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thearabsmith

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Everything posted by thearabsmith

  1. thearabsmith
    IMHO... I started by learning T.A. and on my journey found myself delving into the fundamentals. The two both seek the same goal, but the big advantage to technical analysis for me is that Technical Analysts are able to arrive at actual price targets over shorter time frames. So My primary focus as a trader involves technicals as i'm working to short time frames (under 3 months), however, unlike some technical analysts I do believe that fundamental analysis has value. I believe it serves as a foundation to interpreting charts across longer time-frames, and aids in understanding what is possible and likely. ATradersNotepad Blog
  2. thearabsmith
    Forgot to attach my flow chart to the previous post :crap: ATradersNotepad blog
  3. thearabsmith
    This seems good advice. I've been trying to find my own way for a couple of years now and think I'm on a sound platform... Although my flowchart keeps on getting tweaked - which I suppose is a good thing:doh: ATradersNotepad blog
  4. thearabsmith
    Nothing's a waste of effort. Want, want, want without give, give, give will on the whole get you nowhere. :doh:
  5. thearabsmith
    A consistent strategy may also be a losing strategy. If our trading system has a 90% winning trade ratio, we might think this is a fantastic system to use. Not necessarily. If the first 10% of trades loose, we may be out of money prior to the 90% of winners kicking in. Also, think of this scenario. The 90% of trades make on average £/$/€10 each and the 10% of trades loose on average £/$/€100 each, simple maths tells us that our money will soon run out with this strategy. This is why money management is so important. You never know when you're going to hit a loosing streak. You need to have a strategy that will allow you to absorb these looses, which usually means risking small amounts of capital per position, usually 2% or so. Think about this when developing your trading strategy. Chapter 7 on Managing Risk at atradersnotepad should indicate why this isn't a good idea.
  6. thearabsmith
    Hi Raaj I'm not sure about software, but I think chart stock charts has something. However, I'd steer clear if there is anything out there, or at least only use it as an accompaniment to your own learnings. Why? Because all traders need chart time. In my opinion there's no short-cut to sitting in front of a chart, learning. If you employ automatic software recognition, you'll miss the understanding of candlestick patterns. Honestly, it'll only take a few months before you recognise inverted hammers, The Harami, bullish engulfing etc... Sorry if I'm teaching yo to suck eggs. Oh, there are a few good learning resources out there. Baby Pips and A Traders Notepad are two worthy ones. Regards TheArabSmith
  7. thearabsmith
    I'm in the same boat. Think I'll take my time and figure out a few that work for me.
  8. thearabsmith
    Hi Blindvet I'm in the same position. One word of advice - learn first, test second, then open an account. Hope I'm not teaching you to suck eggs:)? I opened a CFD broker account here in the UK, but found that I really didn't know what I was doing. I decided to take a few months out and learn all I could about trading. I'm now at a system development stage after learning technical analysis, money management, trader psychology and generally about Forex and Forex correlations. I think you need to know how it works before letting loose:) and I've still got lots to learn... My main resource was Market Trading School, which I found through Twitter at handle Mrkttradeschool. I also used baby pips and david waring's videos. All resources were top notch and free. Hope you trade well?
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