For those of us struggling with trading, I suggest the following:
- Pick a particular pattern and learn it to death. Pattern recognition is key to successful trading. There are many highly reliable patterns.
Double tops/ bottoms, triple tops/ bottoms, Head and shoulder formation bullish and bearish divergence are very reliable with over 80% accuracy.
Pick just one. Go to YouTube and download videos. Input on the search bar (Forex double top formation as an example) and watch as many videos as you can. Watch them over and over till they stick right in your head.
As you watch, pause at some point and go to your Mt4 chart. Ask yourself.. Can you spot any double top? Did it play out? Where would you have entered, where would you exit?
Go back to the past 20 doubt top formations. Try view them over and over again until it becomes easier to spot them.
Open a demo account (or a live account with just 10$). Discipline yourself to trade double tops ALONE. Ignore what other traders SAY. Ignore other setups. LOOK at your chart. Once you have a doubt top, TAKE THE TRADE. SIMPLE AS ABC! As you begin to make more profitable trades, likely your confidence will grow.
Pick a time frame to trade. The H4 and Daily time frames are best
Practice, Practice, practice! Don't just feel because you traded only 2 double tops and your trades hit your Tp, you are now good enough to be a bank trader. You should try and trade that particular formation for 3 months at least consistently before doing an appraisal of your trades.
Keep a log. A written document on all your trades from that particular pattern you choose to trade. At the end of each month, review it and learn from your errors, if any.
After you have mastered one pattern with good results, move to another.
Remain humble, remain focused, remain persistent. With time, good results will come. Remember that the market is king anytime, any day.
If you devote the next 6 months remaining in 2017 to this, believe me, you will see much better results in your trading.
HAPPY TRADING...