If you have your heart set on becoming a millionaire the first time you day trade forex, you are in for a rude awekening.
The good news is if you read that and you aren't trembling in your boots, then there is a very good chance you can succeed because day trading involves walking the fine line between confidence and overconfidence.
But it's a lot more than that. Many people don't want to take the time to really get a strong hold of the forex market.
That's when people get lazy and they want the easy way out. They would prefer to have an indicator like a Stochastics, MACD, RSI, or what have you to do the work for them, instead of them trying to figure out the correct way to day trade the forex market. Too many people go for the bells and whistles, if you ask me.
All these indicators are good for, is to tell you what has already happened. They are completely lagging by nature.
The best way to get over this hurdle is to simply learn price action. Take a forex chart that you happen to be looking at, and strip it of every indicator that you have on it. You'll be able to see the market in its most raw,and truest form.
If you take the time to truly learn price action, the one thing that most people get out of it, is the fact that it's such an easy way to predict future price movement. You literally get a sneak preview of where the price will be headed.
The problem is with all these indicators blocking your view. How on earth are you supposed to be able to even look at the price with all the needless colors and lines running through it. If you can take this leap, you can succeed in forex. - 15224
The good news is if you read that and you aren't trembling in your boots, then there is a very good chance you can succeed because day trading involves walking the fine line between confidence and overconfidence.
But it's a lot more than that. Many people don't want to take the time to really get a strong hold of the forex market.
That's when people get lazy and they want the easy way out. They would prefer to have an indicator like a Stochastics, MACD, RSI, or what have you to do the work for them, instead of them trying to figure out the correct way to day trade the forex market. Too many people go for the bells and whistles, if you ask me.
All these indicators are good for, is to tell you what has already happened. They are completely lagging by nature.
The best way to get over this hurdle is to simply learn price action. Take a forex chart that you happen to be looking at, and strip it of every indicator that you have on it. You'll be able to see the market in its most raw,and truest form.
If you take the time to truly learn price action, the one thing that most people get out of it, is the fact that it's such an easy way to predict future price movement. You literally get a sneak preview of where the price will be headed.
The problem is with all these indicators blocking your view. How on earth are you supposed to be able to even look at the price with all the needless colors and lines running through it. If you can take this leap, you can succeed in forex. - 15224
