For anybody that is trying to learn to trade forex, they often try to find the best forex strategies. The problem is that the majority of the strategies that are out there are quite horrible.
These are the kind of systems that flood a trader's chart with indicators that are supposed to tell them how and when to trade.
The thing is, these are lagging indicators. They're really useful if you are interested in knowing what has already happened. But if you're interested in where the price is going, these indicators aren't going to do you much good.
When you think about it, how come so many people fail to make money trading forex if these indicators are supposed to make it so easy? The truth is 95% of all traders lose money.
You're probably thinking why is that? If these indicators are so easy to trade with and the trading rules are so mechanical, why is it so hard?
The problem is that these indicators don't tell you anything about the market. It's hard to be successful if you don't understand what you are looking at. If you are just a trained robot following a bunch of random lines, you are going to struggle making money in the forex market.
To have the full appreciation of how and market prices move the way they do, then all you need is two words: price action. It all starts with getting rid of the indicators that are currently on your charts.
This is the only unique way to have a grasp of the ins an outs of trading forex. Once you're able to do this you can see that forex can be forecasted. You'll be able to spot countless different price patterns which are repeated over and over. You just have keep your eyes peeled.
Take some time one day, and just follow a chart with no indicators. Don't worry too much if you don't see the price patterns quickly, eventually you will.
These are the kind of systems that flood a trader's chart with indicators that are supposed to tell them how and when to trade.
The thing is, these are lagging indicators. They're really useful if you are interested in knowing what has already happened. But if you're interested in where the price is going, these indicators aren't going to do you much good.
When you think about it, how come so many people fail to make money trading forex if these indicators are supposed to make it so easy? The truth is 95% of all traders lose money.
You're probably thinking why is that? If these indicators are so easy to trade with and the trading rules are so mechanical, why is it so hard?
The problem is that these indicators don't tell you anything about the market. It's hard to be successful if you don't understand what you are looking at. If you are just a trained robot following a bunch of random lines, you are going to struggle making money in the forex market.
To have the full appreciation of how and market prices move the way they do, then all you need is two words: price action. It all starts with getting rid of the indicators that are currently on your charts.
This is the only unique way to have a grasp of the ins an outs of trading forex. Once you're able to do this you can see that forex can be forecasted. You'll be able to spot countless different price patterns which are repeated over and over. You just have keep your eyes peeled.
Take some time one day, and just follow a chart with no indicators. Don't worry too much if you don't see the price patterns quickly, eventually you will.
About the Author:
If you'd like to learn to trade forex successfully, you need to put aside all the so called best forex strategies that are out there.
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