Learn Day Trading by Getting Rid of Your Indicators

By John Templeton

So you want to learn about day trading? Word of Warning: The vast majority of day traders lose money.

If that sentence didn't phase you, then you might be one of those who will have success day trading, as confidence is rather important this field. Just make sure not to get too overconfident.

But even beyond that, the problem that many day traders have is that they just don't understand the market.

That's why you see so many of these day traders inundate their chart with useless indicators that provide absolutely no insight to the market such as stochastics, MACD, RSI, and other bells and whistles that may look pretty on the charts, but don't amount to a hill of beans.

All these indicators are good for, is to tell you what has already happened. They are completely lagging by nature.

The remedy for this is simply to learn price action. Study a chart, naked (the chart, not you). Take off all the indicators that you find so valuable and just look at it, in its most raw form. A bar chart is all you'll need.

When you do this, you'll start to see price action can be predicted. There are literally hundreds of opportunities to scalp the markets every single day. They are right under your nose. It really is a day trader's dream out there.

It's just so difficult to see this when you have staring back at you, are these indicators that are of no help.

If you want to learn day trading, you better learn price action. They are synonymous with each other.

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. You too could learn day trading.