How to become a successful trader : part 1 : ( patience is key )

"Forex trading is not something you get rich quick at as a lot of marketers and a lot of other teachers would lead you to believe. This is something that takes a lot of time, a lot of effort, and a lot of discipline in order to master."

"You should still wait and actually open a demo account first to make sure that your time constraints, maybe you have a full-time or even a part-time job that doesn't allow you to be in front of the computer all the time, or maybe other activities are influencing your time in a way that keep you from being able to trade all the time. So, so opening a demo account will allow you to see if your time constraints allow you to be able to trade the strategy you've picked correctly."

"And let's say that strategy consists of structure. And let's say that it's almost a reversal strategy. are right here. Let's say your strategy is that when the market has been going down for a while, as we see the market going down here, and then finally breaks resistance as we do here, then you wait for a pullback into that resistance down on the 15minute time frame."

"You can't go through it quickly and expect to only forward test for a month and be fine. You're not going to have enough trades unless you are trading on a low time frame like the 15-minute chart. Let's say you have an hourly chart strategy. Say you're trading out here with a similar strategy, you know, um we have or even the strategy I used here on the pound yen."

"How many trades would it take you to be confident in a strategy? How many trades do you need to test? Is it 100? Is it a thousand? At what point do you go, 'Okay, I've tested 500 trades now, and I've seen that throughout these 500 trades, I still have a 65% chance of winning with this strategy. Does that make you confident, or do you only need a hundred?'"

"Make sure you go long a long enough period back so that you're in consolidating markets and trending markets because you could be on an hourly chart. Let's say for this entire time here, I'm going to put some horizontal lines on the screen. You could be on an hourly chart from here to here trading a trend continuation strategy and what do you think? You would have a lot of wins. But if you were in a consolidating market like from here to here, as we can see if I draw some horizontal lines on here as well. If you're in this market right here trading a trend continuation strategy, what do you think is going to happen? You're going to be losing trades."

"So now you're 6 months deep into your forward testing process and you see that everything's working out great and it's giving you an edge over the market. You're remaining profitable throughout these full 6 months. Now's when you can actually decide. Now you've been patient through your back testing process and now is when you can decide whether or not you're ready to put your actual hard-earned money at risk in the market."

"And still, it's just a consideration until your confidence is at a point that you know once your hard-earned money is in the market, you can remain disciplined to that strategy because the next level of patience comes while we're trading with live money. And that's going to be part two of this series, guys."