Hi there traders and wannabe-traders,
I am new in the community,I am NOT a markets professional, I do NOT carry years of trading experience , but.....I am doing quite FINE in the futures markets, due to principles dictated to me by my father (whose experience with derivatives starts as far back as 1986).Obviously, I have to learn a lot by myself in the course of years, but I deem it wise to share some thoughts (and some of the aforementioned principles), for the purpose of validating or eliminating the importance of them.
- There are no "analysts".(If they were good analysts, they would not look to make a living out of subscriptions or salary, they would be trading).Do you agree?
- Technical indicators are mostly useless, as they are usually forming AFTER the price action, therefore their use can rarely trigger a profitable market entry.Do you agree?
- No one will ever sell you a profitable trading system (automated or not), as the entity which posseses such a valuable tool would never give it away for a few dollars.Do you agree?
- Forex trading is a hoax, I have been told.101 economics dictate that price movements result from supply/demand imbalances.Unlike the so called organized markets (exchanges), where one can see the trading volume of the underlying issue (future or option or share,or..whatever) and can conclude the volume it takes to move the price, in Forex trading, everything is "foggy". The Bank or "platform", is usually the counterparty of your trade, and you never get the whole picture of the real market.If the trader is anaware of the volume, he trades with an enormous disadvantage.Do you agree?
I would like to hear from the community, as I am thinking of converting to full time trader.
I am planning to get back with some more questions in a future post, so please excuse the nuisance (if any).