Hello, I am very new to forex (3 months in, consistent 2-4 hours a day of studying) and have barely looked into any technical analysis. I've spent the majority of the time looking at the psychological aspects of trading & have learned about proper risk management, what forex is and how it works, and how margin trading/leverage works albeit in a lot lesser quantity. I recognize the importance of developing your own strategy & trading rules as well as the length and effort needed to do so. I understand that it is important to create a strategy that works for you as an individual and that it makes sense to you. I feel as though I am ready to start to make my own strategy and trading plan (of course continuing to further study the topics I previously mentioned as well as others), however I have no idea where to start. I touched SMC briefly in the beginning, but I have heard varying things about it and unsure of whether it is a viable option or not. Any tips/advice/information on where to start or anything regarding the development of your own strategy and trading plan will be greatly appreciated. This may seem like a dumb or broad question, but the internet is clouded with unreliable information from someone trying to sell your course and I want to stray away from stuff like that. I'm not looking for a shortcut or anything of that sort, I just truly don't know where to start (like should I do purely chart analysis or research a strategy/methodology then build/develop it?). I'm 17 and am doing my senior year virtually so I have a lot of time on my hands to dedicate towards this.
Looking For Advice
- Thread starter Sailenced
- Start date
From the technical analysis standpoint, ICT (not SMC), is the best by far I know. It requires two or three years to learn it. You must understand that most people, no matter their personal traits, will never learn to trade. You have to brand it into your skin, otherwise you won't ever have the minimum chance to become a breakeven trader. Not to say one who consistently wins. I am not special, you are not special, he/she is not special, we all are the same. Never think you have a special edge or you will fail at trading.
I think you are bit young and would need a more senior individual to guide you, but it is true that generalizing is not good, because each person is different. You need to give yourself between 3-5 years to learn to trade. That is my advice.
Now, regarding where and how. I have backtested succesfully ICT and can recommend learning it. From the source, The Inncer Circle Trader on Youtube. He has several lists. Check the first video of the 2023 mentorship series where he will tell you the learning path. Do not expect to finish it in less than 2 years.
I would also recommend, at the same time, check Youtube's TraderMike channel. The three lists, structure, orderflow and SMC. Then, the other ones, especially the market reviews.
Finally, be careful, you are going to be stalked by people trying to steal your money and your personal data. Trading is one of the industries where you will find more scammers and thieves around you.
Trading is extremely difficult, all these courses about chart patterns and candlestick patterns, indicators such as rolling means, RSI, MACD, BBs are simply useless, you will find out yourself. But you need to go through all that sh*t before to understand it.
Cheers.
I think you are bit young and would need a more senior individual to guide you, but it is true that generalizing is not good, because each person is different. You need to give yourself between 3-5 years to learn to trade. That is my advice.
Now, regarding where and how. I have backtested succesfully ICT and can recommend learning it. From the source, The Inncer Circle Trader on Youtube. He has several lists. Check the first video of the 2023 mentorship series where he will tell you the learning path. Do not expect to finish it in less than 2 years.
I would also recommend, at the same time, check Youtube's TraderMike channel. The three lists, structure, orderflow and SMC. Then, the other ones, especially the market reviews.
Finally, be careful, you are going to be stalked by people trying to steal your money and your personal data. Trading is one of the industries where you will find more scammers and thieves around you.
Trading is extremely difficult, all these courses about chart patterns and candlestick patterns, indicators such as rolling means, RSI, MACD, BBs are simply useless, you will find out yourself. But you need to go through all that sh*t before to understand it.
Cheers.
See, this is a random trade. The one I took this afternoon. It is really ugly and one has many of these. The red arrows are short sell orders (a main one and then two more adding more contracts to the short position) and the blue arrows are partial closes and the final closing order by 10:00 AM EST time. My idea was just waiting to see if there was any chance for prices to drop lower. It didn't work and I closed the trade when I thought it was going to reverse against me.
You won't see any understandable chart or candlestick or any other pattern there. I do not use indicators either. I am just selling highs and buying lows. But how do I know they would be there? Well, I don't know. All is a guess.
All what I do is based on ICT. You won't see that precision in another style as far as I know. It took me 2 years to study it and about two more years to begin to be able to apply it. But I had no guide except the videos ICT produced before the 2022 mentorship that changed everything for the community. That is why I mention you to go to the 2023 and watch the 1st video and also study Tradermike as he simplifies a lot ICT and has a working strategy.
The idea of sharing a chart with real execution is just to show you how complex are markets. The chart has the 1min, 15min, h4 and d1 timeframes. I trade using m1 normally but rely on weekly and daily a lot.
You won't see any understandable chart or candlestick or any other pattern there. I do not use indicators either. I am just selling highs and buying lows. But how do I know they would be there? Well, I don't know. All is a guess.
All what I do is based on ICT. You won't see that precision in another style as far as I know. It took me 2 years to study it and about two more years to begin to be able to apply it. But I had no guide except the videos ICT produced before the 2022 mentorship that changed everything for the community. That is why I mention you to go to the 2023 and watch the 1st video and also study Tradermike as he simplifies a lot ICT and has a working strategy.
The idea of sharing a chart with real execution is just to show you how complex are markets. The chart has the 1min, 15min, h4 and d1 timeframes. I trade using m1 normally but rely on weekly and daily a lot.