If you are one of the many people who are eager to learn to trade one the forex, here is the best suggestion I can give you: Remove everything from your charts. When I say everything, I mean everything. Get rid of all the indicators that you think you can’t live without, so you are basically just looking at a simple bar or candlestick chart.
After you did all that, can you tell me what you see? If you said “the price”, then you, my friend know the secret to trading. It’s not about all the bells and whistles that you can use. It’s simply understanding price movement. For whatever the reason, traders have this idea in their head that they have to trade with indicators. It’s a shame the trading community has gotten this way.
I was a victim of having this kind of mindset when I first started trading. I absolutely buried my charts with tons of indicators, and after months of losing money, it finally dawned on me that I was looking at this all wrong.
So, I did just what I recommended. I cleared out my charts and looked at them from a totally different perspective. Something really interesting happened. I was able to see that the prices of currency pairs had these price patterns which were going on right under my nose every single day. I wanted to kick myself for not paying attention to this. From that day forward I never put another indicator on my charts, and I have been a more successful trader because of it.