Some people spend a lot of money to attend training courses on technical analysis. They tried to apply the techniques to read the price charts. But it is difficult to read the charts correctly, unless you have many years of practical experience and you do the technically analysis regularly.
I have found a better way to trade on technical analysis. I follow the technical view of a specific analyst regularly and compare them with the actual price performance for the day. You can use a "demo account" to trade and see if you have made the right decisions following the recommendation of the technical analyst.
The "demo account" is provided by many online stockbrokers. I prefer the one provided by Plus 500 which is available on iPad.
For the technical analysis, I receive a daily emaily from Philips Securities. Currently, I am following only one trading item - Gold.
An example of this chart is shown below. It tells me to take a short position in Gold when it is below 1180 and to cover the position when it goes above this level. I have found that the recommendation is reliable on many occasions.
Good luck on your trading. Remember to use the "demo account" to acquire your trading experience.
Good luck on your trading. Remember to use the "demo account" to acquire your trading experience.
2 comments:
Have you read about this .... Gather the email of 100 target customers. Give info and predict the market will go up for half of them and down for the other half. Next week, drop the half that the prediction did not turn out correct. Repeat for the correct half. Keep doing that, week after week and you will eventually narrow down to a very small number. Now, this small residual group is now going to be swearing to everyone that you are a genius market prognosticator. Well..... There are many variations of such tricks out there ....
I was following this technical analyst daily for the past month. I applied the recommendation to make trades and found it to be quite useful. Most times, I got it right.
For newcomers, I suggest that they try with a demo account for at least 1 month and get the experience. They will learn that it is not easy to trade, and that there will be correct and wrong decisions. It is also important to focus on only one trade.
Good luck. It is a learning process.
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