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If you want to make money with technical analysis and forex charts you can - but you mustn't make this common error - most forex traders do and it will lose you money - Guaranteed. Let's look at this error how to avoid it and a better way to make money with forex charts.
The most common error of all is trying to predict forex prices in advance.
You cannot predict!
If you do, you are simply hoping or guessing where prices may go and that won't make you money in anything let alone forex trading. You need to trade on CONFIRMATION only - let's look at this in more detail.
A trader will see a price approach a level of support and buy just above it, thinking they are getting in at a good price - but it's only a good price if the level holds.
All he is doing is guessing what might happen and will lose.
Predicting forex prices is about as accurate as your horoscope so let's look at how to trade on confirmation.
What you need to do is this:
Wait for prices to approach support and get ready to buy - but don't execute your trading signal until you see a clear turn in price momentum. When price momentum has turned then you buy.
Sure you miss the exact bottom - but you wouldn't know that in advance anyway so there is no point in trying to predict. If you trade on Confirmation with momentum you have the odds on your side and that's the only way to trade and enjoy forex success.
How Do You Check Momentum?
You need some momentum indicators and 2 of the best are the stochastic and Relative Strength Index (RSI) how they work is discussed in our other articles in more detail.
I have seen people predicting prices and they have big profitable track records!
Of course you have but there not real and will always have this disclaimer on them:
"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown".
Of course anyone can make money in hindsight but that's not predicting the future!
You can't predict forex prices so don't try - make sure you trade the odds on your forex charts and trade on confirmation - You will find your forex trading strategy will make bigger profits!
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