Greetings ForexLovers
I am 28 years of age and looking for another form of income. I work full-time but love Forex so much I squeeze it in-between my working hours since Forex is accessible on multiple platforms.I’ve been trading 1 year on a demo account and eventually switched over to a live account 4months ago. My fair share of losses have occurred and the blow of defeat has played with my head. However I have the courage to try again tomorrow knowing that mastering any art takes time.
I look forward to learning from this community and growing as much as I can to reach my target I have insight.
Thanks and godspeed to all you traders.
Greetings to you.
In order to become profitable, it will take hundreds hours of study in the following areas:
A. Charting basics
- What is the Forex market
- Charting basics
- Psychology of markets
B. Basic charting analysis
- Basic candlestick theory
- Pullbacks
- Strength and weakness
- Gaps and their role in analysis
C. Market cycle
- Breakouts
- Trends
- Trend channels
- Trading ranges
D. Support and resistance
- How to find them
- Basic price patterns
- Reversals
- Confluence
E. Mathematical and other considerations
- Trader’s equation
- Swing VS scalp
- Order types
- Protective stops
- Scaling in/out
- Trade management
F. How to trade
- Patterns
- Breakouts
- Reversals
- Ranges
- How to lose a trade without blowing your account
This isn’t even an exhaustive list! But if you use the above outline as a guide, you will be well on your way to learning what you need to become profitable. You can spend money on a course, but make sure it has all the elements I’ve outlined. You can save a lot of money by reading books targeted to each heading and then maybe watch videos online to solidify what you’ve learned. Of course, you already know that not all info is good, but cumulatively, you’ll get a good, basic understanding of the pertinent information.
So to close, my advice is to stop trading and start studying.