Newbies out there are actually very lucky

[phpower8]

Newbies out there are actually very lucky. They have not yet been poisoned with hopes of magical indicators to tell you what to do. This allows them to look at the markets with a fresh set of eyes and I would like to share with you all that you will ever need to know to be a successful trader, newbie or not.

Forex has been my main job for the past 3+ years, I had my ups and downs in the beginning and I wasted A LOT of time looking for 'something better'. It's just human nature and psychology that end up being what makes trading difficult for most people. Trading itself, it turned out, is very simple.

I will list here all you will ever need to learn and you need to trust me.
I speak from experience and I want to share my way how you become a successfully trader.

1. Support/Resistance (Also know as Supply/Demand)

2. Trend Lines (Drawing these is an art)

3. Candlesticks (valuable information in picture format)

4. Risk/Reward (The art of never risking more than you are trying to gain)

5. Money Management (don't be greedy)

These 5 items will make you as much money as you want but only if you allow 1 thing not to get in your way. That thing is of course your very own brain, you will be your worst enemy. Understand that you will NOT win every trade, it is NOT possible and it will NEVER happen. Accept loss as part of your success because with correct Money Management and Risk/Reward loss will not effect you.

I wish you all the success in the world

[Enivid]

Nice advice here. I'd also say that looking at the fundamentals (at least avoiding trading during big news releases) can also be helpful.

[traderx]

Originally Posted by Enivid

Nice advice here. I'd also say that looking at the fundamentals (at least avoiding trading during big news releases) can also be helpful.

Your right in most cases. But with forex and Pair Options the news can sometimes help. For e.g. with Pair options, which are market neutral, and where you are trading in stock pairs such as Apple/Google - some big news releases may actually help your stock be the better performer in the stock pair.

[JFogel]

Why are candlesticks in this list? Have you ever back-tested them in each market and interval to know whether following them is good advice or fool's gold?
I've been doing extensive backtesting on candlesticks, and the results are astounding- the market typically does the opposite of what a candlestick pattern "means." I've tested them in Forex, Futures, and Stocks, in several time intervals. There are very, very few patterns that honestly have any success rate higher than 55%.

I like looking at my charts in candlestick format, but I would never take a trade because a certain pattern appears- unless I have thoroughly back-tested the candle formation in that market and in that time interval.

[phpower8]

I am talking about for H4 candles and after big swings in right location... Then they give you signal to get in trade. The key is location-location-location!

[gina]

I read your article and i will agree with all. The only wich missing is Price Action. Now I believe are complete! They all working together in the right time and in the right place. Plus I sugest Consistancy, Patience, Discipline, Focus.

[daveM]

Originally Posted by JFogel

Why are candlesticks in this list? Have you ever back-tested them in each market and interval to know whether following them is good advice or fool's gold?
I've been doing extensive backtesting on candlesticks, and the results are astounding- the market typically does the opposite of what a candlestick pattern "means." I've tested them in Forex, Futures, and Stocks, in several time intervals. There are very, very few patterns that honestly have any success rate higher than 55%.

I like looking at my charts in candlestick format, but I would never take a trade because a certain pattern appears- unless I have thoroughly back-tested the candle formation in that market and in that time interval.

Candles have great value but can not, in my experience, be used alone.

[sevrfx]

will the eur go up or down?
any one have answer?

[Enivid]

Originally Posted by sevrfx

will the eur go up or down?
any one have answer?

Yes, it will go up or down .

[JFogel]

Originally Posted by Enivid

Yes, it will go up or down .

Man, I entered a trade hoping it would do neither- now I'm screwed