View Single Post
  #3 (permalink)  
Old 06-30-2008, 05:58 PM
Shootanappleoffmyhead's Avatar
Shootanappleoffmyhead Shootanappleoffmyhead is offline
Senior Member
 
Join Date: Jun 2008
Location: Chicago/Milwaukee
Posts: 218
Send a message via Skype™ to Shootanappleoffmyhead
Post Style Vs Timeframes

Hi David, I am the original postee of this question. I have never traded forex and have a backround in Daytrading/scalping stocks. So I am basing what I would want to look for in the forex market on what I want to look for in the stock market. Maybe transposing favorable conditions from stocks to forex is my first mistake, but I will go ahead anyway. I look for very high volume stocks(usually RIMM or AAPL) to trade countertrend. I find the amateurs who bid the price to an area where it should not be(right into support or resistance) and I trade against them. This is all based on the working assumption that no one who understands the governing dynamics of supply and demand would buy or sell in these areas with the exception of the less informed. I find very high probability set ups with this method on a consistent basis. I am happy with my methodology and do not wish to change. I am mostly just curious about the forex market and am always open for new opportunities. That's why I have been running through your Free course on forex, which is great by the way. In summary, I am a daytrader now, but I don't wish to carry over any methodology or style to another instrument if it simply wouldn't be beneficial to do so. Another thing I have noticed already since I've opened my demo account with FXCM is that it seems forex traders have a bias towards momentum. Well, atleast by looking at all of the charts I can tell that there seems to be a substantial amount of rallies through resistance and declines through support. I only trade the way I do with stocks because the market told me I could make money that way. I do understand the importance of trading a methodology that is cohesive to my own personality, but I also know that the forex market is what it is, and I have to adjust myself to find a way to make money in it. What are your thoughts on this?
Reply With Quote