I just learned about uptrend and downtrend lines and channels in addition to the support and resistance levels. Right now I don’t know much so I’m just looking at the AUD/JPY charts and plotting out the lines on a 4H window and taking selling when the price hits a resistance and buying when it hits support level. Is this a good way to practice or should I be backtesting first? My plan is to put in 30-45 mins everyday learning through baby pips and then spending 30 mins just looking at random charts practicing and learning how to use MT4.
A key element to learning anything new is focus. Decide what you want to be able to do, identify what you need to learn in order to do it, and then learn those things.
For example, it takes a long time to become fluent in a new language. But you don’t need to be fluent in order to visit and enjoy the country. So, you decide you need to book a hotel room, order a meal, ask directions and enjoy a beer. So that’s what you learn first.
Don’t just screen-watch. You don;t absorb knowledge by being near a text-book. Make a target list of things that might happen on a chart in a certain time period because these will are elements of a trading style you might use, and then search for those things. Game out what you would do in real time.
Start with the school!
Perfect plan; just go for it and gradually increase the practice time.