What Am I Studying?
March 12, 2007 by Trader Rich
I have definitely been sidetracked for some time now, preoccupied with only particular GBP/USD forex trading systems. Due to this fact, I feel like I've disregarded other aspects of technical analysis that may one day turn out to be useful. This started about 6 months ago after my first full year of trading, where I found myself sitting in front of my computer staring at charts for what felt like forever. I don't know if it was burn-out or if I just felt like these other forms of technical analysis required discretion, something that I wasn't successful at. it could also have been that I was looking for instant gratification after months of hard-core learning.
I'm not sure where my trading will be next year or this year for that matter but I feel the need to start concentrating on some of these neglected areas. It's strange that I spend so much time optimizing and organizing this website but I don't translate this over to my forex trading and studies. I feel very disorganized and sometimes behind in what others have learned in an equal or shorter period of time. I've said this before but I'm going to try to put together a list of things that I want to study and learn more about. I want to continue with my GBP/USD trading systems but I also want supplement other things into the fray. Just off the top of my head are:
- Ichimoku specifically on the USD/JPY. I'm still reading the new ichimoku book that was sent to me but I've always been interested in this indicator and I want to explore it further
- Chart patterns
- Money Management
- Carry Trades
- Divergence
- Fibonacci
These are only a few but I think the key as I said previously is to get organized and try to create a learning schedule so that I can become more adept at forex technical analysis.
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Or you could simply try to implement your 30 pips reversal strategy on the 1h charts not only for GBPUSD but for EURUSD, USDJPY, USDCHF…
Why don\’t you try backtesting? It would save you a lot of time. What works in backtesting not necessarily works in real life, but what doesn\’t work in backtesting, sure as hell won\’t work in real life. At least that way you could get rid of all the systems and indicators that don\’t work and be left with indicators or systems that might work.
systems, yes I could do that also. Hermann, I have my done my share of backtesting but it’s on the backburner right now. Like I said before, I have to get organized… All my data is on an external hard drive and I’m still getting setup in my new house…
Hi Rich
I think we’re all guilty of thinking if we knew more it would make us better traders. But IMO that is a dead end road. Some really successful traders use very simple stuff.
Have a read of “The Logical Trader” by Mark Fisher…his ACD system is a nice blend of statistics and discretion…plus he still uses it (see thelogicaltrader.net for a book excerpt) - and it is very simple to use.
Alternatively, Phil McGrew’s stuff really works….and I’m certain Phil is the real deal in terms of trading himself.
You mention “it’s strange that I spend so much time optimizing and organizing this website but I don’t translate this over to my forex trading and studies.”
The reason for this IMHO is that site maintenance it is not as stressful as trading! On the other hand, trading profitably is incredibly boring…or should be. I think many of us would be better off leaving our money in a portfolio of carefully chosen CTA’s…
Just some “off the top of my head” thoughts!
Cheers, Motu
Auckland, NZ
Motu,what more can I say other that you make a lot of sense. I’m just a little out of sync and when this happens sometimes I start spurting a lot of stuff out of my mouth. It doesn’t mean I don’t mean it, it just means that I’m struggling to find direction.