Before I talk about how to succeed with day trading forex, I must let you know that many forex traders will lose money. It happens to us all.
If reading that didn't scare you, then you might be one of the few people who have the courage to day trade the forex market carefully, and not fall into the dangers of overconfidence which many traders suffer from.
But even beyond that, the problem that many day traders have is that they just don't understand the market.
That's why you see so many of these day traders inundate their chart with useless indicators that provide absolutely no insight to the market such as stochastics, MACD, RSI, and other bells and whistles that may look pretty on the charts, but don't amount to a hill of beans.
Since these indicators are completely lagging, you really get no insight as to what the future of the market holds.
One thing that most people don't get is that all the answers are underneath those indicators, which is on a naked chart (meaning no indicators). The first you do this may seem awkward, but a bar chart is really the truest way to trade.
When you do this, you'll start to see price action can be predicted. There are literally hundreds of opportunities to scalp the markets every single day. They are right under your nose. It really is a day trader's dream out there.
It's just so difficult to see this when you have staring back at you, are these indicators that are of no help. If you want to learn day trading, you better learn price action. They are synonymous with each other.
If reading that didn't scare you, then you might be one of the few people who have the courage to day trade the forex market carefully, and not fall into the dangers of overconfidence which many traders suffer from.
But even beyond that, the problem that many day traders have is that they just don't understand the market.
That's why you see so many of these day traders inundate their chart with useless indicators that provide absolutely no insight to the market such as stochastics, MACD, RSI, and other bells and whistles that may look pretty on the charts, but don't amount to a hill of beans.
Since these indicators are completely lagging, you really get no insight as to what the future of the market holds.
One thing that most people don't get is that all the answers are underneath those indicators, which is on a naked chart (meaning no indicators). The first you do this may seem awkward, but a bar chart is really the truest way to trade.
When you do this, you'll start to see price action can be predicted. There are literally hundreds of opportunities to scalp the markets every single day. They are right under your nose. It really is a day trader's dream out there.
It's just so difficult to see this when you have staring back at you, are these indicators that are of no help. If you want to learn day trading, you better learn price action. They are synonymous with each other.
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