Saturday, December 13, 2008

Here's Some Forex Trading Advice - You Will Probably Lose

It seems like a lot of people are looking for forex trading advice, so here's some from me. You will probably lose money trading forex. I know this may seem harsh but if you go by the statistics, I would probably be right. After all, 95% of forex traders lose money, But, it doesn't really have to be that way.

Think about the reason why most people fail. If you have been a long time struggling trader, you probably already know the answer to this. It's simple. People like to follow fads. We live in a technologically dependent world. Technology is all around us. In some aspects, its great. But when it comes to trading, it can make us a little lazy.

What I mean by this, is how many times are traders suckered into the "latest and greatest" piece of trading software that was ever invented? You know what I'm talking about. That magical software that's going to tell you when to buy or sell, without you doing any work. If it was this simple, then everybody who traded, would be millionaires.

That's what I mean when I talk about how technology can make traders lazy. The charting software, indicators, etc... never make a trader successful. The trader, himself does.

But there is one strategy, (and its as old as trading, itself) that doesn't have to rely on the software a trader uses, nor all the bells and whistles that they have at their disposal. That strategy is price action. You can use it on the most basic of price charts like a bar or candlestick. It will never go out of style, simply because you are trading the market in its purest form.

John Templeton has been a successful forex trader after learning how to trade price action. Once he understood that all he needed to trade forex was on a plain chart with no indicators, his profits soared. In his forex trading course, Trading In The Buff he teaches people how he learned this strategy.

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Blogger said...

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