I'm just going to touch on a forex trading education that nobody else seems to talk about: the concept of price action. It has been around since the first trade was taken in the stock market.
It still amazes that more people don't even notice what kind of pip monster this strategy is.
I think the main reason for this is a general lazy attitude that so many traders have towards trading. They would much rather have shortcuts like indicators, such as Stochastics make their trading decisions for them.
In the present time we live in, you can go to any forex forum online and get your fill of useless indicators, trading robots, and other stuff that just doesn't work.
Sure all these things may be popular, yet you never seem to hear about price action. It could be that it's just too general of a term, so traders don't cling to the idea as easy as they do with all the shortcuts that are available, but here is what they are missing:
Price action patterns: Have you ever just sat down and looked at a basic price chart with no indicators, and just focused on what the price was doing. If you did, you might have noticed that there a patterns in which the price movement constantly duplicates and can provide an insight as to where the future price is headed.
The Trend: Ah...yes the trend. It's a word you hear a lot about but most traders wouldn't be able to spot it, if you gave them a road map. I'll give you a clue. It has nothing to do with moving averages. As pretty as they might look on your charts, they won't tell you where the trend is headed.
Support and Resistance Areas: I can't help but laugh when I see those Metatrader indicators that supposedly give traders the support and resistance lines. These are just basic mathematical formulas. Real Support and resistance has nothing to do with math. It can be seen in plain sight without any kind of formula. - 15224
It still amazes that more people don't even notice what kind of pip monster this strategy is.
I think the main reason for this is a general lazy attitude that so many traders have towards trading. They would much rather have shortcuts like indicators, such as Stochastics make their trading decisions for them.
In the present time we live in, you can go to any forex forum online and get your fill of useless indicators, trading robots, and other stuff that just doesn't work.
Sure all these things may be popular, yet you never seem to hear about price action. It could be that it's just too general of a term, so traders don't cling to the idea as easy as they do with all the shortcuts that are available, but here is what they are missing:
Price action patterns: Have you ever just sat down and looked at a basic price chart with no indicators, and just focused on what the price was doing. If you did, you might have noticed that there a patterns in which the price movement constantly duplicates and can provide an insight as to where the future price is headed.
The Trend: Ah...yes the trend. It's a word you hear a lot about but most traders wouldn't be able to spot it, if you gave them a road map. I'll give you a clue. It has nothing to do with moving averages. As pretty as they might look on your charts, they won't tell you where the trend is headed.
Support and Resistance Areas: I can't help but laugh when I see those Metatrader indicators that supposedly give traders the support and resistance lines. These are just basic mathematical formulas. Real Support and resistance has nothing to do with math. It can be seen in plain sight without any kind of formula. - 15224
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