Life/trading is about learning
Hi, Nosa, I would suggest to open demo account, then find some good (tested) strategy, and learn it on the go - learn by demo trading, until you learn.
Trading is a business, and ANY business takes time, hard work and patience to be successful. (There are exceptions to this rules, I know few people who made it the easy way, but... they still have to work hard! No shortcuts).
After 4 years of searching for Holly Grail, here is what I learned:
- there is no Holly Grail, but if you can't accept that, then start looking into yourself - if you want to be successful, YOU are the only one that can do it
- Support & Resistance, tradelines, Higher High/ Lower Low are most useful strategies; EAs and indicators don't work, unless you know HOW to use them, in this case you have already learned something
- Moving Averages can also be used, again, if you know how. Simply put, buy above, sell below, OR buy if MA goes up, sell if MA goes down (yea, easy to say, I know); shortly, TREND IS YOUR FRIEND; stay out of ranging market, unless you know how to trade it
- Candlestick and Chart Patterns also are usable, but this you already know
- make trading diary, and write down/analyze what went wrong with your trades; after a while, you will have list of DON'T DO rules (though those rules are written all over (FX) trading forums - DON'T overtrade, DON'T trade without a trading plan/rules/strategy, DON'T repeat trading mistakes
- and quite important aspect - bank your profit [NBtP - Nosa Bank the Profit - lol] (set take profit goals or trail the price), and use money management
- etc., plenty of info on forums, you just need to learn
1) Make your trading plan [Nosa trading plan for successful trading]:
a) which strategy/strategies will I use
b) which instrument will I trade (FX pair, gold, oil, tiger skin... LOL, don't trade that!)
c) which timeframe(s) will I monitor/trade (intraday, daily, weekly...)
d) how much money/lots will I trade - money management (I use 1 % of account per trade)
e) etc...
f) will I trade monitored setups (chart-watching), or will I set-and-forget the market (limit orders or use EA that can trade pre-set levels for you)
g) motivate (yourself) with wall posters/paper sheets that you make by thy own hand, be creative, use your brain (the only way to succeed) = make trading (and learning) not boring
h) how should I determine the trend (and trade with IT!) - MA, HH/LL, trendlines, cocoa leaves, clouds (this might not work, lol)
2) Make a NTD (Nosa Trading Diary), write down what you learn and mistakes you make
3) Make trading rules based on mistakes and learned information
4) Stick to the plan/rules - this may take few years, since you will probably try different strategies, and at some point in time you will coin your own strategy - the one that works for you
5) Now go and do it - it will take some time...
6) DO NOT forget to help elder people walk over busy street, help your neighbor (especially if she is cute, lol), take good care of your body (exercise, meditate, eat healthy food (home-grown is best), limit drugs to minimum (coffee and black tea also come under drugs)), listen to Yinka and TY Bello (lol, this is a bluff from wiki), and above all, do not forget to be thankful for the gifts you have and will receive from Life itself (yes, I am talking about God - Ask and you shall be given - it works).
This topic does not belong here.
See how price often comes back where it broke off the range (or last high/low) - this is where you want to enter the trade (pullbacks in the direction of prevailing trend = S&R). Let The Market guide you... follow the Price... it is the only tutor you need...
I am also trying (learning) to predict market (gold) with astrology, but that is higher science (learn basics first).
Learn, trade, learn, trade, learn, trade...
Edit: If you still need a tutor, find a thread (like Simple S&R strategy or similar) and follow along.
Best regards,
Simon
S love nia
