Learn these:
1. multiple timeframes, specifically daily, 4 hour and 1 hour charts and how to scale down thru each, finally trading on the 1 hour.
2. how to determine the trend and trade with it...see #1
3. how to use the Stochastics (with settings 5,3,3) on the 1 hour chart
If you can get an understanding of those 3 things you have a chance. The problem won't be your desire or aptitude but the extremely large amount of misinformation you will digest attempting to "learn FOREX".
Most strategies are designed to cause us to fail by staying confused no matter how much effort we put into this career.
Here's an example of how confusing these topics can be versus how simple this stuff really is...if I ask how to determine the trend I will get many, many answers. The reason? Because not everyone trades the same timeframes AND not everyone really has it figured out due to the high amount of bad information.
How simple is it really? I trade the 1 hour chart so I use the 4 hour chart to determine the trend. How? By using the MACD histogram on the 4 hr chart. Above the zero line = go long...below zero = go short. You then switch to the 1 hour chart and only take trades in the trend direction.
Remember to use your Stochastics for timing.
And like paul said, use a demo account for a while. Hope this helps.
1. multiple timeframes, specifically daily, 4 hour and 1 hour charts and how to scale down thru each, finally trading on the 1 hour.
2. how to determine the trend and trade with it...see #1
3. how to use the Stochastics (with settings 5,3,3) on the 1 hour chart
If you can get an understanding of those 3 things you have a chance. The problem won't be your desire or aptitude but the extremely large amount of misinformation you will digest attempting to "learn FOREX".
Most strategies are designed to cause us to fail by staying confused no matter how much effort we put into this career.
Here's an example of how confusing these topics can be versus how simple this stuff really is...if I ask how to determine the trend I will get many, many answers. The reason? Because not everyone trades the same timeframes AND not everyone really has it figured out due to the high amount of bad information.
How simple is it really? I trade the 1 hour chart so I use the 4 hour chart to determine the trend. How? By using the MACD histogram on the 4 hr chart. Above the zero line = go long...below zero = go short. You then switch to the 1 hour chart and only take trades in the trend direction.
Remember to use your Stochastics for timing.
And like paul said, use a demo account for a while. Hope this helps.