I always find that odd considering a high win rate is entirely unnecessary. What’s curious is that they all seem to be promoting the same thing – a high win rate. In fact, if you’ve been in the business for a while chances are you’ve seen quite a few of these offers. You’ve no doubt come across one of the sales pages for a Forex trading robot, or Expert Advisor (EA) as it’s called in MetaTrader. It has the most direct relationship with market participants and is the least lagging of the bunch. That’s just my opinion but having been involved with trading since 2002, I can tell you that there’s no better indicator than raw price action.
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Even I use two moving averages which we’ll get to later in the lesson.īut to rely solely on them without first learning how to read price action is a mistake. I’m not saying all indicators are bad or that those who use them are wrong to do so. And believe me, I went through a few between 20 to get where I am today.ĭon’t get me wrong.
When I think back on the experience today, it amazes me that I didn’t blow more trading accounts. It was for me, and my deteriorating account balance was proof. I was just clicking buttons because a few squiggly lines said it was time to buy or sell. More on this shortly.īecause of the indicators I was using back then, I wasn’t getting to know the charts or how price ebbs and flows around key levels. After all, I didn’t know what I didn’t know.Īlso, that path led me to something much better. I was also following the herd blindly, hoping that I’d stumble across some magical combination of indicators that would make me wealthy.īut I can’t be too critical about the path I chose. Of course, the underlying chart didn’t matter to me at the time because I was relying on a random set of lagging indicators to make decisions for me. That doesn’t sound like a trader to me, at least not one who’s going to make money in the long run. It could have been the EURUSD, GBPUSD, AUDUSD or any other currency pair. The chart underneath it all was inconsequential to me. I mean sure, I was technically buying one currency and selling the other.īut every decision I made was based on a signal from a group of indicators.
I wasn’t really buying and selling currencies when I was using indicators many years ago. As a currency trader, what do you buy and sell?Ĭurrencies, of course! That may seem like a silly question to ask a group of Forex traders.
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