Everybody and their brother wants to know how to trade the forex market? Unfortunately, for most people, they never get the proper education that they need. It seems everywhere you go, people are just selling these forex trading systems in a box. These forex trading systems basically put an arrow on the chart saying "BUY HERE" or "SELL HERE". So the only thing the trader has to do is hang around his computer and wait for these signals to come in.
You can call me a pessimist, but I don't think that's going to get it done. If trading was that simple, I don't think so many people would be losing money. After all, the only thing they would have to do is just wait for their chart to tell them when to trade. Somehow, I don't think this is the way George Soros trades? If this worked, you wouldn't be hearing that 95% of traders in the forex market are losing money.
Take the time to understand the principles of price action and price movement. The currency markets (actually all markets) have these patterns which are shown over and over during the day, that can be used to predict where the price is headed. This is without using any stochastics, MACD, Fibonacci, or any of that other rubbish.
The problem why many people don't feel the need to try to learn price action is that it is much more of an art than a science. It isn't like when two moving averages cross each other and you are "supposed" to buy. it doesn't work like that. You will have to use some brainpower, BUT if you do grasp it, you will be miles ahead of the vast majority of forex traders who are just throwing darts at a dartboard.
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. |
1 comment:
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