Having a method is not enough to start trading. The method is a theoretical way to earn money, there are some more conditions should take in considerate before start trading.
I total disagree with the quote “you can’t earn if first don’t lose some money”, this is a way to justify loses, but not a rule. If you finally lose money, there is no way to justify, rather, I prefer to find out what did I do wrong! And do you know what, after learning trading you will find often your self guilty for losing money because of your human nature, your greedy human nature!
And this should be the first, somebody learns to control, to control emotions, trade without dreaming and without being overenthusiastic.
A point of interest about, this site’s, method is the time frame and after that is to find out if every failure swing, is worth to trade.
The charts, are drawing the markets reactions according to traders psychology.
Let me tell you something, I said I am using Fibonacci levels to fix the exact point for exiting the market. The point I’m going to pick up my gains (or my looses!).
Fibonacci was a mathematician which used specific distances of our word to explain the way we are thinking and acting. But even if Fibonacci wanted to give a point of something magic in his theory, on trading, there is not any magic. What makes prices to move on Fibonacci levels, is because, every one and especially the big investors, do use exactly those levels to buy or to sell, in this conditions, on those levels are happening high moves on the prices, simple, because everyone buys or sells in that level. There is no magic!
Fibonacci levels do relay work in high time frames ONLY! I know, many people search to learn a way to trade successfully in a 5 minutes frame!
I will come on it, but guys, there is no way to earn money in a low time frame, if you don’t know what is going on in the long run!