Forex Newbie Need Some Input Experienced Members

[MktScape]

Hi Guys,
I am new to the trading world ...have a full time job...have worked hard to learn technical analysis in-depth for the last 11/2 years. Recently I have setup a learning account with a small token amount to learn place order types ..managing trades ..money management etc.. Since i intend to do swing trading based on Daily and Wkly charts however the recent choppy market is causing a lot of problem in rising a trend ...because when I place a Short market would go up despite looking quite overbought and weaker ....
Right now I feel that give the market situation i would have to be sitting in front of my computer to place orders and a day trading setup would be more appropriate (given the high volatility) I am thinking that i would continue to tweak my stock strategy at the same time start learning about Forex trading given Forex markets are not affected by what is happening in the stock market.

I am wondering what to expect before starting my learning journey in Forex …. Is this market very choppy of has more clear/stable price action compared to stocks? Is there anything like timing the market in the Forex …as it exit in the stock …i.e. Top down approach? Are there probably less # market variable to bring in line …for example in stocks I would look for market then sector and then stocks ….

I hope I am making sense in what I am trying to ask?

I’ll appreciate your input ….

 

[tomo1]

look into longer term trading as well, day trading is more delicate lately because of the volatility, like I said trend is your firend look at it!

 

[who_am_i]

I echo the sentiments about the trends....my current strategy uses a mix of short term trades (20 pip TP) and more of a medium term trade (40 pip TP). I like them both, as I do like getting in and out of the market quickly, but the medium term trades are more accurate in the long run.

 

[Shikamaroo]

well u cant use the top down approach in forex since you would start and stop at country analysis. i suggest you have a look at the forex majors i.e EUR/USD, GBP/USD, USD/JPY. you can probably eyeball some historical charts and see if your strategy would work and when u become successful come tell me what the hell i'm doing wrong.

 

[£10kLoser]

The answer is complicated - as shown by the fact that these questions rarely get an answer from a really experienced trader! Probably, the best short answer is to question the value of technical analysis. Obviously it has merit but there's a lot more to trading.

Otherwise, the people who teach it would be extremely rich and succesful traders...