I know how hard it is to find a currency trading strategy that you can have success with. But if you look at the majority of the strategies that we see, I'm sure you could see why that's the case. For example, a lot forex traders like to go forex forums, and talk about trading strategies and see if they can come up with something good. I am all in favor of this. However, the problem that I see is that they involve a lot of heavy indicator driven systems. You read about these systems that just cover up your charts that you don't even know what you are looking at. It's no wonder why so many people fail at currency trading.
Think Less Is More. This is what I want you to do.
I want you to completely get rid of everything that's on your chart so all that is left is a basic bar chart. This means getting rid of all your bells and whistles and what you always felt comfortable trading with. Next, I just want you follow the price. This may seem very unorthodox at first, but stick with it. If you really take the time to study the movements of the price action, you will notice that there are patterns which do repeat themselves.
These are the kind of patterns which can help you predict the future movements in price. Without all the space is eaten up by those indicators, you can have a real and true understanding of market behavior. It's an uninterrupted view of the market. It's the last currency trading strategy you'll ever use. It's always baffling to see how many traders cover their charts so badly, that they can't even see this. Don't make the same mistake that the majority of the trading public makes.
John Templeton has been a successful forex trader after learning how to trade price action. Once he understood that all he needed to trade forex was on a plain chart with no indicators, his profits soared. He has developed his own currency trading strategy called Trading In The Buff. |
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