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For any tading concept you try, you have to ask yourself, do I believe in that concept? Does it make sense to me? Does it fit my personality? I don't use fibs, because I personally feel they are more random then not. I feel I could take any random fib level, go through any random chart, and find 5 occurrences a day where that randomly chosen fib level was hit exactly. So, fibs would never work for me. That said, I know there are successful fib traders. Why are they successful? Because they believe in it, it is all part of the psychological piece of trading. You have to believe in, and have confidence, in the system you are trading. Unless you are ready to punch the guy next to you in the head, because he said something derogatory about your system, then that system is probably not gonna work for you
Thanks Aztrader9, Andrew and Monpere for the Fibs advice/sharing. Months ago it's too overwhelming + crowding my charts. Now I only focus on 50%/61.80 retracement as a start and it's not threatening anymore. I am hoping that it will give me a better idea on where to set profit target. If successful, I maybe able to adjust 1:1 reward/risk to 2:1 or higher. Plus serves to confirm a regular signal when divergence ones (with the trend) have been rare these mornings.
Hi Beth, BTW-Great thread...thank you for being open and honest in your journal...it is refreshing. I learned fibs by reading but also thru this person’s am post via email. He totally is a fib trader, more than I am. This is a downloadable video. It may help to see how they are fully relied upon, like I do with indicators and a little price action when trading.
If time he has a 1 week free pass, and his room is only 30 per month if you want to see more. He trades all day. I really like his am files, FWIW-this is not an endorsement, just a learning tool if Beth can use. Hey its free-right. Take Care-Mark
Thanks for the link. I just downloaded it (mp4 format) and my computer is unable to play it. Hopefully I can figure it out else please provide me with the website in question. Thank you.
