With so many people looking for the proper forex trading training, its quite a surprise how much faulty information is available to the public. It all starts with the needless use of indicators. It's almost impossible to go to any forex forum, chat room, online course, etc....and not hear about traders using indicators. They just love them. Many people have no idea what they do, but they like the idea of putting them on their charts.
It happens to everybody when they first start trading. You instantly go to the indicator menu on your charting platform to see what kind of toys the software has. The problem with that is that most traders don't evolve and quit playing with their toys.
Instead of learning price action, they would much rather clog a chart full of moving averages, stochastics, MACD, and everything else under the sun. How could somebody possibly learn to trade like that?
These indicators are blocking their view of what is actually happening in the market!!!
You know there are traders who don't even pay attention to what is happening to the price of the respective currency pair. All they are doing, is waiting for their indicators to align up so they can buy or sell. As far their concerned, this is the only thing that's important.
I suppose it wouldn't be such a big deal if this worked and traders were making money with it, but sadly that isn't the case, if you go by the famous statistic: 95% of forex traders lose money.
Once traders can understand that their eyes are the best indicators in the world, they can eliminate all the other useless junk.
John Templeton has been a successful forex trader after learning how to learn how to day trade. 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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