Hey friends!!
I am a long-term trader who do not have any expertise. My plan is to buy at a low and sell at a high, but it takes a lot of time and patience, so I decided to start short term trading. My friend told me that using the Fibonacci tool in conjunction with price action is the most successful trading method. I'm attempting to investigate and learn about it. Can someone suggest a good instructional video or book to help me learn both?
Thank you!!
Success rate depends on the user of that indicator because we have different placement of the indicator based on the time frame we are using. Saying that it is the most successful method on trading is debatable. It’s really the most popular indicator on short term trading because you can determine the price support and the movement of the price properly but this does not guarantee your successful because timing to enter is still the key to success because there is always a time that the price breaks all the support set by the Fibonacci if there is a strong trend.
I suggest to combine it with chart patterns so that you will have a general overview on what will be the outcome of the price in general.