A GOOD Analysis Starts by Looking at the Bigger Picture!
The chart represents the Monthly support and resistance levels of the NZDUSD. A good technical analysis always starts by breaking down a bigger picture to the smaller ones. once you understand the where the price is at on longer timeframes, you will be more confident in your own analysis once you dwell into the smaller timeframes.
i have been doing this for a long time and my approach is the same every time to any trade. in the end this not only gives me the confident that i need to hold my trade but also increases by probability of being on the right side to a great extent.
Hope for all those who are struggling at the moment could try this approach and see how it goes for you. It was said to me that a determined trader takes time to find a strategy and mindset to be successful in trading! as for myself i appreciate i found my rhythm in trading using this method and it took me a cool 5 years to get here but now i am confident in what i do
Another important lesson that i learnt in the past 5 years are the following
1. There is no such thing as holygrail in FX trading. i tried many scams and systems online but in the end i lost too much money
2. There is not a single indicator that can tell you what to do. you have to make an effort in doing the technical analysis by using price action. The indicators are just there to give you a confirmation thats all
3. Read the news daily and other's people view on the technical analysis can open your brain to fresh ideas or could even save you from making your own trade wrong!
4. Last but not least, combine the technical, fundamental and sentimental analysis in executing your trades. personally i do NOT do day trading, Only swing trading has been proven to be more beneficial to me as i can have ample of time to analyze my trade before making a move.
Cheers and hang in there. Hope you find my personal advice helpful
i have been doing this for a long time and my approach is the same every time to any trade. in the end this not only gives me the confident that i need to hold my trade but also increases by probability of being on the right side to a great extent.
Hope for all those who are struggling at the moment could try this approach and see how it goes for you. It was said to me that a determined trader takes time to find a strategy and mindset to be successful in trading! as for myself i appreciate i found my rhythm in trading using this method and it took me a cool 5 years to get here but now i am confident in what i do
Another important lesson that i learnt in the past 5 years are the following
1. There is no such thing as holygrail in FX trading. i tried many scams and systems online but in the end i lost too much money
2. There is not a single indicator that can tell you what to do. you have to make an effort in doing the technical analysis by using price action. The indicators are just there to give you a confirmation thats all
3. Read the news daily and other's people view on the technical analysis can open your brain to fresh ideas or could even save you from making your own trade wrong!
4. Last but not least, combine the technical, fundamental and sentimental analysis in executing your trades. personally i do NOT do day trading, Only swing trading has been proven to be more beneficial to me as i can have ample of time to analyze my trade before making a move.
Cheers and hang in there. Hope you find my personal advice helpful
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