John Templeton has been a successful forex trader after getting the right kind of forex mentoring. Once he understood that all he needed to trade forex was on a plain chart with no indicators, his profits soared.
In my opinion, the best currency trading strategy is, sadly, a strategy that is extremely underused. Ironically it's also one of the oldest trading methods around. I'm talking about trading with price action. It's as old as the stock market itself. If you don't believe me, just research traders like Jesse Livermore. He was a floor trader during the beginning of the 20th century. He became a millionaire trader (much more difficult at that time) just by following the price movement of the underlying stocks that he traded.
I know what you are going to say. "The technology has changed." I don't disagree, but just because the technology has improved, doesn't mean that the concept has changed. In fact, I think it''s a double edged sword. Sure, technology is amazing, but quite frankly I think it has made a lot of traders quite lazy.
Instead of traders taking the time to learn the correct ways of trading, they just want to take the shortcut. For example, when you look at a lot of traders, they flood their charts with indicators. This is a sign of laziness. Instead of trying to interpret the markets for themselves, they use these indicators for that purpose. Ask yourself if a famous trader like Jesse Livermore would have used indicators like stochastics, MACD, RSI, etc... What do you think????
When you have indicators telling you when to buy and sell, then you are not really part of the equation. You might as well just be using a forex trading robot.
When you take the initiative to truly learn technical analysis and price action, you can truly call yourself a trader.
- Related Videos
- Related Articles
- Ask / Related Q&A
What do you know about the world of Forex?
By: Paul Ingersole | 02/01/2010The majority of currency exchange transactions take place over the internet. There are also major trading centers located in London, New York Tokyo, and Singapore. Currency exchanges can also take place inside of almost all banks.
Successful Currency Trading - Simple Tips to Get You on the Road to Trading Success
By: Kelly Price | 01/01/2010Successful currency trading, is a combination of a logical method and the right mindset and it's a fact that anyone can learn to trade currencies successfully if they want to and in this article, we will look at some simple tips to get you on the road to currency trading success.
Forex Trading Method - An Easy Method Anyone Can Learn and Use to Make Huge Profits
By: Kelly Price | 01/01/2010The Forex trading method we will look is a proven way to make money and can be learned by anyone. If you are prepared to study for a couple of weeks and have 30 minutes a day to devote to trading, your all set to enjoy a great second income.
Forex Education - The Facts All Winning Traders Understand and Can Lead You to Huge Profits!
By: Kelly Price | 01/01/2010If you want to win then you need to understand the facts enclosed which all the top traders do. If you learn the enclosed facts and understand them your on your way to currency trading success and a great second income - lets take a look at them...
Do you know how to select Forex Broker ?
By: Anil Kumar Raju Addipalli | 01/01/2010The decision of which brokerage firm is best for you is as important in the Forex market as it is in the Stock Market. The way of evaluating the various firms differs slightly between the two markets, however. Forex trades do not involve commissions, but they do have what are known as spreads, which is the difference between the price a currency can be purchased and the price for which it can be sold at a given point in time.
Trying to forecast forex rates is an acquired skill
By: Anil Kumar Raju Addipalli | 01/01/2010It’s not easy to forecast the forex markets, but it’s what thousands of forex traders and brokers do every day, with varying degrees of success. Like forecasting the weather, predicting the forex market is sometimes a crapshoot, sometimes a guessing game, and always an adventure.
Ava FX Review
By: Huey Davis | 01/01/2010Ava FX is a leading online forex broker with professional trading facilities.
Forex Market uses margins to Increase your Profits
By: Anil Kumar Raju Addipalli | 01/01/2010Forex is a nickname for the foreign exchange, a vast market of trading in which the commodity is money itself.In the forex market, traders are buying and selling foreign currencies -- trading dollars for euros, pounds for yen, and so forth.Forex is profitable because national currencies fluctuate from day to day basedon predictions of the nation’s gross domestic product and other factors.
What is Trading Naked All About?
By: John Temp | 14/07/2009 | Currency TradingIt's possible that you may have heard of the phrase "trading naked". If you are like most people, you can't help but wonder how is that going to help your trading. Well....get your mind out of the gutter. It has nothing to do with trading without clothes. It's all about trading without indicators.
Forex Scalping - What to Expect Without Indicators
By: John Temp | 14/07/2009 | Currency TradingIt'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.
Are Traders Actually Making Money Trading Forex?
By: John Temp | 14/07/2009 | Currency TradingI know that there are a lot of forex traders who are losing money. I'm sure it's only natural for them to think "Are traders actually making money trading forex?" I can see why they would feel like this. After all, when you are taking one loss after another, how could you not? The truth is there are people making money, however 95% of forex traders are losing money.
The Best Currency Trading Strategy
By: John Temp | 14/07/2009 | Currency TradingIn my opinion, the best currency trading strategy is, sadly, a strategy that is extremely underused. Ironically it's also one of the oldest trading methods around. I'm talking about trading with price action. It's as old as the stock market itself. If you don't believe me, just research traders like Jesse Livermore. He was a floor trader during the beginning of the 20th century. He became a millionaire trader (much more difficult at that time) just by following the price movement of the und
How to Make Money Forex Trading by Taking a Different Approach
By: John Temp | 11/07/2009 | Currency TradingNo matter where you turn, there is somebody out there looking for a way to make money Forex trading. Unfortunately, not too many find success, if you go by the statistics. In fact over 95% of people who try Forex trading end up losing money. That's a pretty big gap between success and failure. What's the difference between the haves and have-nots?
Learning to Day Trade and Avoid the Mistakes That Others Make
By: John Temp | 30/06/2009 | Currency TradingI know that the concept of learning to day trade probably intimidates a lot of people. Obviously they don't want to make the same mistakes that other people make, but they love the idea of making money from home, and telling their boss to shove it. But they feel that it takes an expert to be able to day trade successfully. Somehow only the "experts" can grasp the intricacies day trading.
I've Got a Forex Secret to Tell You
By: John Temp | 29/06/2009 | Currency TradingI know that there are a lot of Forex traders who are struggling to make those pips, so I've got some wonderful news to tell you. I'm going to show you a Forex secret that most people aren't aware of. Hold onto your hats, because this is going to blow you away. You ready? Because here it is: