My best advice for you is to study market data and create your own set of technical analysis tools, keeping those that are only of the highest quality. Then create specific financial goals and targets over a specified time-line, based upon what YOU want and need and NOT what somebody tells you what you want and/or need. Then tweak your tools to deliver the profits necessary to strike your progressive targets within a time frame that YOU are comfortable with and not a time frame that somebody else tells you is correct for you.
Technical Analysis is NOT a finished subject! You can create TA tools that nobody else has or ever will have. TA is constantly evolving. Study market data and ask the data logical questions that lead to profitable answers. But, before you do this, you need to get some idea of what you are trying to accomplish by being here. 5 pips a day, 11 pips a day, 63 pips a day, 23 pips a week, any number of positive pips over a specific time frame? These questions can only be resolved after you have determined what your ultimate financial targets look like.
In this business, you have to start from the end game and then work your way backwards from there. If you desire $10,000,000 for a new house, then that's your target goal. Does 7 pips a day meet that target? If so, how many positive trading sessions would you need and at what leverage would you need to trade, to be able to strike that goal on schedule? How many losses could you suffer along the way and at what magnitude could those losses be before the time line got skewed? Do you have a technical tool that will net you 7 pips per day with a high enough degree of success, to reach that goal without too many set-backs? How much will each set-back cost you in terms of time? How do I manage risk on every single trade to maximize the potential for striking that target each time I enter the market?
These are the questions ONLY intelligent traders will ask themselves and their trading systems - whether a Fundamental system, a Technical system, or a hybrid system composed of the two.
Trade for YOU according to YOUR goals, needs and requirements and not those of someone else. Success in this business has no universal definition. Your needs might only be an extra $100 per month. Or, you needs might be $100 million in X months or X years. Your trading should be pegged to your economic goals and not done off the cuff, like so many traders do.
Trade with purpose, not on a whim. Getting your feet wet, can make you broke. You are either full-in this business, or you are not in at all. You either commit or you don't. You either success or you fail - there is no in between.
The choice is yours. The historical data is available to anyone with a computer. The tools are waiting for YOU to develop the technical tools necessary for YOUR success according to YOUR OWN needs.
Plan for and count on success - or leave this business alone. Any other mental approach and you will quickly burn out given the weight of difficulty in maintaining true, long-term profitability and capital growth.
Work hard, and expect success - settle for nothing less. Take no prisoners along the way and don't listen to naysayers - they will sap your energy and if you are going to be highly successful in this business, you are going to need far more energy than you presently are capable of fully realizing right now.
Dream big, pray hard - but then get up off your knees and HUSTLE!
