I can’t help but feel sympathy for people who turn over every stone trying to find the secret to forex trading. They treat it as some form of Mythical Odyssey like something out of the Lord Of the Rings.
But no matter how hard they try, they’ll never find it. There is a simple reason for it. There is no such thing as a trader being right 100% of the time. For whatever reason though there are traders who think otherwise. They feel like there is some kind of forex trading secret to be found.
The Holy Grail Myth
This has been coined as the holy grail. Unfortunately, so many people just abuse that term nowadays. Everywhere you go, all you see is somebody selling an indicator, software, or trading robot as the end all be all of trading forex.
Folks, if this was the real secret to forex trading, there would be no reason why any professional trader would go to work. After all, the work is already done for them, just as long as they use these “holy grail” products.
What Separates The Successful From The Unsuccessful?
The successful simply know that there are no secrets in trading, and just take the time to properly learn how to trade. While the unsuccessful traders spend all their time searching for that incredible piece of software that will make them rich while they drinking mai tais on the beach.
The other thing that separates the two is the simple fact that most successful traders actually analyze the market. They sit down and actually try to figure out what the market is telling them and how they can use it to their best advantage.
Where To Start?
Well, since most traders prefer the technical side of trading, then my best recommendation is that you learn price action as it is the oldest and most accurate method of way of looking at the markets (irregardless of which one).
Start by letting go of all the indicators, toys, bells, and whistles that may be on your chart right now, and get to the root of trading, which is just basically following price movement. You would be stunned to see how much amazing information can be shown on your most basic price chart. The answers are all there. You just need to look at them from a different perspective than the way most people do.
Source by John Templeton