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I agree with your statement that candlestick patterns can help you predict the market to a great extent. However, you can’t make decisions purely based on them. It is always a good move to confirm your predictions with the help of other tools before making any trading decisions.
There is no fixed number of years that one has to give to studying forex. The rule is simple. To grow as a trader, you have to consistently study it and test different strategies. So you have to give more input if your work isn’t showing results.
Never expect too much from the market. Forex trading is so lucrative that everyone thinks that they will be able to make good money with it. This often makes them take big risks and lose big. Just take some time to understand the market before you make a move. You will know better.
While trading, never let other traders influence your decision-making. Believe in yourself. You might make losses but you will know what went wrong. If you see it from another perspective, it won’t look like a loss anymore.
The biggest advantage of having a trading plan is that it eliminates the emotional factor out of your trading as you would have already decided where you will take profit and cut losses. Fear and greed won’t be able to ruin your trades when you stick to your plan.
According to me, it is more important that a trader does his research and learns on his own. Though this might be somewhat time consuming, it is the most effective way of retaining the information.
Traders need not to take any trading course until they feel any kind of necessity.
In forex, money management plays an important role in sustainable use of funds, so that even if one trade is lost, it does not impact other trades.
Money management aims at protecting the funds first and then focuses on gaining profits.
