The reason for trading Bullish only is to ingrain this into your brain and nervous system. Think of the field of neuroplasticity. You want to have enough repetitions that this is deep into your neural circuits. Some of the top experts say it takes 10,000 reps, lower estimates around 500.
When scalping you need to take the trade instantly without thinking it. Now, if you choose to work for a hedge fund or other investment group (real money and big dollars here while you are learning.
Most will “skip this step” to their detriment. The Big firms weed out the cowboys and become trade partners with those who show respect for capital and preserving it. Sooner or later, you will have to create a winning record using the company’s benchmarks: 1. how many trades did you take? Why did you take a stop loss? Were you following a detailed plan with money management and risk management your first concern? Were you focusing on entries and exits only and looking for the big moves, ala wyckoff, livermore, etc. Do you even know these traders and why they succeeded and more importantly why they failed with their foolproof system?
Now, if you just want to jump in a trade and take your chances, no problem. If you want to prepare first as if this is a business…it is, then this is strongly encouraged. My goal is to save your money and make sure you truly understand the basics so that your odds of being a successful long term trader are more likely. Don’t expect me to spoon feed. I’ve spent years of sweat and money learning the hard way and that can be the best teacher. And that process doesn’t allow for shortcuts.
Happy Trading! We’ve all been in your shoes. You’ve made a good decision to learn forex. It is a skill that can feed and provide for you throughout life, providing you really learn it. I have confidence that you will. Most drop out after 90 days in frustration…many in the first 30. Where will you be in 90 days?