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 how to trade forex.
It's no secret that many traders prefer forex scalping over trading longer term. Some folks just like to be in and out of the market two or three times in a day, instead of buying and holding a trade for weeks on end. There is nothing wrong with using a forex scalping strategy, however many traders don't realize how much riskier it is compared to long term trading.
This is why over 95% of scalpers who trade the forex market end up losing money. If you are planning to jump in and out of the market that many times during the day, you better know what you are doing or it can prove to be costly.
That's where so many traders go wrong. Especially, when it comes to new traders, there is a certain lack of interest when it comes to properly analyzing the market.
This is why indicators are so popular among traders. The indicators are used to analyze the markets. Why don't you just eliminate the middle man? Instead of lazily having the markets analyzed for you by these indicators, a trader should be able to analyze the market for him/herself.
For example, the trend. Can you spot it without using moving averages. You should be able to it. In fact all you have to do is look at a simple bar chart, and it should become really obvious.
What about support and resistance? I know..... I know......you've got those indicators which use those static formulas that you can use to spot S/R levels, right? Wrong!! TRUE support and resistance areas have nothing to do with these formulas. They have to be seen by the naked eye.
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