What is your trading advantage?

That depends on the strategy, in my opinion. I mean, candlestick analysis, for example, for the most part is fairly obvious and doesn't have that many different meanings. If one is using an indicator that is less clear, of course, things become more complicated.

Actually candlesticks aren't as straightforward as they may appear. Various charting software (and even brokers) have different time zone and start the candle from different time (especially if you use large time frames) and that certainly will give two traders different candlestick patterns to analyse.
 
Actually candlesticks aren't as straightforward as they may appear. Various charting software (and even brokers) have different time zone and start the candle from different time (especially if you use large time frames) and that certainly will give two traders different candlestick patterns to analyse.

I am absolutely agree with you. Don't too much focus on candlesticks as it has no different you go to casino playing baccarat and watching the tv beside. Trading profitably fully rely on technical aren't enough.
 
Actually candlesticks aren't as straightforward as they may appear. Various charting software (and even brokers) have different time zone and start the candle from different time (especially if you use large time frames) and that certainly will give two traders different candlestick patterns to analyse.

I did notice that. I think one should just pick the software that is most suitable to them and their trading needs and stick to it and its signals.
 
There is no advantage. There are no experts. Anyone who does this for real is a student of the market, for as long as they participate. Goldman Sachs lost a ton on their short Eur trade, then lost more when they took the opposite side. Experts? They are supposed to be. Me: 17 years. I still learn something new every day. I lose, I win. My advantage: I accept that I don't know what is going happen next. I place my trade, bank the profit when it's there or cut the loss if it becomes more than my set percentage of loss. You can draw lines on a chart, use indicators, use price action, whatever. The market is going to blow through your line, defy your indicator and say to hell with your price action. Get over it. Take profits, cut losses, make money. Done.
 
There is no advantage. There are no experts. Anyone who does this for real is a student of the market, for as long as they participate. Goldman Sachs lost a ton on their short Eur trade, then lost more when they took the opposite side. Experts? They are supposed to be. Me: 17 years. I still learn something new every day. I lose, I win. My advantage: I accept that I don't know what is going happen next. I place my trade, bank the profit when it's there or cut the loss if it becomes more than my set percentage of loss. You can draw lines on a chart, use indicators, use price action, whatever. The market is going to blow through your line, defy your indicator and say to hell with your price action. Get over it. Take profits, cut losses, make money. Done.
Banks and funds trade differently than retail traders.
 
Actually candlesticks aren't as straightforward as they may appear. Various charting software (and even brokers) have different time zone and start the candle from different time (especially if you use large time frames) and that certainly will give two traders different candlestick patterns to analyse.

Depends on the candle. 4 hour and daily get slaughtered by "broker local time". 1 minute to 1 hour should be nearly identical. Weekly should be about the same (taking into account that not all brokers using the same time zone start/end trading at exactly the same time). Monthly should only vary a modest amount unless there's a major market move on the first/last day of the month.

Of course, a LOT of supposedly perfect trading systems rely on 4 hour and daily candles.
 
Depends on the candle. 4 hour and daily get slaughtered by "broker local time". 1 minute to 1 hour should be nearly identical. Weekly should be about the same (taking into account that not all brokers using the same time zone start/end trading at exactly the same time). Monthly should only vary a modest amount unless there's a major market move on the first/last day of the month.

Of course, a LOT of supposedly perfect trading systems rely on 4 hour and daily candles.

Exactly. And H4 and Daily are two of the three time frames (weekly being the third) that Alexander Elder recommends in his books. :) (Although great books, I must admit.)
 
For me one advantage forex business is this is one business that can done as part time business beside still handle real job ofline with small salary, but with trying forex this is also as one business to making source of income
 
Exactly. And H4 and Daily are two of the three time frames (weekly being the third) that Alexander Elder recommends in his books. :) (Although great books, I must admit.)

I like the 15-minute candles too, if I intend to open short-term position. In my opinion their signal is reliable, but it doesn't last long.
 
I like the 15-minute candles too, if I intend to open short-term position. In my opinion their signal is reliable, but it doesn't last long.
You can confirm the pair's direction by looking at a larger time frame (if you use M15 then H1 might be good).
 
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