Before I talk about how to succeed with day trading forex, I must let you know that many forex traders will lose money. It happens to us all.
The good news is if you read that and you aren't trembling in your boots, then there is a very good chance you can succeed because day trading involves walking the fine line between confidence and overconfidence.
But that's only part of the equation. If you can truly grasp and have a deep understanding of the market, your chances of succeeding skyrocket.
This is exactly the time when traders feel the need to completely load up on indicators like Stochastics, MACD, etc... So instead of trying to figure out the market for themselves they would much rather take the advise of a lagging indicator, just because it so happens to look pretty on a chart.
Since these indicators are completely lagging, you really get no insight as to what the future of the market holds.
The best way to get over this hurdle is to simply learn price action. Take a forex chart that you happen to be looking at, and strip it of every indicator that you have on it. You'll be able to see the market in its most raw,and truest form.
If you really study price action the right way, one thing will become very evident to you, and that is future price movement can, in fact be predicted. The opportunities are endless for a hard nose forex day trader. You'll see so many entries, you won't know which way to choose.
It's just so difficult to see this when you have staring back at you, are these indicators that are of no help. If you want to learn day trading, you better learn price action. They are synonymous with each other. - 21511
The good news is if you read that and you aren't trembling in your boots, then there is a very good chance you can succeed because day trading involves walking the fine line between confidence and overconfidence.
But that's only part of the equation. If you can truly grasp and have a deep understanding of the market, your chances of succeeding skyrocket.
This is exactly the time when traders feel the need to completely load up on indicators like Stochastics, MACD, etc... So instead of trying to figure out the market for themselves they would much rather take the advise of a lagging indicator, just because it so happens to look pretty on a chart.
Since these indicators are completely lagging, you really get no insight as to what the future of the market holds.
The best way to get over this hurdle is to simply learn price action. Take a forex chart that you happen to be looking at, and strip it of every indicator that you have on it. You'll be able to see the market in its most raw,and truest form.
If you really study price action the right way, one thing will become very evident to you, and that is future price movement can, in fact be predicted. The opportunities are endless for a hard nose forex day trader. You'll see so many entries, you won't know which way to choose.
It's just so difficult to see this when you have staring back at you, are these indicators that are of no help. If you want to learn day trading, you better learn price action. They are synonymous with each other. - 21511
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