2. Pristine charts

If you are serious about mastering forex trading, you have to commit spending time each day with market related activities. How much time you spend is not as important as is spending it regularly. Jim Rohn said it well: “Success is nothing more than few simple discipline practiced every day”. Ideally, you devote at least one hour from your daily schedule to markets. It is a matter of developing a new habit and linking pleasure in your brain to trading. The proper mindset will make it easier for you to proceed even when adversity sets in. And it is bound to set in; even the most seasoned pros have to deal with losing streaks.

 This material will guide you through the process of acquiring market education and prepare you in a relatively short time for active trading. Below is a basic outline of what is to follow.

 

 

If you are starting to trade forex, it is important to have a clearly defined method, which will navigate you through your market related decision making. With a good method, you will always know what to do regardless of what happens in the markets.  To develop a good method, an understanding of technical analysis is needed. We will study now technical analysis in more detail. But do not panic, trading is not as technical as it may seem at the first glance. Trading is basically a pattern recognition game; at least the type of trading discussed in this blog. We will be using technical analysis to make buy and sell decisions.
At this point, you need access to live markets. Below is a daily chart of EUR/USD pair. It is a Japanese candlestick chart and I call it pristine. No indicators, no lines, just prices. We will be using these pristine charts for our trading.

Log in to your forex demo account and create a template for charts called pristine. Your charts should look exactly like the one on the picture above. Change the color of the background to white, set the candles to be red (down candle) and green (up candle). Remove all preset indicators or lines.