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Currency Futures

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  #782 (permalink)

Lagos, Nigeria
Trading Experience: Intermediate
Platform: NinjaTrader, SierraChart
Favorite Futures: Euro Currency & Oil
lolu's Avatar
Posts: 2,459 since Jun 2009
Thanks: 1,011 given, 1,624 received

monpere View Post
I think the only thing such chart analysis is good for, is if you are doing a 5 min guest spot with Maria Barturomo. the best way to become a successful trader is to search for a market phenomenon you identify with and trade it. I.e I am gonna trade every breakout/down in an up/down trend, or every pullback in a trend, or every double top/bottom at resistance/support, or every divergence in a weak trend, etc. Find one thing and trade it every time it setups according to your rules. Your trading will become fluid and automatic, no more second guessing, no more hesitation, no more psychological battle on every trade.

After a while, you will only have to look at any chart for 3 seconds to know if a trade is setting up, and you will know several bars before hand if a potential trade will or will not trigger. If you want more trading opportunities, find a couple of other uncorrelated markets and trade the same setups there as well. I only trade 2 very specific setups, and I do it on one index futures, one currency futures, and oil futures, so I look at 3 charts. I only need to look up at each monitor for 3 seconds each and know if I have a potential trade within the next several minutes or so.


What you've done in these two paragraphs, is golden ... that's what I do on (I currently trade only the ) ... that's simply how to be a successful and profitable trader without reading $$$$$$ worth of books.


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