FAQ Is Trading the Same as Gambling?

[dbphoenix]

Lack of viable and useful information isn't a problem, finding it in a mess of Internet is. Especially for a newcomer like myself. For example, now thanks to you I know a couple of threads and a person (Tim Wilcox) to look after. So it basically equals to me reading a book like I mentioned earlier. But where and how should I "learn how to observe, how to formulate and test a hypothesis, how to maintain records of observations and tests, how to assemble all of that into a consistently-profitable trading plan"? It seems like a complicated task that's not solved by mere reading books and forums. So, what next step would you advice?

It has nothing to do with books. It has to do with studying the market. Not what somebody says or writes about the market but rather the market itself. Today one can get for free what twenty years ago cost a small fortune: real-time streaming charts, investing.com, for one. Bring up a chart of whatever it is you're interested in. Look at the context: the weekly chart over a period of years, the daily charts over a period of months or weeks, the hourly chart over a period of days. Then load a 1m chart and just watch how and where and when price moves.

The attached may be helpful.

Or you can spend $12000 on a course that will tell you more or less the same thing but probably won't tell you how to trade in any timeframe other than hindsight.

 

[forker]

Who really cares. We all do it and life goes on.

 

[Jingles]

I care that's who.

and there are many more like me.

 

[forker]

How's caring about that going for you

 

[Jingles]

Not too Good. hahahaha

Something is missing. hahaha

 

[zaysev36]

I guess you've lost me guys What's your point on the topic?

 

[arigoldman]

What you make of it.

 

[zxtul]

You can take it as gambling. But I take it as pure marketing where you need to know fundamental and need to analisys with many inticators which are based on math.

 

[zaysev36]

You can take it as gambling. But I take it as pure marketing where you need to know fundamental and need to analisys with many inticators which are based on math.

Would you share with us some hints from your analytic experience? Or some major indicators you use the most?

 

[Jingles]

There are hundreds and thousands of books that will teach you some technical analysis.

T2W has many topics on it. do a search for books to read to learn to trade.

I have been reading books for the past 6 years. and I can not keep up with the information out there.

or just scan over the books at Amazon which I do frequently. I probably buy an average of 5 or more books every month on trading.

There are many thread on T2W that discuss some books. It is up to you to find out what you are interested in learning about. also I do simple google searches on trading topics all the time.

I search for and find the answers to my questions thus slowly moving forward in my education.

I would never ask someone to do what it is my responsibility to do myself because that person will have an answer that is right for him but wrong for me. so I go out there and search for the basic info myself.

take a topic you are interested in and do a google search on that which will lead you to new google searches as it branches out into thousands of ideas you want to investigate. keep it up every day for 6 years and you begin to get some ideas that you again what to search out. this is what I am doing. it is a never ending search for an unreachable goal. The Holy Grail of Trading.

 

[zxtul]

Would you share with us some hints from your analytic experience? Or some major indicators you use the most?

After studying many strategies I found; simplicity is the best.
I don't know about you, but If you are new one in Forex you should go with:
* Support and resistance
* Trend
* Moving Average
* Stochastic Oscillator
* and another best one if Fibonacci.

Now I trade with trend. For understanding trend I use 200 SMA and Line tool. And I use Stochastic Oscillator for ditacting entry point.

Ex: when market is in down trend; and stochastic oscillator crosses level 80 form above I entire for sell.
When market is in up trend; and stochastic oscillator crosses level 20 form below I entire for buy.

Thanks for asking.

Do you have any advice for me?

 

[Jingles]

Would you share with us some hints from your analytic experience? Or some major indicators you use the most?

if you want to make money trading one of the best books to read are the books about Market Wizards. I think there are 3 or 4 of them.

 

[tokyojoe]

it is glorified gambling

Anybody thinking differently is delusional

 

[zaysev36]

Do you have any advice for me?

Not really, as I'm a complete newbie. So thanks a lot for your examples, it's really helpful. Would you mind mentioning what are the downsides of such approach?

 

[zxtul]

Not really, as I'm a complete newbie. So thanks a lot for your examples, it's really helpful. Would you mind mentioning what are the downsides of such approach?

Result of any strategy depend of its user. Set one or two simple strategy for you, practice well and try to be strict with strategy.

 

[Marissa_wan]

Trading

I think trading is better than gambling.

 

[arigoldman]

For some its gambling, for some it's science, how u make it.

 

[Pat494]

For the few that are good at trading it is a steady income. Well that isn't gambling is it ?

:clap:

 

[zxtul]

Not really, as I'm a complete newbie. So thanks a lot for your examples, it's really helpful. Would you mind mentioning what are the downsides of such approach?

Hi Zaysev are you trading now or doing demo practice? What is the name of your broker?

 

[zaysev36]

Hi Zaysev are you trading now or doing demo practice? What is the name of your broker?

Neither one yet, really. I'm currently studiyng the theoretical part: statistics, analytics, finances, this sort of stuff. I feel a little uncertain as of where to move on from here though.