Shinobi-X wrote:2,000 hours of screen time is probably enough for fast learners. the best analogy is...
if you took 4 years to complete college to get you your current income (or whatever educational background) and live comfortably off it it is absurd to think that you can master forex trading in 12 months.
regarding candlestick though... i don't completely agree that you should spend thousands of hours just to watch candlestick. trade hard trade smart or in this case study hard study smart. go to m1 (one minute) TF and watch them for hours. the movement is the same with the higher TF. in H1 you will find volatile, quiet and trending market. in m1, the volatile & trending market will almost always happen during tokyo/london lapse and 2 hours after that and london/ny lapse and 2 hours after that and also near/after major news release. the quiet market most likely starts 2 hours after tokyo open and after london close. whatever happens on h1 also happens on m1. you just need to observe them. this is how you can learn quicker. imagine spending 2,000 hours watching m1 chart
the greatest part of the post above (adaseb's post) is the last paragraph..."not everyone can trade forex".
Have a great weekend guys/gals
I spent two years paper trading, real paper trading with actual paper , before I even touched a...phone.
I didn't even own a computer, I would get a new set of paper charts in the mail and call my broker for updates.
I would take my charts everywhere I went, they were literally glued to my left hand.
Here is something that I don't usually share because it is embarrassing to show accounts with nothing in them
I had been trading options for a few years and wanted to try my hand at outrights so I started a $2,000 account with $95-$100 commissions if you want to talk about a deck stacked against me!
These three pages are the only records I have from that far back... You may be wondering why the gaps are so large in my record keeping...daily, weekly, and monthly charts baby...daily weekly and monthly charts
As of 10:12 PST on 4/15/02
Gold February 2002: 1 lot long at 274.80, current 284.70, net change N/A, +$895.00, POSITION LIQUIDATED/ROLLED.
Gold February 2002: 1 lot long at 291.90, current 284.70, net change N/A, -$815.00, POSITION LIQUIDATED/ROLLED.
Gold December 2002: 2 lots long at 287.80, current 303.50, net change -2.1, +$2,950.
Soybean Meal July 2002: 1 lot long at 151.30, current 152.30, net change -1.9, +$5.00
Futures Profit and Loss Total: +$3,035
As of 08:07 PST on 5/24/02
Coffee December 2002: 1 lot long at 56.10, current 56.60, net change 0.4, +92.50.
Gold December 2002: 2 lots long at 287.80, current 325.50, net change -0.6, +$7,350.
Soybean Meal July 2002: 1 lot long at 151.30, current 163.40, net change 0.9, +$1,115.
Option/Coffee December 2002: 1 put long on a 50 strike for 3.4, current premium 3.28, -$140 (hedge)
Futures Profit and Loss Total: +$8,497.50
As of 07:55 PST on 10/24/02
Skipping over some rolled over positions...
Coffee December 2002: 1 lot long at 53.35, current 67.50, net change 3.2, +$5,206.25
Coffee Demeber 2002: 1 lot long at 56.10, current 67.50, net change 3.2, +$4,175.
Gold December 2002: 2 lots long at 287.80, current 311.70, net change -0.9, +$4,580.
Rough Rice (still haunts me in my sleep) March 2003: 2 lots long at 4.45, current 4.27, net change +0.12, -$920.00.
Soybean Meal July 2002: 1 lot long at 151.30, current 169.30, +$1,700.
Option/Coffee December 2002: 1 put long on a 50 strike for 3.4, current premium 0.6, -$1,150 (hedge).
Futures Profit and Loss Total: +$14,811.25
Shortly after this, volatility in Coffee went off the friggen wall doubling this number but I don't have records of that.
How did I go from $2,000 to $14,811.25 in ~6 months(besides being born one of the most aggressive traders ever)?
I didn't have hourly charts so my focus was on 2 things:
1. Not blowing up.
2. Reaching my price target.
The first is a matter of responding to new information and the second is persistence.
Most of all I believed in myself so strongly that I didn't think it was possible for me to fail; I wouldn't let myself, I was going to try again and again and win no matter what the cost.
That and Futures is child's play