Paul Wallace, a forex trader http://www.financial-spread-betting.com/forex/forex-trading.html and mentor comments. I prefer using technicals to trade for a couple of reasons; I'm a visual person and technicals help me also I sometimes question how accurate fundamentals are. Also, I'm not a trader at a banker; I don't have a team of analysts working for me, I'm a private trader and have to make decisions for myself. It doesn't mean that technical analysis is automatically better than fundamental analysis but the technicals help me in my decisions. As far as fundamentals go I'm just aware when the big economic announcements are coming out and I stay away. Certainly everyone has to know the markets they trade and that's why I prefer trading currencies than UK or USA equity markets. I focus on 15 currency pairs which are made of 5 or 6 of the major currencies in the world so to keep abreast of them and what's happening and the inter-relationships between them; that's doable for me. As far as fundamentals go, I just make sure that I know when the big economic news are coming out or when the interest rate decisions come out as they play a big part in foreign exchange markets. People love to trade trends and tend trading can be very profitable but there has to be a framework...
Good advice all around, though I respectfully disagree with his idea of holding on to a stock to gain more profit. In my limited experience of only 4 years , looking back over my trades I can see I have been far better off to take profits when they are on the table, rather than wait and hope the trend continues. With that said I do have a minimum standard of waiting for my profit margin to hit $100 for the day, anything less is not worth my time to bother trading, but waiting for the stock to go to $500 or $1000 in one day, never seems to materialize. Better $100 today then $1000 tomorrow, because tomorrow never comes, I trade by the motto "you only have today".
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