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I have no idea about forex books, but if you want a basic education about forex specifically and trading in general, you can check out these two sites....the first one is pretty comprehensive and the second is a series of videos about a specific trading system taught by a vendor. I use it more or less as presented to trade forex. I like it because its visual and doesn't require lots of thought. I've adapted it to fit my style and beliefs about the market but you get the idea.
All that being said, there is no substitute for just watching charts and learning about price and how it moves.
This is called "Pendulum Swing Effect"...
that's why when we are happy, make sure not to be too happy. And vice versa.
Detach yourseld emotionally from trading is a good tech. encouraged by Tom Basso (one of Market wizard)
Still on sim....testing ideas, execution in real time. Practice sessions are great and I do them, but theres nothing like real time testing to validate ideas.
My system was on lockdown mode this morning so missed every early morning set up...still, my trade logic played out on NQ which is what I've been watching.....CL also more or less played out according to plan today but did not really pay that much attention as I was on a phone call today as well as trying to get Ninja working again...
Anyway, here is a screen shot of how one might use the ADR to set targets....Doing this, one might find themselves taking one or two trades per day instead of 5-10 trades trying to capture all the swings and miss the pull backs.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Thank you and to you as well....have a great holiday!. This is probably my last post of the year....getting ready for full on Christmas mode beginning tomorrow!!!!
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Cl trade is counter trend but at support on the daily and the 240M as well as on the 800T....50 ticks was around the 50% pull back area....so ok to try for that. Missed being stopped at BE by a couple of ticks....I moved stop to +42 once price was within 2 ticks of the target, of course I was stopped out only for price to make it all the way to my target and now its reversing off the trend line.
NQ, I took the break out from the globex HOD, moved to BE at +20 and was shaken out there before price resumed its upward move. I stayed away from that one as I have no experience with NQ being stopped at BE, this is the first time its happened in 2 months....go figure. Looks like I will add this symbol to my trading in late January. I'll have three months of trading it sim and so far I really like it.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris