channels, and support and resistance, these proved, to me at least, to be far more reliable than indicators and systems, which I think are important, but only secondary. Please let me know what you think
In adherence with that, I also believe that it is critical to have charts in two or even three different time frames, even for scalping.
Finally, I have tried searching all my resources for learning how to draw trendlines, channels, and support and resistance areas, but if you know of any good website/book/e-book for that kind of thing, or you have some advice of your own, I am very appreciative.
Kash
About 3 months ago I was introduced to Mr.Forex and Mrs.Pips, quite an interesting couple.
Anyhooo, I've been studying up since then; reading books, online tutorials, some ideas of "Gurus" and this lovely forum. I have also gathered more than a fair share of different systems for all trading styles. Kind of information overload if you ask me, but I am just trying to get a little grasp of something.
Like everyone else I tried a demo account, but not for long, I was sure trading with real money, no matter how small, is a completely different beast, so I now have a little account open, and trying to see where this can go. I am trying to consciously, as much as possible, to maintain discipline and healthy trading mentality, which I am not sure what that really is but I formed an idea from my readings and it'll change as I learn. Sometimes I still throw away all Money Management principles sometimes though, following some impulses.
I know I am new and haven't stood the test of time yet, but something occured to me and I would definitely like to hear some seasoned traders' opinion on this.
I think the natural tendancy is to jump into systems too soon, before working on the basics. What I've found out from looking at historic charts and trying so many different systems is that the systems are there to get our attention when there is a possible trade, but the far more important issues to deciding the trade is price action, based on candles/bars, trendlines, channels, and support and resistance, these proved, to me at least, to be far more reliable than indicators and systems, which I think are important, but only secondary. Please let me know what you think
In adherence with that, I also believe that it is critical to have charts in two or even three different time frames, even for scalping.
Finally, I have tried searching all my resources for learning how to draw trendlines, channels, and support and resistance areas, but if you know of any good website/book/e-book for that kind of thing, or you have some advice of your own, I am very appreciative.
Kash