Trading Price Action has go to be the most overlooked trading method in the forex market. There is a very simple reason I say this. Just look at how many people fail at trading forex. If you haven't heard the statistic, here it is: 95% of people who trade forex, lose money.
I know that statistic is rather depressing, but if everybody just stopped making the same mistakes that most losing traders make, there is a very good chance that you could be part of the 5%.
If you look at this in a simple manner, it should be rather obvious what you have to do. Just follow what the rich and successful traders have done.
If you were to research this subject, one thing would be painfully obvious, and that is that the rich and successful trader rely very heavily on studying price action.
It goes without saying that not every single trader uses price action in the same manner. But I can tell you that most don't use Stochastics to help them decide on a trade.
So, who uses indicators? Well, I don't want to point any fingers, but it's real obvious that if you were to go on any forex forum on the internet, the answer should be really obvious. They solely rely on these lagging indicators are their only reason for taking a trade. They don't even pay attention to what the price is trying to tell them.
The thought of trading price action never even crosses their mind. They'd much prefer some random indicators, which are just lagging formulas telling you what has already happened, to tell them when buy or sell.
Quite frankly, when it comes to trading price action, there is no purer form of trading. It's amazing because it gives you all the information you need or want to know without being overbearring, which is the problem with all these indicator driven systems.
I know that statistic is rather depressing, but if everybody just stopped making the same mistakes that most losing traders make, there is a very good chance that you could be part of the 5%.
If you look at this in a simple manner, it should be rather obvious what you have to do. Just follow what the rich and successful traders have done.
If you were to research this subject, one thing would be painfully obvious, and that is that the rich and successful trader rely very heavily on studying price action.
It goes without saying that not every single trader uses price action in the same manner. But I can tell you that most don't use Stochastics to help them decide on a trade.
So, who uses indicators? Well, I don't want to point any fingers, but it's real obvious that if you were to go on any forex forum on the internet, the answer should be really obvious. They solely rely on these lagging indicators are their only reason for taking a trade. They don't even pay attention to what the price is trying to tell them.
The thought of trading price action never even crosses their mind. They'd much prefer some random indicators, which are just lagging formulas telling you what has already happened, to tell them when buy or sell.
Quite frankly, when it comes to trading price action, there is no purer form of trading. It's amazing because it gives you all the information you need or want to know without being overbearring, which is the problem with all these indicator driven systems.
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To find out exactly how I was able to learn price action visit my website about forex trading training.
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