About Applying Pitchforks
Hello traders,
Just wanted to say something about applying Pitchforks and trading in general. Some of you may be seeing Pitchforks used in this simple way for the first time and you are amazed at what they can tell the trader. There are many different methods of application (all of which will not be shown on this thread as it will become a full-blown teaching session).
In the analysis here, I just use the basics with an occasional Schiff (that might even have been on the blog). What traders might not believe, is that any information you try to study about Technical Analysis and trading needs to be set in the right context...with the right understanding.
Just got a testimony from a trader who was using indicators, knew several other methods: not a newbie by any means. In teaching him how to trade with Pitchforks, I needed to sort through what he called confusion and give him a step-by-step recipe, incorporating the forks with what he was already doing. The forks are his main tool now, and as he puts it, he has been "in the money multiple times". But, it is his understanding of why something needs to be done and when,and what to look for, where, that is making the difference.
So, I want to encourage all of the traders out there who may be trying to grab pieces of information here and there on the net without a proper foundation, be careful. Some of you have been at it for years, and there are traders I have taught that opened their account this year (and some last year) and are making money: from signals and on their own. And these were real newbies....never saw a platform.
Can't stress this enough: please be sure you have a solid foundation. It just takes one trade to do major damage to your account.
Take care,
FX4Newbies
P.S. Did not get any feedback about someone damaging their account. Just felt the need to discuss the importance of a good foundation.
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