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First, you have to study Price Action so that you can become familiar with price chart movements. Pick a time frame you like. I always liked 1-MIN charts because it’s not so boring. I still like them to this day.

You want to study how Reversals form. I suggest doing long trades only. This means you only look for buying patterns.

Study Reversals from the bottom, and Retracements from the Top.

Test your skills using the paper money software of your broker. Never use real money to do this or you will be sorry.

After a while, and I mean a long while, you think you know how to spot the turn, when price stops going lower and starts moving higher…

Then you add this to your trading plan. What were the signals that you saw that contributed to the price moving higher? Add this to your trading plan.

Then you test it some more. And you measure how good you are at recognizing the turns.

Don’t worry about anything else because I swear, it will be too much. If I were a beginning trader, this would be the advice I would give to myself.

Once you demonstrate that you are good at executing buying entries, move on to the next topic you want to add to your plan.

Test Test Test. Always test. The more testing and measuring, the least amount of stress and the most amount of profit.

 

[Oluti]

Traders often hear the importance of having a plan when trading the financial markets and it’s one of the best pieces of advice anyone can be offered. Rarely does random trading generate consistent, stable, and long-term profits. It’s akin to gambling and not a characteristic of approaching trading the right way. Trading is a business and looking at it from that perspective can help any trader become consistent over time.

Having a trading strategy means having a defined set of rules and conditions that would help you navigate the financial markets without having to think twice about what to do across all possible scenarios. It’s the difference between being disciplined and organized and being chaotic and unsure.

Just as the market is highly dynamic, a trading strategy will help you make sure you maintain rationality and stability regardless of market conditions.