There are plenty of traders out there in the world of forex trading who could use some genuine help with their trading plan and day to day activities. Myself, a trading coach and pro trader of over 7 years, Dealing with over 100 Students every month, I have come the conclusion that just about every aspiring novice trader attempts to make trading much harder than it has to be. In my experience, the herds of traders are basically “headed for eventual failure by complicating their thinking and trading activities”.
Most of the time, the simple stuff in the trading world is often overlooked. For example : remember the novice trading book and beginner material you once read on very basic technical analysis techniques ? How much of that information do you actually remember and use in your trading today? How much study and testing did you actually put into it back then, or have you forgotten about it? I rest my case that simple trading methods are widely overlooked, because most of it is learned very early on, and that means we usually forget it or simply take it for granted.
To Start with, passionate, dedicated market students should always understand and identify where the trend is, this is very important. Now, whilst that may sound rather obvious, as I said, it’s actually quite interesting just how many traders and market participants don’t even look at the larger picture trends on the charts, they wander the charts in a haze, with no plan and no strategy.
If you are one of these “lost sheep”, who aren’t sure of how to trade with the primary trend, here’s a quick tip.. you don’t need a lot of messy indicators to define the trend at all. It’s much easier to spot a prevailing trend when you don’t use indicators, honestly, they serve no real world benefit in trading.
There is of course a simple way to find the short term directional forex trend, and work within those obvious trends to make good trades, but you wont ever have extreme clarity using the modern day standard indicators, they are not going to give you any clearly defined market edge over any other normal chart observations using standard price pattern analysis.
I want you to think of all the typical magical indicators as just smokes and mirrors, even brick walls to your true success. We all know deep down intuitively that shortcuts are not the way to learn trading! If you want a real understanding of the forex market and are looking to trade with a high probability trading plan, you are going to have to dig a little deeper than all those lagging indicators and fancy trading systems, you should know that none of that ‘magic’ is what really works in trading, there is no easy road to trading profits here.
As a struggling trader, you want to be able to look at the chart the same way that most trading pros would, the same way as the hedge fund manager would. So what is the answer? … well to put it in one sentence, ‘you need to get back to basics and start watching the candlestick chart’ in your forex trading.
If you look at the price action on the candlestick chart with an open mind, I think you’ll be amazed at what you see. The forex market moves in high volume, high volatility trading ranges, it trend, and it has a natural ebb and flow that gives you strong support and resistance areas, not only that but you will soon start to see obvious reversal signals, and candlestick formations, things that are occurring over and over again with precision and repetition.
You should be aware of the fact most forex traders who have used modern day technical analysis relied solely on price action trading alone, To start having any chance of success in forex trading, you must learn to trade using price action, and of course look to surround yourself with like minded traders and mentors who teach the price action strategies which work.
All the best and good trading.
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