So i’m a noob studying trader, i’m actually going through the babypips school and i have reached the middle school (where i’m learning about pivot points and chart patterns).
So i have a question floating around my head since the candlestick module, how do you remember all those patterns? I’m mean they are pretty hard to find how are you sure that what you are looking it’s the correct pattern? They are tons of them and seems hard to remember all, Any tips about how you made it?
Actually i’m also working full-time as software developer so my mind during the day it’s fulled of information, i’m gonna try to wake up at 5am for have more time (which it’s also good time for an european trader to study the market day trend).
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There are only two types of position to be in, you either want to be long because prices are rising, or short because prices are rising but show signs of starting to fall. This is respectively either with-trend or counter-trend. Many good traders cannot master both equally well and there isn’t any need anyway, you can just make money by focusing on what you’re good at. I mean, pizza houses don’t normally sell Chinese food do they? Or clothing.
Concentrate on your trading style, then look for a common, simple, objective entry pattern that suits it. preferably one that also points to a stop-loss price level. Ignore the rest until you’re very competent at this and then gradually add patterns to your tool-box.
So for example i feel my self a lot of as conservative and i should follow all those patterns?
You should try running a few simple strategies with tiny position sizes and see how it feels as much as how it performs. For instance, I know that I can only rest easy on a trade if it is trend-following: anything else and I will be constantly reviewing it and managing it and exiting early and adjusting stops etc., so I don’t run reversals - either I don’t suit them or they don’t suit me whichever way you want to look at it.
What timeframe do you use?
I mostly run long-term trades from D1 charts but when the forex markets get moving properly again I’ll go back tot he scalping method I was trying out.
I mean, it’s like studying for an exam or something. That’s how I see it. Eventually they’ll become second nature to you the more you identify them on the charts.
that’s what i’m trying to do. I mean for the candlestick i’m good now (they are simple) but for more complicated pattern it’s HARD. Howhever i think i just need to put like 50 euro in and start playing with 0.01 lots. (I can afford to lose 50 euro lmao)
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yea, you could do that. I just demo traded until I seen some consistency in my trading before I went LIVE. I saved up money while being on demo, so I could start with a decent amount.
The problem is that demo trading doesn’t fit my emotions so i just prefer to lose some money and exercise my emotions controll thats why. But i actually know i’m gonna lose those money. It’s like an investiment, you spend 50 to get knowledge of what the bloody hell i’m doing ahaha
I see what you mean, you’re not risking what you can afford to lose. Good idea starting out also,and it helps with your risk management skills on top of that 
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I don’t understand this. What do you mean demo doesnt fit your emotions?
If you have never live traded how do you know you need to exercise your emotions control?
How do you know all this or should I ask why are you already setting yourself up to fail?
If you follow your trading plan why do you think you will be so emotional?
It all makes me think you have over thought the trading and ‘traders psychology’ and therefore it will become a problem. You know you are going to lose money, how much do you want to lose, I feel this will be a self fulfilling prophecy so you may as well be honest with yourself and say how much your willing to lose.