Can I trade mostly based on technical analysis?

[forker]

98% traders either lose all or don't make money because they use TA

I sense many will argue against your opinion as they are heavily invested in TA.

 

[victorycountry]

I sense many will argue against your opinion as they are heavily invested in TA.

All good because this is the truth.
A lot of retail traders have frequent small wins using TA and then they get one or two big losses which will take away all their hard earned profits eventually.
TA is based on past info and does not incorporate upcoming info. So It may appear work only when there is no news.

 

[forker]

All good because this is the truth.
A lot of retail traders have frequent small wins using TA and then they get one or two big losses which will take away all their hard earned profits eventually.
TA is based on past info and does not incorporate upcoming info. So It may appear work only when there is no news.

I concur and also trade using fundamentals although I did manage to make money using TA just not as much as I make now. Fundamental traders are rare in this forum and in fact I am fairly confident in stating you and I are probably the only ones that trade this way without any TA. I am in favour of a dedicated thread (locked down of course to keep the trolls out)

 

[darktone]

I think most traders could happily lose using TA FA or SA. I think the whole 'one works one dont' thing is just another distraction.

 

[barjon]

I think most traders could happily lose using TA FA or SA. I think the whole 'one works one dont' thing is just another distraction.

Yes and some can happily win, too. The conclusion is that it's the traders and how they manage their trades that "work" not what they might use to get into a trade in the first place.

 

[forker]

For me, the difference between TA and FA is TA has a greater emphasis on probability. You don't know if any given setup is going to work so you have to take each one. The FA approach is more clear cut where the information gives a clear signal. The outcome is you can avoid the losses that's inevitable when trading probability. This has made the biggest difference to my trading results and I am more profitable. You also get larger wins

 

[victorycountry]

For me, the difference between TA and FA is TA has a greater emphasis on probability. You don't know if any given setup is going to work so you have to take each one. The FA approach is more clear cut where the information gives a clear signal. The outcome is you can avoid the losses that's inevitable when trading probability. This has made the biggest difference to my trading results and I am more profitable. You also get larger wins

This is so true so I could not agree more.
Normal retail traders probably don't really understand what you're saying because they don't know which fundamental info affects currency substantially and permanently and why.

It's nice to meet you
Have new year

 

[MajorMagnuM]

i ignore all else ( apart from eco calender)

 

[AbdulLight]

Really and truly Technical analysis is all you need to trade the psychology of the market is within the money, identify those points that the market has rejected (Support & Resistance Areas That Carry An Average Price That The Market Is Respecting) and trade based on what you see, not what you think. when trading there's no magic or some sort of special 'formula' which is gonna make you a **** ton of money, trading forex you will make money and LOSE money, it's all about the consistency of making more than what you lose, for example you made 2000 bucks in a week & lost 300 bucks total profit is 1700 bucks, as long as you keep that consistency, you will go very far in trading forex because you will just keep improving

 

[NVP]

whatever works best at the time .............as long as you are tuned to your specialised market then go with the flow

if you are not tuned in ........then you may as well spin a coin .........

N

 

[progix]

If anyone follows technical analysis then they should be more careful during the news release as these technicals can sometimes goes wrong during the unpredictable news impacts on market.

 

[XFIfx]

Pillars for Trading

Technical Analysis is good but to be successful in trading it is consider only a quarter section of the pillars in trading.

4 Trading Pillars

1. Fundamental Analysis
2. Technical Analysis
3. Money Management
4. Trading Psychology

Hope this helps you guys.

 

[Jake Doran]

No doubt, technical analysis is useful! But, don’t rely on only technical or fundamental! If you want to make money consistently from this financial market then you have to work with both of them! But I see, most of the novice traders are interested on only technical analysis!

 

[gerryg]

If you ask a question is it possible to trade basing decisions solely on price action, the answer is yes. I rarely use anything more advanced than S/R lines or better a principle of "buying at lows selling at peaks"

 

[Shaari]

of course you can, but I am not sure it's a good idea, cause the first news will blow your account. or make a great profit it depends on your luck man

 

[gerryg]

Trading can be successfully based on simple S/R levels as shows experience of my fellow (also not sure if its easy as it looks like, maybe there are also some nuances as well). But I prefer to analyze market from fundamental side as there is now place for your fancy to play tricks with you as you can find thousands of patterns that has unknown winning rate.

 

[Haffizz]

Technical + fundamental always. No other way.... as another way leads only to losses
it's a working system and you can't just throw away its part.
Of course, people do it , but...

 

[Shaari]

Technical + fundamental always. No other way.... as another way leads only to losses
it's a working system and you can't just throw away its part.
Of course, people do it , but...

I'd even say that a trader doesn't need to be a professional fundamental analyst , but at least he should be aware of the main upcoming events on the forex market
I got it after I nearly lost 305 bucks in a careless trade !!!

 

[FxTim]

Yes , Certainly why not.. provided you must be good in understand Candle Sticks and Chart patterns.

 

[Haffizz]

I'd even say that a trader doesn't need to be a professional fundamental analyst , but at least he should be aware of the main upcoming events on the forex market
I got it after I nearly lost 305 bucks in a careless trade !!!

Of course he doesn't
I'm sorry that you lost that $305, hope it wasn't your last money
Anyway, events should be always kept in mind. It's even better not to trade at all during them