I think when most new traders start out forex trading, they often try to follow a forex trading system that has loads of indicators on it. It makes sense that they do. After all, indicators usually have to follow trading rules, as to how to use the respective indicator. However, the problem is that traders rely so heavily on these indicators that they never understand what's causing the market to actually move in a certain direction. They just follow the indicators blindly, whether its for a win or loss. This is just one of the reasons why 95% of forex traders fail to make money.
When traders are just trading the indicators and not the price itself, they will most likely fall in that 95%. So instead of using lagging indicators to translate what the market is saying, why not just use yourself to translate the market. Do yourself a favor and just get rid of all the indicators that are on your charts and see the market in its purest form. You"d be amazed at what you can see.
The less is more approach is just that. The less clutter that is on your trading screen, the more you will be able to see. There is a very good reason why some of the most successful traders of all time use price action (and price action only) to make their trading decisions. Not to get too "new age" on you, but it does make you one with the markets. There is no crutch to lean on. It's just you and the market. No interruptions.
Understanding how to trade using price action does take a little time. but once you understand it, there is no way you could ever go back to trading with indicators. To learn more you can look at unbiased forex reviews at LearnForexDirectory.com |
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