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Forex trading without using any indicators?
- Thread starter darkman
- Start date
Gotta agree with this for me. Altho i do like the old MACD also. Need to find what works for you and keep it simple. Ive seen charts that look like someones been sick on them there were so much crap added.
Indicators lag and the volume that you see is not real.
Also dont just be stupid enough to place your stops on fibos, most people seems to misunderstand the real edge that fibos give you. The market wont just pivot off a value because its a golden ratio...however there is a lot of people who places their stops there and gets swiped all the time.
Look into how fibos allow you to positionate yourself...if you dont believe me i couldnt care less
Also dont just be stupid enough to place your stops on fibos, most people seems to misunderstand the real edge that fibos give you. The market wont just pivot off a value because its a golden ratio...however there is a lot of people who places their stops there and gets swiped all the time.
Look into how fibos allow you to positionate yourself...if you dont believe me i couldnt care less
jammie
Power Member
- Feb 24, 2008
- 773
- 459
In an overbought/oversold market MACD goes tits up. Volume alone can't be very useful, however using the MFI can go a long way.
The traders who don't use indicators and say "just bar/candlesticks" are lying; they're making a moving average through them and basing it on that. I.e. closes at a low, they'll open to sell etc.
But you'd be stupid to trade without looking for primary & secondary support & resistance lines anyway.
Fib lines are a flawed concept, but they DO work. So many peopple use them that it becomes a fact.
The traders who actually use no indicators ARE using indicitors, but they're using fundamentals not technicals. You'll always make money playing fundamentals, but unless you're a bank or have HUGE ammounts of capital, be prepared to get whipsawed constantly, for HUGE spreads and massive slippage. I've seen 80+ pip slippage before in some cases.
To be a profitable trader you need to know the inner workings of both. Be prepared to read 5000+ pages of the most dry reading material you've ever known.
Look, when it comes to forex there aren't any easy ways to do it. You need to invest real money, no demo account crap. Trust me, even if it's only $200-$500, you'll get a hell of a buzz and quickly realise your weak points. I traded for *years* on a demo making consistant profits, but as soon as i switched to a real account, it was a whole different ball game. No excuses, NOTHING will prepare you. Not even trading other peoples money etc.
Expect to spent about 3 years of looking at charts, investing about $6k~ (which you'll lose) and trying probably 50 or so "tried and tested strategies" (which won't work). You need you own style and your own way of working.
When i was big into forex i was making a very lucrative income, however 3 months later the credit cruch hit, markets went to shit and my strategy failed miserably. Lost it all. I was doing it for fun and it wasn't about the money so i didn't mind.
Maybe i'll get back into it in a couple of years.
The traders who don't use indicators and say "just bar/candlesticks" are lying; they're making a moving average through them and basing it on that. I.e. closes at a low, they'll open to sell etc.
But you'd be stupid to trade without looking for primary & secondary support & resistance lines anyway.
Fib lines are a flawed concept, but they DO work. So many peopple use them that it becomes a fact.
The traders who actually use no indicators ARE using indicitors, but they're using fundamentals not technicals. You'll always make money playing fundamentals, but unless you're a bank or have HUGE ammounts of capital, be prepared to get whipsawed constantly, for HUGE spreads and massive slippage. I've seen 80+ pip slippage before in some cases.
To be a profitable trader you need to know the inner workings of both. Be prepared to read 5000+ pages of the most dry reading material you've ever known.
Look, when it comes to forex there aren't any easy ways to do it. You need to invest real money, no demo account crap. Trust me, even if it's only $200-$500, you'll get a hell of a buzz and quickly realise your weak points. I traded for *years* on a demo making consistant profits, but as soon as i switched to a real account, it was a whole different ball game. No excuses, NOTHING will prepare you. Not even trading other peoples money etc.
Expect to spent about 3 years of looking at charts, investing about $6k~ (which you'll lose) and trying probably 50 or so "tried and tested strategies" (which won't work). You need you own style and your own way of working.
When i was big into forex i was making a very lucrative income, however 3 months later the credit cruch hit, markets went to shit and my strategy failed miserably. Lost it all. I was doing it for fun and it wasn't about the money so i didn't mind.
Maybe i'll get back into it in a couple of years.
nantaprong
Junior Member
- Feb 21, 2009
- 195
- 26
Or you can see it as a gambling game. Don't use any indicators or any thinking. Just use your gut feelings.
Posted via Mobile Device
Posted via Mobile Device
whs1978
Registered Member
- May 19, 2008
- 74
- 292
I used to work as a commodity futures broker, which included some forex clients. Problem is that within the first six months - and usually much sooner - over 90% of newly funded accounts are wiped out. Of the remainder, very few of those accounts make it to the end of the first year, and of those accounts that remain, most don't last through the second year. What remains are successful traders.
Consider this: As an individual Forex trader you are trading against giant, football field size trading rooms filled with some of the smartest people in the world using the most sophisticated trading platforms in the world, with access to information you will never see. These cats do not have to contend with the market spread you trade with, and they can open and close a trade before you can even open an order. These professional traders work for banks, governments, and giant corporations.
Yes, you can make money trading Forex. Quite frankly, for nearly all of us, our time is better spent plodding along building little websites that bring in income month after month. You may lose a few websites along the way, but you will never have the exposure to the risk of financial ruin that is present in the Forex market.
You see, greed and impatience is what takes us out of the Forex and internet marketing games before we have a chance to succeed. Most of us have a far better chance to make money on the web than we ever will with Forex. Just have patience and do the work.
Consider this: As an individual Forex trader you are trading against giant, football field size trading rooms filled with some of the smartest people in the world using the most sophisticated trading platforms in the world, with access to information you will never see. These cats do not have to contend with the market spread you trade with, and they can open and close a trade before you can even open an order. These professional traders work for banks, governments, and giant corporations.
Yes, you can make money trading Forex. Quite frankly, for nearly all of us, our time is better spent plodding along building little websites that bring in income month after month. You may lose a few websites along the way, but you will never have the exposure to the risk of financial ruin that is present in the Forex market.
You see, greed and impatience is what takes us out of the Forex and internet marketing games before we have a chance to succeed. Most of us have a far better chance to make money on the web than we ever will with Forex. Just have patience and do the work.
A broker that is good for starting out with is Oanda, they offer micro accounts i.e. you can trade with as little as 1 dollar. So can fund a $200 account or something and start learning with real money. Ive had an account with them for several years and had no problems. For large accounts I would look elsewhere tho such as Interactive Brokers.