Everybody is always looking for a unique way to trade the currency market. If that is the case, you might want to stop visiting all the forex forums that are out there. I am not saying their useless, but the majority of the stuff you find is completely rehashed.
If you really want something that is unique, you really have to go to the most classic way of trading the currency market (or any market for that matter). It's as old as the stock market itself. It's called Price Action.
Legendary floor traders like Jesse Livermore were using this concept to predict future price movement. It was all based on the price activity of the underlying stock.
After roughly 100 years later, not a whole lot has changed. The concept still remains alive and well today, but unfortunately too many traders have gotten so used to all the bells and whistles that we get with modern trading.
Its almost as if nobody even pays attention to price action. How could they when they have gobs of indicators on their charts? Traders use indicators that they don't even know what they are intended for. People use special indicators that supposedly tell them when to buy or sell.
It gets to the point where price is irrelevant because they are paying far more attention to their indicators than the actual price of the currency pair.
I could understand if it worked, but judging on the fact that 95% of forex traders lose money, I am guessing that's not the case.
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, he was able to come up with his own forex trading strategy called Trading in the Buff. |
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