Hello Everyone I introduce myself , I am 20 years old and I learn to trade Forex as a self taugh learner since 1 year right now . I use as source of education principally books and random Youtube video about specific topic . As I do all this thing alone , even if all this authors advice to have an independent thinking and don't rely to anyone for give us advice about what to do (as we are searching for a crowd leader) , I know by experience that's better to ask those people who had already real experience no matter what you want to learn cause it'll certainly bring you more deep specific information and also avoid you to repeat the same error that they already done themselves . So why I write you ? I have made a personal roadmap of the different field of Technical analysis that I need to study before becoming a really good trader , but as it's really intense and dancing , I can probably do one supplement year of reading without make any trade and it's certainly not what I want. I need also orientation about what to delete, to keep , and add in this roadmap regarding your personal experience . And last but not the least , I'll be really glad if any one here can become my mentor (isn't suppose to tell me everything like a child and not dedicate all his life to his new student but just one time in the week is sufficient , I'm not greedy) This is the roadmap : Technical Analysis (basic concept trend ,trendline ,SR.......) already done Price Action Volume Market Profile Intermarket Analysis Fibonacci Chartism(already done too) Candlestick Elliot Wave Ichimoku Point & Figures Renko , Kagi Dynamic Trading (and study of great variety of indicator ) Algorithmic Trading Marchine/Deep Learning Others (those field that I haven't already discover ) PS: I trade(on demo account) Forex,Indices and ETF on CFD in intraday, I'm really interested about Binary Option with a scalping approach that I'm currently developing for the 5min chart . Thanks alot for the reading (my native language is french so if this message is a little bit confusing , it's the reason why)
You're not going to gain the experience needed to be a mechanic by reading a bunch of books, but by getting in there and getting your hands dirty. You're currently looking to educate yourself to the level of Peter Lynch before you make a trade. Rather, paper trade for a short while (as you stated you are already doing), and learn a little along the way. Some of those subjects, in my opinion, are unnecessary (ie Point and Figure). Learn candlesticks, how to read indicators, interpret price changes, etc. Start off by putting a little skin in the game with a small amount of money trading minimal amounts. Paper trading vs trading your actual money are two very different things. Many people are awesome paper traders but lousy real traders. Learn through experience and education rather than attempting to read every book before you ever make a trade. Just my 2 cents...
Price Action has merit. Deep Learning has merit... skip all the garbage in between. Either one will take you years to master, and either one will be a forever learning process. I use price action... but I'd say if you have to pick one, go with deep learning.
Please don't minsunderstand me: I intend to be helpful, not critical or rude. There are some things on that road-map that are fundamentally essential; there are other things that are so out of place that frankly they're beyond ridiculous. You don't yet have enough knowledge, understanding or experience to draw up a road-map of that kind. That's good, not bad: by the time you do, it will be a much better, more helpful and more realistic one than that. The sooner you lose that interest, the better. Binary Options are a way of stacking the deck even further against yourself. Governments worldwide are increasingly banning them, anyway. Eventually they'll be gone. Forget them. They have no business being part of your approach to trading. "Scalping" and "5-minute charts" are mutually exclusive. There's no such thing as scalping from 5-minute charts. It's a complete contradiction in terms. If you've seen it referred to on websites or on Youtube videos (and I don't doubt that it's on many), ignore them completely, and don't look to those authors/presenters for any further information about anything (just in case all their "information" is of the same "quality"!). I'm not pointing this out to criticise you for not knowing what you're talking about: that's where we all started, bien sûr. But, to put it mildly, it's time for you to improve the sources of information you're currently looking at. And on that note, this may help you. It's an account of where and how I started. And good luck!
I'd recommend finding a way to learn from the data. Books aren't always a good thing, they can also be indoctrination into modes of failure. Learning from the data you can be objective and follow the data where it takes you. For myself I've found this very satisfying. The markets are what they are.
What? you want to learn? most beginners want to make money! But it is good and a very rare attitude to have. Trading is like learning a language. To learn basic is easy: as easy as learning to play elementary, guitar, golf , cooking, ...... But to make or earn money using that skill, IN ANY FIELD, requires an extremely high level of fluency. to become fluent you need to practice for a long time. a MENTOR will only tell you what to do. It may be simple thing as: enter a trade,put stop, risking not more than 1% of capital put target at 2%. I learnt that very early and I really did not need to know more. But if you are like me and want to understand the markets then you may want to investigate more; this may sound difficult and it is not easy but it may be simple. The most basic thing about markets is : THE BULLS ARE STRONGER OR THE BEARS ARE STRONGER OR NEITHER ARE STRONGER. the first two you have a trend-it may be a strong trend or not so strong- the last you have range. Always remember this. Then you will know in which direction to enter the trade,and then, put stop,put target, log on to ET and meet and enjoy with other traders. DO NOT WATCH the market because the market will keep giving you reasons-very good reasons- why you are wrong and why you should reverse your trade. This is why all experienced traders say trends are emotionally so difficult to enter: selling a market at the low of the day or buying a market at the high of the day,is counter intuitive.And it may be the reason why 95% of new traders lose money if no one is stronger do not do anything except logging on to ET Reading books may give you unnecessary information but by all means get that information; it is an education.But if you use what i have given you above and trade you are a trader. next open a account and trade with 10 usd you can do this with forex. i am not sure what else you may trade with 10 usd. JUST DO IT
do not want to attack you-you are a lady so you deserve that consideration I was under the impression-wrongly,according to you-that 5 min is the time frame to scalp. of course you may scalp the daily monthly or 4h: time frame has nothing to do with scalping. is that what you are saying?