Hey Traders,
Thought I would post up something a little different and possibly unique from what you are used to seeing on the ideas section.
Basically I'm here to rubbish 90% of what you see on here. Why? you may ask.... Well almost every 'idea' you see on these pages is attempting to predict where price will go on a certain currency pair or commodity. Guess what? You cannot predict what will happen. Nobody can. If you really stop and think about it, how stupid do most of these ideas sound when you think of them as attempting the magic that is predicting the future? it's actually insane.
I will run through some examples of ideas that attempt to predict the future (almost always unsuccessfully)
1. Channels, trendlines, Support and resistance - All nonsense, yet used by almost everyone (the 95% of losing traders funnily enough) The value of something does not care about random diagonal lines that Karen from Tradelikeme.com draws on her chart. They also don't care about highs and lows. Good wasn't supposed to go through $2000 recently, then $2500, then $3000. The sheer number of idiots selling at these levels is astronomical, yet gold didn't care and keeps on going.
2. Cosmic god like indicators such as Fibonacci and RSI. - Banks don't pause their buying or selling because a particular number sequence has been reached. They also don't care if you think it's overbought or oversold!
3. News events - Yes news events obviously do move the price. But you need to ask yourself why? How many times does some US news sound good for the dollar, yet the price goes sharply the other way? Banks are using these events to gain liquidity that they can whipsaw in the market and take out all your stops. They then have the money to go whichever way they want.
Using news events to try and predict price will always end in ruin long term.
I will try to post more positive information on how I trade and how I learnt these lessons to become a genuine full time trader.
Thought I would post up something a little different and possibly unique from what you are used to seeing on the ideas section.
Basically I'm here to rubbish 90% of what you see on here. Why? you may ask.... Well almost every 'idea' you see on these pages is attempting to predict where price will go on a certain currency pair or commodity. Guess what? You cannot predict what will happen. Nobody can. If you really stop and think about it, how stupid do most of these ideas sound when you think of them as attempting the magic that is predicting the future? it's actually insane.
I will run through some examples of ideas that attempt to predict the future (almost always unsuccessfully)
1. Channels, trendlines, Support and resistance - All nonsense, yet used by almost everyone (the 95% of losing traders funnily enough) The value of something does not care about random diagonal lines that Karen from Tradelikeme.com draws on her chart. They also don't care about highs and lows. Good wasn't supposed to go through $2000 recently, then $2500, then $3000. The sheer number of idiots selling at these levels is astronomical, yet gold didn't care and keeps on going.
2. Cosmic god like indicators such as Fibonacci and RSI. - Banks don't pause their buying or selling because a particular number sequence has been reached. They also don't care if you think it's overbought or oversold!
3. News events - Yes news events obviously do move the price. But you need to ask yourself why? How many times does some US news sound good for the dollar, yet the price goes sharply the other way? Banks are using these events to gain liquidity that they can whipsaw in the market and take out all your stops. They then have the money to go whichever way they want.
Using news events to try and predict price will always end in ruin long term.
I will try to post more positive information on how I trade and how I learnt these lessons to become a genuine full time trader.
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