I have seen traders make consistent
returns just using RSI, I was a big believer in technicals so once
asked a guy how he use it. The response was expected..."If I think the
market is going up, I buy on RSI buy signals"...so gut feel played a
major role.
This must probably be the best advice I have ever used...know your market know what makes it change know the ranges know the expected pip moves on a daily weekly monthly basis.
Most of my money was made on long term views...meaning - look at the economics and decide what interest rates are going to do in the next 6 months...trade in that direction and MAKE SURE you add to a winner on all retracements so that when you are right you have a max position on. Also decide when your view will change...what must change fundamentally for you to believe that your long term view is wrong? Usually this has nothing to do with the absolute level of the currency you are trading.
I traded long term views but every single day I took positions. Either adding to a winner or making a loser lighter.
Many losses but the winners eat them up when they happen...
This must probably be the best advice I have ever used...know your market know what makes it change know the ranges know the expected pip moves on a daily weekly monthly basis.
Most of my money was made on long term views...meaning - look at the economics and decide what interest rates are going to do in the next 6 months...trade in that direction and MAKE SURE you add to a winner on all retracements so that when you are right you have a max position on. Also decide when your view will change...what must change fundamentally for you to believe that your long term view is wrong? Usually this has nothing to do with the absolute level of the currency you are trading.
I traded long term views but every single day I took positions. Either adding to a winner or making a loser lighter.
Many losses but the winners eat them up when they happen...
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