I'm just going to touch on a forex trading education that nobody else seems to talk about: the concept of price action. It has been around since the first trade was taken in the stock market.
It still amazes that more people don't even notice what kind of pip monster this strategy is.
It's a real shame that this has happened. But traders can only blame themselves for this. As technology has improved, so has the level of laziness from traders. They would rather spend the hundreds of dollars on trading software that is just not needed.
It seems that everywhere you turn, there is some kind indicator or mechanical system being sold to the public. You can go to any forex forum to see that.
Sure all these things may be popular, yet you never seem to hear about price action. It could be that it's just too general of a term, so traders don't cling to the idea as easy as they do with all the shortcuts that are available, but here is what they are missing:
Price Action Patterns: Here is something most people aren't aware of. The market has price action movements which can be used to tell where the future direction of the price is headed. The great thing is that it is duplicated over and over again, so you can literally enter and exit a trade a bunch of times during the day.
The Trend: Every trader worth his weight in gold should be able to spot and trade with the trend. The sad thing is most really don't. The think oscillators like moving averages can tell them where the trend is. Sadly, that is just not the case. It can be seen by just looking at the price.
Support and Resistance Areas: I'm always stunned to see how many people think they are following the real support and resistance when they use these metatrader indicators. The truth is there is no indicator that can support and resistance. The faster you accept that, the better off you are going to be.
It still amazes that more people don't even notice what kind of pip monster this strategy is.
It's a real shame that this has happened. But traders can only blame themselves for this. As technology has improved, so has the level of laziness from traders. They would rather spend the hundreds of dollars on trading software that is just not needed.
It seems that everywhere you turn, there is some kind indicator or mechanical system being sold to the public. You can go to any forex forum to see that.
Sure all these things may be popular, yet you never seem to hear about price action. It could be that it's just too general of a term, so traders don't cling to the idea as easy as they do with all the shortcuts that are available, but here is what they are missing:
Price Action Patterns: Here is something most people aren't aware of. The market has price action movements which can be used to tell where the future direction of the price is headed. The great thing is that it is duplicated over and over again, so you can literally enter and exit a trade a bunch of times during the day.
The Trend: Every trader worth his weight in gold should be able to spot and trade with the trend. The sad thing is most really don't. The think oscillators like moving averages can tell them where the trend is. Sadly, that is just not the case. It can be seen by just looking at the price.
Support and Resistance Areas: I'm always stunned to see how many people think they are following the real support and resistance when they use these metatrader indicators. The truth is there is no indicator that can support and resistance. The faster you accept that, the better off you are going to be.
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