MightyOne wrote: The Instant Professional:
1) Only trade weekly & monthly charts.
The chart that you are "trading" is chart that you use to consider your stop placement; if you are using a tick/minute/hour chart but stop to consider a weekly stop level then you are trading a weekly chart.
Remember that the chart that you are "using" is not the chart that you are "trading".
Do not get lost in the excitement of short term scraps and miss out on the lion's share (large lot size & hundreds of pips).
Your chance of being a professional trader might be 2%, but your chance of being a professional trader who only looks at small charts is almost 0%.
2) Add complexity to your trading in 8 years to NEVER!
I can only recommend two charting styles to a novice:
b) Line chart through price bars
Forget about Japanese Candlesticks and drawing multiple lines on your chart; the only thing that you want to know is if price is going up (above 'something') or going down (below 'something').
When you think that price is going down it is because it is lower than "something"; "something" cannot be the extreme so keep moving your cursor up until it feels right and then draw your horizontal line.
3) Learn how to use a Fibonacci Retracement tool to size your trades (the idea of "Space")
You can do anything so long as you know that it is within your power.
If you do not understand the idea of Space then you do not understand your trades potential & if you do not understand your trades potential then it is surely wasted.
If you can do these three things:
1) Trade large charts
2) Simple charting styles w/ horizontal lines
3) Utilize Space
then you will be an instant professional...
assuming that you have money to make money
"something cannot be the extreme so keep moving your cursor up until it feels right and then draw your horizontal line." - MO
Could you explain this a little bit I would appreciate it.