Make sure you understand candles and especially the main reversal and continuation candles - Hammer, Shooting Star, BUOB, BEOB, BUEB, BEEB and IBs.
Also learn to recognise bottoms and tops.
Understand Support and Resistance and learn how to identify the correct areas. Learn to recognise what price does at support and resistance. Understand the use and benefit of MAs (20,63).
When you have done this, practice and practice on thousands of charts using f12 to inch the bars one by one to simulate daily trading.
When you have done this, practice and practice on thousands of charts using f12 to inch the bars one by one to simulate daily trading.
Then when you have done this, practice and practice on thousands of charts using f12 to inch the bars one by one to simulate daily trading. You have to keep doing this until you can recognise Price Action Setups at SR on auto pilot.
While doing all this, read and learn as much as you can about trading psychology - yes, its dull and boring BUT it is far more powerful than any technical analysis. Specifically you will need to learn how to control your emotions - FEAR & GREED which only assert themselves when trading live with your own, real, hard earned money. These are not prevalent when trading demo which gives you a false sense of security or "The Kiss of Death".
While doing all this, read and learn as much as you can about trading psychology - yes, its dull and boring BUT it is far more powerful than any technical analysis. Specifically you will need to learn how to control your emotions - FEAR & GREED which only assert themselves when trading live with your own, real, hard earned money. These are not prevalent when trading demo which gives you a false sense of security or "The Kiss of Death".
I prefer trading with reduced $/pip to bring my emotions into play rather than trade demo when I am free of emotions.
Learn how to develop and PLAN your trade and then, trade your plan WITHOUT INTERFERENCE during the trade's life. Understand that the PLAN is the key to STRESS FREE TRADING.
Trading will bring out your true character, temperament and personality so learn to be honest and deadly frank with yourself. Ensure you know that you are TRADING TO LIVE and not LIVING TO TRADE, in other words, make sure you are not a thrill seeker who sees trading as an adrenalin rush.
RESIST, at all times, the temptation to go "looking for action" on shorter time frames when there is no action on the daily charts.
Learn how to develop and PLAN your trade and then, trade your plan WITHOUT INTERFERENCE during the trade's life. Understand that the PLAN is the key to STRESS FREE TRADING.
Trading will bring out your true character, temperament and personality so learn to be honest and deadly frank with yourself. Ensure you know that you are TRADING TO LIVE and not LIVING TO TRADE, in other words, make sure you are not a thrill seeker who sees trading as an adrenalin rush.
RESIST, at all times, the temptation to go "looking for action" on shorter time frames when there is no action on the daily charts.
Understand that we do not predict the market; we react to the market; we let it show us the way and then we follow.
Exercise good money management practices and, after a few winning trades, resist temptation to walk on water. Keep the same discipline.
Ensure you ALWAYS think about how much you will LOSE, rather than how much you will win when planning a trade. The winners take care of themselves but WE have to control the losers and ensure they are ALWAYS smaller than our winners. Accept that YOU WILL LOSE - losing is part of doing trading business - learn to accept the loss; don't fight it or tear yourself up because you got it wrong. We are neither right or wrong, only winners and losers. The market is ALWAYS right.
Within all this, learn PATIENCE & DISCIPLINE. Learn to wait for the right opportunities to present themselves.
PATIENCE & DISCIPLINE is our biggest challenge especially in times like this where prices are range bound and trendless.
Exercise good money management practices and, after a few winning trades, resist temptation to walk on water. Keep the same discipline.
Ensure you ALWAYS think about how much you will LOSE, rather than how much you will win when planning a trade. The winners take care of themselves but WE have to control the losers and ensure they are ALWAYS smaller than our winners. Accept that YOU WILL LOSE - losing is part of doing trading business - learn to accept the loss; don't fight it or tear yourself up because you got it wrong. We are neither right or wrong, only winners and losers. The market is ALWAYS right.
Within all this, learn PATIENCE & DISCIPLINE. Learn to wait for the right opportunities to present themselves.
PATIENCE & DISCIPLINE is our biggest challenge especially in times like this where prices are range bound and trendless.
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