Now that you’ve completed the foundations, don’t immediately jump into trying to make as much money as possible.
Your next goal should be skill development.
WEEK 1 — LEARN THE PLATFORM
Learn how to:
- Open charts
- Change timeframes
- Search instruments
- Place demo trades
- Set stop losses
- Set take profits
- Close trades
- Read trade history
Do not worry about making money.
Learn the mechanics.
WEEK 2 — LEARN PRICE
Study:
- Candlesticks
- Highs and lows
- Trends
- Market structure
- Support
- Resistance
- Timeframes
Spend time looking at historical charts.
Ask:
“What happened here?”
“What happened before the move?”
“Where were the previous highs and lows?”
WEEK 3 — LEARN RISK
Practise calculating:
- Risk percentage
- Monetary risk
- Stop distance
- Position size
- Risk-to-reward
Understand how different risk levels affect drawdown.
WEEK 4 — BUILD YOUR PROCESS
Start developing your trading plan.
Define:
- Markets
- Sessions
- Strategy
- Risk
- Entries
- Stops
- Targets
- News rules
- Daily limits
- Journaling process
Don’t worry about creating the perfect plan.
Build a simple plan that you can test and improve.
Disclaimer
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
