Books for technicians, developing strategy, day trading
Jan 31, 2017 at 13:55
CPA ?
Some resources below, but as I said be mindful. 99% of the information on fx available even from brokers is just the conventional wisdom and that has a 30% success rate. We know that because the figures are published and it's not the same 30% every year. Probably 10% success long term and only about 1% of those will make serious money from fx.
The conventional way of doing this, which is all over the internet and is propagated by threads like this is waste of time. The key to fx is first and foremost trade sizes which is a function of your risk, thus DD. Get that wrong it doesn't matter what you do you'll wipe out, unless you're Jesus and can see the future.
If you don't believe me, simply open a portfolio of longs only, no short trades over say 30 pairs, move money from the high value ones to the low value ones and it will become crystal clear the direction you're trading in is irrelevant. You don't need to make directional calls as long as your trade sizes are good. Simple as that. Of course directional calls helps tremendously with profit, but being right is not a requirement to make money in fx.
https://www.oanda.com/forex-trading/learn/
I hope I saved someone a few years here. Not you Jim, go read another book.
Some resources below, but as I said be mindful. 99% of the information on fx available even from brokers is just the conventional wisdom and that has a 30% success rate. We know that because the figures are published and it's not the same 30% every year. Probably 10% success long term and only about 1% of those will make serious money from fx.
The conventional way of doing this, which is all over the internet and is propagated by threads like this is waste of time. The key to fx is first and foremost trade sizes which is a function of your risk, thus DD. Get that wrong it doesn't matter what you do you'll wipe out, unless you're Jesus and can see the future.
If you don't believe me, simply open a portfolio of longs only, no short trades over say 30 pairs, move money from the high value ones to the low value ones and it will become crystal clear the direction you're trading in is irrelevant. You don't need to make directional calls as long as your trade sizes are good. Simple as that. Of course directional calls helps tremendously with profit, but being right is not a requirement to make money in fx.
https://www.oanda.com/forex-trading/learn/
I hope I saved someone a few years here. Not you Jim, go read another book.
Jan 31, 2017 at 15:06
theHand posted:
99% of the information on fx available even from brokers is just the conventional wisdom and that has a 30% success rate.
(...)
https://www.oanda.com/forex-trading/learn/
Are the informations from Oanda really good and helpfull?
Else I agree with you.
In Germany we have a spoke:
'No one who finds a gold vein will call for other gold seekers'
But unfortunately a lot of people don´t understand it 😀
The differenece between who your are and who you would like to be be is what you do
Jan 31, 2017 at 15:23
A lot of it will be about how to use their product. They're not traders either. They're a broker, a middle man. Which can be very frustrating, since they've pretty much lost the plot in terms of product. But still the best out there.
But what they do really well is display information which you will not find in MT. Like position values. I haven't gone through the information, but I presume it will be as good as is commonly available and in some cases better, like understanding the difference between the base currency of an account and a base of a pair. Details, which is what fx is all about.
They use to do webinars or whatever you call it about TA's, but then they're not trading it either, just parroting the convention with a few added details to their clients.
So it's about as good as it's going to get, but still useless.
But what they do really well is display information which you will not find in MT. Like position values. I haven't gone through the information, but I presume it will be as good as is commonly available and in some cases better, like understanding the difference between the base currency of an account and a base of a pair. Details, which is what fx is all about.
They use to do webinars or whatever you call it about TA's, but then they're not trading it either, just parroting the convention with a few added details to their clients.
So it's about as good as it's going to get, but still useless.
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