countless traders looking for forex trading tips in this
market. They believe there is some kind of special indicator or trading system that
somebody has concocted that will make them the next millionaire.
It's as if they are on this treasure quest trying to find
that holy grail that you hear so much about, online. They'll wander from one trading site
to the next looking to see if there is this mystical piece of software that will give you 100%
winners without really having to do anything.
Well, I hate to shatter your dream, but that doesn't
First off, NOBODY is right 100% of the time. It has never
happened and will never happen. Come to think of it, some of
the greatest traders of all time had winning percentages of about 50%. They were able to be
successful because their winners paid out at a lot higher rate than their losers.
Hint: Risk to Reward is crucial in forex trading.
So, if you are one of these people who feel that they are going to
find something that is 100% right 100% of the time. Don't even bother trading, cause its just
not going to happen. Save yourself the anguish and frustration. That,
or begin harnessing your psychic abilities.
Also, as far as the search for the golden software, expert
advisor, or indicator, I'd put that dream away as well. For whatever the reason, traders feel
that there is something that can be downloaded onto a chart that will have all the
They feel that somewhere out there is this piece of software that
will tell you in big red letters "BUY HERE" or
"SELL HERE" while you are sipping your coffee.
There is no best
forex trading strategy that can do that (at least no accurately), and most likely
there will never be. All these gadgets are just a stall.
The quality of the trader isn't measured by the software he/she
All this time searching for the infamous holy grail is time that
you can be using to actually learn how the market actually
Here's the best forex trading tip I can give somebody. Clear
out your charts and just use a bar chart.
I mean get rid of every single toy you have. Stochastics,
MACD, RSI, Moving Averages.......EVERYTHING GONE. So all that you are left looking at are a
bunch of bars on your charts.
I know this may be extremely unorthodox but if you give it a
chance, you might see what all the great technical traders have seen: The Power
of Price Action.
Once you trade naked (no indicators) you never, ever go back.
Because once you see the market without any interference, you see it how it was
meant to be seen.