How To Trade Double Tops (Better Not)

According to BabyPips and other charlatan forex educators, a double top is one of the best patterns to trade. 

They say with big excitement that when this thing happens, it means a trend reversal has begun. Yeah right. Except for the other 30 cases when it didn't:

Well let me tell you the truth. Double top is one of the worst patterns to trade. How much reward/risk do you think you'd need when you can find at least 10 double top patterns every day and maybe 1 in 30 actually works out? Your R/R should be 50:1 at minimum to cover the drawdown, commissions, spreads and also to make it profitable for you long term.

Does it work in practice? Well you can't just shoot a random trade and expect a 50:1 reward risk.

Every trade needs to have a logical entry and logical exit point. Does it happen often that you find logical 50:1 opportunities in the forex market? Maybe once a year. So do you want to spend the whole year waiting for such opportunity? And what if it happened overnight? Or when you went to the toilet to take a piss? Can you actually stay glued to the screen 24/5 all year round? And how will you sustain the psychological impact of not earning a dime for the whole year, only seeing those annoying losses? And when your wife leaves you because she thinks you're a crazy gambler who lost his mind?

Just think about it, why a double top pattern should work? I estimate at least 30% of newbie traders go to BabyPips, which is a broker funded charlatan education portal. And they're told to trade double tops. Now if trading was that simple, it would be a gold mine and nobody would be slaving their lives away in the actual mines. But that's just not the case.

As a professional trader you need to understand how the market actually works. You need to know who are the participants of this market and how to study their activities in real time, during live market conditions. This information is not public and is not available in any training course except mine (according to my best knowledge). And if you think you know who are the participants because an FX guru told you "the secret", then you're most likely wrong like the 99% crowd who think they know this but in fact have no clue.

Then you need to know how to predict the outcomes of market participants actions, identify high probability opportunities and manage your trades in the professional way. Unfortunately this has nothing in common with waiting for double tops and expecting for a new trend to start. This also explains why there's no single long term success story available on the BabyPips forum. I'm afraid I burst your bubble guys but that's the way it is.

If you want to finally become a successful professional trader, you need to be trained by an actual professional trader who makes money from trading and not from youtube ads (like most educators do). I work with my students only 1:1, during live market conditions, I fully stand behind what I teach and I have nowhere to hide (none of the gurus can offer you that). Read more about my course here.

Thanks for reading and have a nice day!