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DA
Butterflies and Gartleys work just as well on shares,
you will just have many more charts to trawl through.
If you trade the US stock market there is I believe a
website that scan US stocks everyday for fibonacci/harmonic
patterns. That makes life easy.
The secret with forex trading is to keep it simple, get
to know a few pairs intimately, and concentrate on using
the same indicators all the time. Almost anything will work
if you give it time, with money management being the key
to success.
rgds - arco
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hi arco , i notice the guys who are good seem to keep it simple or maybe they just make it look simple. i like the idea of getting intimate with a few pairs and selecting a couple of indicators i still feel at the moment im thrashing around without a definitive plan to excute. which indicators work for you , im having trouble recognising the ones you post.
i think im guilty of using indicators but not really knowing , absolutely exactly what there telling me. so wouls appreciate your top two or three.
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DA
Generally I use Fibo for harmonic patterns and targets. (Carney/Pesavento/Hobbs)
Minimal Elliot Wave for approx counts and for trying to decide if impulsive/corrective.
Trendlines, divergence.
I mostly use in the lower pane QStick @/or DiNapoli Stochastic
All this info is readily available on the web for free.
Even Gann can be found on the web, but its a minefield, and IMO you can manage without that info.
rgds - arco
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Arco,
I haven't any firm plans at the moment - might be better to arrange this amongst yourselves, and I'll see if it works for me.
Xerofffffffff.....:cool:
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Hi DB
if you dont mind me asking in terms of when you say you are more successful at trading shares ,is that better bottom line or completed trades or less stress, better risk reward,guess my analytical mind is just curious to find out your definition of success,mine has been to focus on percentage return on my account,but i am rethinking that strategy and want too focus more on once on a trade,how many pips that were on offer did i bank,not sure as yet how to quantify that
i think for me the attraction of fx over shares is that within a short time i know whether i have got it right or not,there isnt much middle ground for too long, (tho CAD mite be the exception for the moment)and to be able to make $ when a pair is going south is great!
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DA
The US pattern reconition web-site is noted below, but it doesnt look
like they do Gartleys/BFs yet (or currencies)
http://www.trade-ideas.com/GettingStarted.html
rgds - arco
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hi guys , i reckon in some ways the approach of our resident guru's in some way reflects the different skills you need for the eqity/ forex thing. from my level of technical ablity equities seem to be the go. phaedrus has simpler style that i can readilly follow , understand and apply , equities trend very consistently giving simple entries , sl etc ,
indices give you the trend , sectors show you where you should be sticking your readies. some uptrends last for years
on the other hand arco adopts a more complex style a lot harder to understand imo ,using more indicators that im not fully versed in and even if i am seems to use them in diferent ways . the forex market seems quicker and more dynamic and thats why im getting beaten with a q stick. i know trends are present but they seem harder to ride .
so being honest ive allways made money on equities and have so far lost money on forex.
but its been really stimulating and i simply will get there.
my main motivation comes from a belief that this bull market is entering its final phase , its been such a long run that a lot of people will not have experinced a bear market . i was trading qqq and nasdaq stocks very ignorantly looking back but did really good because the bull market saved me and decided to shift money into property here againing saving me . i admit i was lucky but still followed the nasdaq bear market closely , it was vicious and in some ways had a profound impact on my trading
its really diificult to short small med cap stocks in nzx asx and therefore decided forex would give oppurtunity to carry on trading if/when the bull market ends.
sorry got a bit carried away , im a bit embarrased to post it now but somebody might like to share some views
im definintly learning a lot and thank both our gurus for their generous posts
in some ways i would like to give all my money to arco and phaedrus and just let them get on with it but on the other hand its a great feeling to put a good trade together
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What brokers are you using for forex? Is CMC markets any good?
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xx
I've recently downloaded their platform to have a look, and
I also noticed some reviews for them on Goforex.
http://www.goforex.net/reviews/cmc.htm
(You will find all brokers get their share of bad press).
Suggest you may like to check this thread out as well
http://www.trade2win.com/boards/showthread.php?t=25680
rgds - arco