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.
So, it's kind of surprising that so many people aren't aware of the profit potential it could bring.
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.
Nowadays, you can find your own special indicators, mechanical trading systems, trading robots, etc... anywhere online. Just pick any forex forum.
I suppose that all these gimmicks are popular, and this could be the reason why so many traders don't understand price action. But here are just some of the things that they are missing by not learning this invaluable tool:
Price action patterns: Have you ever just sat down and looked at a basic price chart with no indicators, and just focused on what the price was doing. If you did, you might have noticed that there a patterns in which the price movement constantly duplicates and can provide an insight as to where the future price is headed.
The Trend: Ah...yes the trend. It's a word you hear a lot about but most traders wouldn't be able to spot it, if you gave them a road map. I'll give you a clue. It has nothing to do with moving averages. As pretty as they might look on your charts, they won't tell you where the trend is headed.
Support and Resistance Areas: I'm sure many of you who use a Metatrader MT4 charting platform, probably have the custom pivot indicator that gives you the 3 support areas and the 3 resistance areas. Don't feel bad. I used those too when i was first starting out. But the truth is the REAL support and resistance areas can't be calculated. It's just not that cut and dry. To find out the real, there is only one place to look, and that's in the price action. There is no indicator that can just spot it for you.
So, it's kind of surprising that so many people aren't aware of the profit potential it could bring.
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.
Nowadays, you can find your own special indicators, mechanical trading systems, trading robots, etc... anywhere online. Just pick any forex forum.
I suppose that all these gimmicks are popular, and this could be the reason why so many traders don't understand price action. But here are just some of the things that they are missing by not learning this invaluable tool:
Price action patterns: Have you ever just sat down and looked at a basic price chart with no indicators, and just focused on what the price was doing. If you did, you might have noticed that there a patterns in which the price movement constantly duplicates and can provide an insight as to where the future price is headed.
The Trend: Ah...yes the trend. It's a word you hear a lot about but most traders wouldn't be able to spot it, if you gave them a road map. I'll give you a clue. It has nothing to do with moving averages. As pretty as they might look on your charts, they won't tell you where the trend is headed.
Support and Resistance Areas: I'm sure many of you who use a Metatrader MT4 charting platform, probably have the custom pivot indicator that gives you the 3 support areas and the 3 resistance areas. Don't feel bad. I used those too when i was first starting out. But the truth is the REAL support and resistance areas can't be calculated. It's just not that cut and dry. To find out the real, there is only one place to look, and that's in the price action. There is no indicator that can just spot it for you.
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If you want to start having a deeper understanding, you should really visit learn forex trading learning to trade price action forex education.
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