There is certainly no shortage of traders out there
who are trying desperately to find the best way to make money trading forex. Here
is my old-school way of thinking about it. I don't think you need all the bells and whistles, along
with all those technical gizmos that are so prevalent in the market
I'm almost certain that you know what I am
talking about. I'm talking about those "state of the art" software
programs or those "revolutionary" trading indicators. I don't think you
have to spend thousands of dollars on this needless equipment.
The best recommendation I can give you is that
less is more. Don't add one indicator on top of another,
especially if you don't even know what most of them do.
I can surely tell you that trading isn't as simple as
pushing a button. If you want to know what's really going on, you are going to have to become
a little more knowledgeable. Start learning a forex trading strategy
based on true price analysis.
This all begins with getting rid of your
crutches....oops, I mean indicators, and start looking at a basic price chart.
I know the idea probably scares you a little
bit. I used to feel the same exact way. But the truth is that there is no indicator
that you're going to find that will provide with more valuable information than a simple
Start thinking long and hard about the history of
technical traders. Don't you think that most of them could be successful irregardless of the tools
that they use? I certainly do.
Think of this metaphor. Who is the better
outdoorsman? Someone who is given a tent, matches, sleeping bags, food, rifle, flair gun,
wood, insect repellant, etc.... or the person who is just thrown in the wilderness with the shirt
on his back? Obviously the answer is the latter.
You may be thinking what does this have to do with
forex trading? The answer is everything. Who do you consider the better trader? The
trader who spends of thousands of dollars on software, indicators, trading robots, etc....or
the trader who can look at a free, basic chart and just know where the price is
The answer should be rather obvious. It's the
backbone of forex trading