Price Action - Turn Your Trading Around
As most traders I started out trying to find an indicator or black box system that I was able to press start on and then just sit back and cash the cheques. This I thought (like many) would lead to the lifestyle I desired! After all isn’t that what all Forex traders start out looking for? Most that come to the Forex business are searching for a way to make money that allows them to be their own boss but most importantly allow them some more time!
Searching for the “Holy Grail”
Once this failed I started looking into other indicators that I could place on my chart that would give me an advantage of placing a winning trade.The mindset I had (and many others have) was that the more indicators I could place on a chart the more chance I had of placing a winning trade.
Before you know it I had the best looking charts in the business. I had all these coloured lines and moving averages. At the time I thought I knew how they all worked but looking back all I really achieved was to make myself more and more confused.
Once this didn’t work I began looking for trading knowledge. I studied books, courses and was searching for the “Holy Grail”. If this story sounds familiar, don’t be worried as I have found this to be a very common story over the years.
When my Trading Started Turning Around
The ironic thing about trading Forex is traders come to Forex looking for the lifestyle of their choosing, and before they know it they find themselves stuck to a computer screen trying to scalp of the 1 min chart with 15 indicators all over their charts. Without even realising it they are now spending even less time doing what they wish such as spending time with family than they did before they came to trading.
I finally stumbled upon what is called Price Action trading. Finding Price Action changed my trading career forever. I stripped of all the indicators and began to read just the price only. For the first time I was actually not confused looking at coloured lines and wondering what to do! I could actually see the raw PRICE!
This was many years ago and since then I have become a very successful Price Action trader. Once I learnt that all we need to know is actually in the price, my trading began to change. I went from entering trades and being uncertain to entering trades with confidence and my trading began to turn the corner.
No longer was I looking at a chart and wondering what some other indicator was saying or if one line crossed what I should be doing. I began to learn that everything the big guys do in the market can be gathered from exactly how the price behaves on the chart. I began placing trades and my account began to turn the corner.
Keep it Simple!
I found the more I made things simple the more success I began to have. One of the biggest problems I have found in trading is that people think that trading should be complicated so they make it so. The more they lose the more they form the idea that trading should be complicated and hard and on the cycle goes. The exact opposite is in fact the case.
No fancy indicators or complicated systems are needed to make money consistently in the Forex market. The correct knowledge of exactly how price works and also money management techniques is all a trader needs to begin to turn their trading around.
I have now turned my hand to helping aspiring traders find their way out of the darkness and confusion that indicators create. It is now my duty to help traders learn the skills of Price Action trading that will put them on the path to a long and successful trading career.
great post
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