let's begin.
before you learn anything else, learn about the trendlines, supports and resistance, read a little about the forex and the major driving factors, pay attention to the news (even if you are planning to be a technical trader)
Indicators. They do not work. Period
however you can use them for guidance, (e.g. Moving averages, you can use for directions)
Support and resistance(demand) can be defined and explained in different ways so make sure you look into that. for example some people draw the horizontal line opening and closing of candles or range bars, some people draw it at the end of the biggest candles and etc. now you are probably thinking.. the foreign exchange has a turnover of almost $4T daily it cant be purely based on supply and demand or when you are trading you dont care about supply and demand. well heres a news flash forex is also a collection of other financial instruments where supply and demand is heavily taken into consideration and the fact that businesses are also basing things on the value of money.
now the experience bit. STARE AT THE CHART(be dedicated otherwise find a different job), so you can train your eyes, no one else will be able to tell you this works or this doesn't. it's completely up to you.
now il give you all the biggest secret. this is how i figured out what works for me. What is a bad system? (not taking risk management into consideration yet)
i wrote this all quickly so forgive my poor sentences. feel free to ask questions or disagree and suggest something else.
before you learn anything else, learn about the trendlines, supports and resistance, read a little about the forex and the major driving factors, pay attention to the news (even if you are planning to be a technical trader)
Indicators. They do not work. Period
however you can use them for guidance, (e.g. Moving averages, you can use for directions)
Support and resistance(demand) can be defined and explained in different ways so make sure you look into that. for example some people draw the horizontal line opening and closing of candles or range bars, some people draw it at the end of the biggest candles and etc. now you are probably thinking.. the foreign exchange has a turnover of almost $4T daily it cant be purely based on supply and demand or when you are trading you dont care about supply and demand. well heres a news flash forex is also a collection of other financial instruments where supply and demand is heavily taken into consideration and the fact that businesses are also basing things on the value of money.
now the experience bit. STARE AT THE CHART(be dedicated otherwise find a different job), so you can train your eyes, no one else will be able to tell you this works or this doesn't. it's completely up to you.
now il give you all the biggest secret. this is how i figured out what works for me. What is a bad system? (not taking risk management into consideration yet)
i wrote this all quickly so forgive my poor sentences. feel free to ask questions or disagree and suggest something else.
