Forex charts and technical analysis can make you money - its simple to learn time efficient and can deliver huge profits. Here we are going to look at a simple way to incorporate forex charts in your trading system and win big.
First things First
Forget the myths and there numerous ones but here 2 of the worst:
- You predict forex prices
- Forex markets move to a scientific theory
There related to each other of course so lets be clear:
Prediction is another word for hoping or guessing and that wont get you far in life and certainly not forex trading - you need to simply trade the reality of price change and that's it. Human nature is constant - but were not logical beings and we don't conform to scientific theories. There are many people who will tell you there is a scientific theory of market movement but if there were, we would all know the price in advance and there would be no market!
A Game of Odds
When you trade forex you are involved in a game of odds not certainties. Sure you are going to lose some trades but like the good poker player if you trade the odds you can win big.
The theory of market movement
Is very simple, here it is:
All fundamentals + Human perception of them = Price
All you do when using forex technical analysis and charts is to assume that all fundamentals will show up instantly in price action, so you are taking into account the supply and demand situation. Forex charts though give you a huge advantage:
They show you how humans view price and it is humans who decide the price of anything. You can then follow your charts and look out for high odds repetitive chart patterns to trade for profit.
You can do this in many ways but let's make an important point - your forex trading system needs to be simple!
Simple systems work best and always have. Clutter your analysis with to many indicators or make it to complex and it will have too many elements to break.
When trying to make profits with forex charts this is all you need:
- An understanding of support and resistance
- A few indicators to indicate if a level will hold or break which are momentum based
You can put together a forex trading strategy based upon the above in less than a week and we will discuss these strategies in greater depth, in part 2 of this article theory.
Here we have given you a basic understanding of what to expect from your forex charting and how to get the basics sorted.
In the next article, we will look at building your own trading system based upon forex charting. We are going to look at putting together a system which will take you less than a week to master, 30 minutes a day to execute and could make a lot of money.
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