Is there a shorter way?

Hey guys! Not even sure if this is the correct place to ask this but as a complete begginer to forex i find overwhelming the ammount of ways that you can look at those candlesticks hahaha, so my question is: Do you need to look into every variable possible before making a trade, or just by having a, not to big not to small, arsenal of ways to analyse things, is going to be enough? Thanks!!

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Absolutely no need to know everything - in fact it’s probably detrimental to performance.

Successful traders will always stress simplicity over complex ways of analysis.

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This is a very logical question. I was thinking many years ago something like - if I use a chart pattern that has an 80% win rate and an entry pattern that has an 80% win rate and an indicator to confirm entry timing that has an 80% win rate and a momentum indicator that has an 80% win rate so I’m not entering right before a reversal - and put them all together then I should have a total win rate that is almost 100%.

Sadly, this is rubbish, like getting 4 chefs together to make one sandwich.

It all starts with the strategy. Understand what factors you need to check to run the strategy. Check only those factors. Do not check factors which do not inform your trade decisions. Do not check two factors which say the same thing. Spend more time and planning effort on your set-up than on your entry pattern. Accept that trades are not either win/lose, outcomes are more complicated than that. be prepared that even if you’re a really careful trader with a strong strategy, maybe 4 of every 10 trades you take will not have great results.

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Thank you so much for the reply! Cheers.

That makes a lot of sense, good analogy there hahaha. Thank you so much!

Great question and I understand how overwhelming it must be for a newbie to witness the ups and downs of the forex market. Well, let me put it in a simple way. Forex market is extremely unpredictable, so, in theory, it’s really not possible to learn how it’ll work. Nevertheless, I won’t deny that knowing about the market trends and knowledge of the currency pairs will reap you benefits.