NARROW FX-LV
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Wed Apr 25, 2012 02:34 PM
Hello. Thanks all who support me. But those who think that I am bad trader and so on, please read and don't forget it- Understand Market Behavior!!! Overwhelming fundamental factors trigger a big move in one direction, either up or down. Market takes breath at next support/resistance level, shows some retrace and then again continues in that direction. It repeats this process until a particular price level, generally a historical long-term support/resistance is hit. This whole move is termed as a Trend. The pa never gets to point in a straight line, but in wavy patterns with several ups and downs in between. Each one of these ups and downs are of varying lengths. Some big some small. Some traders take chance of support/resistance break because they know if that support/resistance is taken out, the pa would aim at next key support/resistance. Some traders take a chance on a significant retrace at certain key levels, normally near certain levels of immediately preceding trend (various fib levels). Some traders use these key support/resistance level to build their long term positions. And there are many other traders that use these support/resistance levels for a variety trading tactics. I generally take a chance on bounces because experience tells me that most of the time it takes several attempts for the pa to break a support/resistance....] Those who says I lost money or blame account- if trading gives stress, there is something wrong with Money Management. Money Management is the easiest lesson this market teaches to traders, but in a very hard way. After losing several accounts and after doubling many accounts in this market, I can say that the greatest lessons I learned is KEEP YOUR POSITIONS SMALL. DO NOT OVERLOAD YOUR ACCOUNTS.