I know most people don't trade forex without using a few indicators. You really should give it a try someday. You might notice that the market is a living, breathing thing. If you could look hard enough you can actually see the energy of the market. You could see where its headed and you can see where its going to stop.
This is something that you just don't get when you trade with the traditional, lagging indicators that most of the trading public uses.
I don't mean to come off as being so rude when it comes to using indicators, because I started trading the same exact way as most other people do.
When I began I wanted to know what every single indicator on my charting platform did. I searched online to find all the information about Stochastics, Moving Averages, RSI, MACD, that I could find. You want to talk about wasting your time!
All that time could have been spent actually learning about the market, especially price action. Instead of fiddling around with indicators that only told me what has already happened I could have spent that time learning how to properly read a chart that has no indicators.
Luckily, I came to my senses and I saw what I had been missing. All the information that I ever wanted to know was there in black and white. For instance, I was able to spot the real support and resistance areas, where the price was headed, where the trend is, how to spot a countertrend, the breakout points, and so much more. I've never used an indicator since.
John Templeton has been a successful forex trader after getting a great forex trading education. Once he understood that all he needed to trade forex was on a plain chart with no indicators, his profits soared. |
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