Secrets to make a killing forex trading in 2020
Most trading advice is either too vague to be of use (let your profits run, the trend is your friend) or completely wrong (you can predict the markets with Elliot Wave, Gann theory, etc)
Here’s the straight dope. Professional trading is finite. Once you are doing these things, you are doing just as well as the best guys at the big banks.
Develop a system/method that suits your personality and goals
That system is an EDGE, objectively (and you have real evidence to support it, your “20 years looking at charts” is not evidence)
Trade that system with a high degree of efficiency (less than one mistake in 20 trades)
Keep proper records of your system performance and YOUR performance and review them regularly
Make incremental changes as the evidence supports it.
Do you need to pay for mentorship? – NO (and that’s as someone who sells mentorship, you don’t need it if you are willing to work hard)
Do you need to pay for trading education? – NO (and that’s as someone who sells trading education). Books… books are cheap.
You DO need a system. So you either need to steal, build or buy one.
There are some old systems which leaked onto the internet. Some of them are solid, some don’t work anymore, and some never worked at all. Your system needs to both fit with your market beliefs and be capable of achieving your trading goals, whatever they are.
You MUST Test Your System
Whatever system you get, you need to test it until you are certain your system is an edge.
What does that mean? It means that you bust out pen and paper or a spreadsheet (or you can program it up) and walk through the charts bar by bar noting down hypothetical trade results. I usually do 10 years of paper trading before I take the more serious steps of risking real money.