Learning the forex is a lot like learning to become a chef.
First, discover what kind of chef you would like to be. Second, learn how to prepare your ingredients. Third, choose the best recipe for you. Fourth, decide if you need to add or omit certain ingredients to suit your taste. Finally, work on the recipe to perfect it.
How does this apply to the forex?
First, discover what kind of trader you would like to be, long term, short-term or intraday.
Second, learn what it takes to be that kind of trader. Which three time frames do you focus on?
Third, find a system that you understand. Wave based fibs, time-based fibs, Support and Resistance, Ichimoku, Moving averages cross, etc. There are many systems to choose from.
Fourth, what do you want to add or omit from the system you have chosen? Fewer indicators? More indicators?
Finally (and this is the hardest part), stick with this system until you have mastered it. It should be as natural to you as breathing. You should find working this system a little on the boring side. Create an account in www.myfxbook.com and publish your results here so you can analyze how well you are doing. Create a separate account for each strategy you analyze or you will not get meaningful results. Trade this system AT LEAST one to three months in a demo account.
May the force of the forex be with you (Star Wars)…. may you live long and prosper (Star Trek)!
Thank you, Munira, for the idea of this post.