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Over the past few days, I've been talking to a coworker who trades forex (almost) solely on technical indicators and it got me interested in learning more. I don't think I'll jump into forex or become a pure technical trader, but it would be nice to have an understanding of the major bull and bear patterns in conjunction with fundamental trading.
To the trading gurus of tRCMB, what technical indicators do you use and what literature do you recommend?
Almost every thing I've learned about trading I found on the web and through videos.
Also, I have a friend that got into trading around the same time and we both didn't know sh*t about it but it helps to have someone else getting into it so you can bounce ideas around.
You can trade technically in any number of equally valid ways. In fact, technical traders come in all stripes (and some are plaid). Whatever their styles, successful
This is an interesting discussion.
I built a fairly complex algorithmic trading tool a while ago that I had hooked up to the live US and Asian markets using a simulated account. It was a lot of fun but I (we, I had a friend who was a trader that helped with the trading details) could never get it to make any money using the predictive logic we had programmed it to use. It was very flexible and allowed a non-technical person a lot of control regarding how it made decisions and how to decide to hold/fold etc. We both got busy and the project just went into cold storage.
Would the idea of technical trading lend itself to the application of a tool like this?
This post was edited by SeeRockCity 16 months ago
Don't post poop!
I'm going to say that it might. It depends on what other inputs could get fed into the algorithm and/or its existing computational capability. Does this algorithm use different charting inputs, upper, and/or lower indicators as predictors for buy and sell points? If so, I definitely think that you can feed technical trading methods into your algorithm.
I've done some research, so far, and do like looking at candle charts versus the simple, price point only. The word of advice that I've gotten, is to only look at 3-5 indicators and use those to drive decisions.
Here, go play around on this site:
StockCharts.com's Web-based Financial Charting Tool
Technical analysis doesn't have any evidence behind it and most people consider it a scam. Furthermore, I would avoid trading forex as it a zero-sum game(negative with transaction costs) and the margins you will be making per trade are usually fairly thin.
The same can be said about fundamental analysis too. As I'm getting into it, the purpose behind many of the technical indicators is to try and predict herd mentality. My thought is that recognizing these patterns can help determine buy and sell points with my fundamental analysis that points bearish or bullish.
The transaction costs in forex are actually pretty small. They typically run 2-4 pips for any of the major currencies (Pound, Euro, Aussie, or Yen to USD). You run into high transaction costs when you trade riskier currencies. As I said, I don't think I'll get into forex because of the volatility. I just felt like inserting some background to my op.
This post was edited by 2TimeSpartan 16 months ago
My best stock trades have been a result of following a stock for several years. I know when it's cheap and I know when is a good time to sell.
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