What is the best way to learn forex trading?
September 20, 2020
I would say “backtest”
When you grasp the basics, this is where the fun begins. you know what to look for, you know how to read price action… now it is time to make good use of it by monitoring previous data and try to come up with a pattern that repeats itself.
I personally came up with 4 patterns and have been using them for a couple of months now.
You can start by choosing a specific pair and timeframe, scroll back as much as you can, and start monitoring, candle by candle, pattern by pattern, and ask yourself questions like: “how can I modify this classical pattern in a way to generate better results, better RRR”
“Is there a pattern that repeats itself, that is not included in the textbook” HINT: there are plenty if you backtest enough you will find them.
Trust me, trading is supposed to be simple (not easy) but we, humans, like to complicate things; especially when it comes to money.
Develop your own trading style, backtest it, practice it, be confident with it, then repeat and repeat…
When trading becomes boring, then you know that you are doing it right.
Last but not least, make sure that your rules are detailed, objective and written on a piece of paper…
That’s exactly why we created RichTL to help you make rule-based technical analysis.