Trade with an eye on a Picture

Books or reading (rather than doing) will not help any newer trader.

You need experience and you won't get that from any book. No matter how much you read before you start, trading will soon let you know that most that is written in the books (or forums) don't really matter when you are live in front of your computer making live decisions.

Understand who you are and you will do better, you may not eventually become a millionaire but that shouldn't be your first objective either.

The main objective is to be consistent over a longer period.

Chart Analysis

Trading with the big picture works well and helps make trading decisions fast.

MT4 provides good information indicators that can really help meet this

Doing any kind of technical analysis is not productive. In fact, engaging in technical analysis stunts your decision making ability.

You don’t need any fancy colorful indicators with squiggly lines to show you what you need to see.

Use paper and pen to jot down what you want to do and why or better use an MT4 indicator called a checklist.

My top information indicators list: link to zipped file

The easiest money to make in the financial markets is on the daily chart time frame. Professionals don’t look at 5 minutes charts.

Professionals can see where the smart money is working and where the sheeple of the herd are making their mistakes of buying high and selling low and as I said, you can virtually make an unlimited amount of money from trading depending on how much capital you’re working with, a matter of fact, the financial markets are the only place in the world where you can do that.

Fundamental Analysis

Find out what is going on in the world and is there any news that may come that can impact your trade. You can find a lot of websites that provide information on trading currency or any instruments you want to trade.

Look at daily open of the markets ... and the open of markets in Tokyo, Frankfurt, London, and New York... these are the best places to open a trade.

Look at how price behaves on these points. Are they are good support, resistance

Is it the first candle of London bull or bear? often the whole day is so too.

In the world of trading, only 5% of people are making money whilst 95% of them fall; So you devise your own risk management plan with no preconceived ideas and practise it on a virtual platform to short-select your own method that works.

Double Check Your Analysis

Now, on a piece of paper you have Analysis, Potential Targets, Calculated Risk, and Now What? The best thing to do is to read what you wrote and to judge whether it all makes sense to you.

Place Your Virtual Trade

Open your virtual trading platform MT4 and place a trade like that which you have written on paper – do not change anything.

You can see what happens when you enter into a trade during the release of important news because you may lose all your money quickly!

That will be a good experience of how not to trade.