The one thing I do tell anyone I meet interested in trading nowadays, is nothing teaches like experience, screen time and watching what you are trading.
Remember what the market is (people) and how it moves (supply and demand) and of course fear and greed.
Download this
Open a Free Demo Account with Alpari | MetaTrader 4 | Micro Forex | Tight Spreads | High Leverage and open a chart of either EURUSD or GBPUSD and follow the 'FX 2008' thread.
Oh and
DO NOT add any indicators.[/quote
The bit in red is the best piece of trading advice you will ever receive. Only you will not realise this yet. (Most of the people on here don't realise this yet).
You can go down the route putting god know what indicator on your charts then taking one off and adding another, yet again different one and reading all the books you can get your hands on. This alone should take up about 5 years of your life! And will present you with differing amounts of wins and losses dependent on luck mainly.
The only thing you need to learn about is support and resistance and trading from (or) to (lol) that. And all this is really just areas of price congestion.
ANY indicator that you add to your chart will lag the price action. It has to. The indicator cannot be drawn until the price draws itself. But there are predictive indicators which you can use to get an idea of where the price may go to. Again ignore these. The price may be going up while the indicator is going down signalling that the price will turn down and follow the indicator.
ONLY when the price has begun a turn down is the indicator right. You cannot make a trade until the price moves. (Well, you can try to get in early and beat everyone else, but you can be talking serious draw down money before the price actually proves your indicator right).
Only put pivot points on a chart. And then watch price action. Adding anything else apart from a line that you draw, will confuse the hell out of you and have you running around and around in circles.
The guy that wrote about no indicators has been in the same spot you are starting from, we all have. We all start from roughly the same spot as you. But the banana bloke (who seems to be on a world tour and changing his name at every destination) has been around the trading block a few times, So he has tried indicators. Same as me I have been around and around in circles so many times there was a danger I would disappear up my own backside. (The spellchecker won't let me write ********.)
These are of course my personal views. Others on here will very strongly disagree.
This of course is their view. (But you were after a shortcut).
