I’ve had a few questions come in over the last several days which don’t really require a full post to answer, so I’m going to hit them together. Here’s the first:
If you love helping people get the most out of their trading, I would like to ask you where I can find good Elliot Waves handling materials or manual.
I’m not an Elliott Wave practitioner, though I understand the concepts. At the top of the list of reference materials on the methodology has to be Elliott Wave Principle. A reader of the blog said about studying EW “I know when you first take a stab at it it is very, very daunting and down right confusing. But trading in general is hard, if the technique were easy, I would probably not have given it a shot. Keep trying its worth it. You will not be sorry.”
Like just about everything else in trading, to become effective with EW you’re going to have to put in the work and practice with it a lot.
The other emails all had a common basic theme.
For your information, i already lost my capital almost 90% from $100. i knew that i still new in this investment but from the articles related forex, i used 2 indicator;
1. MACD
2. StochasticBut, i still made wrong prediction even i followed the graph of that indicator. More i getting know about forex, more i get confusion and made more mistake. i dont know what should i do next. should i i use autotrading? like zulutrade or any else? or do you have a better solution for me, what should i do. what the steps i should follow.
Right now, i wanna know about short term trade and long term trade, which one is better for me and how i can gain a profit for my 2nd investment?
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i want to understand probability of trading. how to remove impulsive trades from my trading
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I am a beginer and at this moment my first enemy is my mind.
For example: 03/03 i open long AUDUSD at 0,9030 with sl 0,8960 tp 0,9126, but 04/03 AUDUSD drop at 0,8977 i was so afraid and close my position but now AUDUSD is 0,9122. Nice!
Do you see the common thread running through these inquiries? They all come down to having a well-thought-out trading plan. If you go through the process of developing a good plan, which includes a thoroughly thought-out and tested trading system, then these questions don’t get asked. Developing your trading plan (which is really the major focus on my book and trading course) helps you gain the confidence you need to enter good trades and see them through (problem for last emailer), avoid impulsive trading (second emailer), and know which timeframe(s) and methods are going to work best for you (first emailer).
As for using a service like zulutrade (where trades are done in your account based on those done by other traders), that is generally going to be more for those who aren’t really interested in developing as a trader and/or or those who want to diversify their trading/investing.
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About the Author
John Forman, author of this blog, has traded for more than 20 years, is a professional market analyst, and authored The Essentials of Trading. He is an active participant in trading forums, consults for trading related businesses, as published literally dozens of trading articles, and has been quoted in a number of books and in the media.
** See John’s full bio.
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