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Price Action Trading System's
Sure Fire Trading
Master Trader Ebook
Dow Jones Never Lose
Trade without Indicators - Learn Price Action
by John Templeton
When you look at a chart that is completely covered with indicators, you ever stop to think "what's the point of all that"? I know that most people would say "it helps me trade". Do you really think that you can't trade without them? Frankly, I think they are hindering you.
There are a variety of reasons why I say this. First of all, let's just look at the evidence, shall we? Do you know what the percentage is, for the amount of traders who are making money? The answer is only 5%. Yep......that's right. 95% of forex traders are losing money. Since most traders use indicators, how useful could they possibly be?
What makes them such a hindrance is that they are so mechanical. The rules of trading them are fairly universal. If everybody followed the same rules of the indicators, then why are there so many people losing money?
Indicators are really just an artificial crutch. Instead of being able to interpret the market just by simply looking at a price chart, and being able to figure out where the market is headed. Without indicators, you have to rely on yourself, which is the way it should be, instead of relying on things like Stochastics, MACD, etc.....
Basically, if you are taking a trade, it should be based on your opinion, not some lagging indicator. You should know exactly why you are buying or selling. It shouldn't have anything to do with what your indicators are telling you.
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. You too could learn forex.
Article Source: http://EzineArticles.com/?expert=John_Templeton
by John Templeton
When you look at a chart that is completely covered with indicators, you ever stop to think "what's the point of all that"? I know that most people would say "it helps me trade". Do you really think that you can't trade without them? Frankly, I think they are hindering you.
There are a variety of reasons why I say this. First of all, let's just look at the evidence, shall we? Do you know what the percentage is, for the amount of traders who are making money? The answer is only 5%. Yep......that's right. 95% of forex traders are losing money. Since most traders use indicators, how useful could they possibly be?
What makes them such a hindrance is that they are so mechanical. The rules of trading them are fairly universal. If everybody followed the same rules of the indicators, then why are there so many people losing money?
Indicators are really just an artificial crutch. Instead of being able to interpret the market just by simply looking at a price chart, and being able to figure out where the market is headed. Without indicators, you have to rely on yourself, which is the way it should be, instead of relying on things like Stochastics, MACD, etc.....
Basically, if you are taking a trade, it should be based on your opinion, not some lagging indicator. You should know exactly why you are buying or selling. It shouldn't have anything to do with what your indicators are telling you.
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. You too could learn forex.
Article Source: http://EzineArticles.com/?expert=John_Templeton