Hi Highways,
Quote:
|
Originally Posted by highways
Hey, I've been reading about forex for a while now but I just had some general questions. I'm really sorry if this information has been covered in other posts. Basically, my goal is to start trading/at least know how to trade forex. I'm not really interested in purchasing a system because I'd just want to learn to do this by myself. My problem is that every time I try to really start I end up feeling very overwhelmed because it seems like there's so much information to cover.
1. I've read briefly about things like fibonnocci lines, trend lines, candle stick charts. But I wanted to know, is there any of these three that tends to work better than the others? Or does it really depend on different factors. Do you guys have any links to information that gives other methods of analyzing trends?
2. Generally how do people make their own automated systems? Do you need extensive programming language? Or are there easier ways of making one?
3. Do you guys have any books or websites I should read to give me more information? Maybe specic places that will teach me more in depth on the methods of analyzing.
Thanks a lot. Once again, I'm sorry if some of this stuff has been covered in other posts.
|
I'll try and answer your points one by one.
1. Personally, I don't think it matters if you use fibonacci lines, trend lines or candlesticks. All that matters is that at the end of say, a thousand trades, you make a gain. By using position-sizing strategies, you can maximise your profits over time.
2. I have not automated my systems yet. I found it difficult. Mind you my programming experiences are limited to HTML and little PHP. There are some good service providers that make it easier to automate your system but the problem I had was that they did not connect through the broker I wanted to use. So I still trade my system manually.
3. A book to start you off on how to develop your own forex trading methodology would be
The Part-Time Currency Trader. It is very thorough, balanced and complete (By complete, I mean you do not need to refer to other books to understand what it is trying to say).
I hope this helps,
JJ