I'm sure many struggling traders must be really wondering if people are really making money trading forex? I know it must feel like it's impossible to make money trading forex when you are seeing loss after loss. But the truth is that there are people making money, albeit it's a small percentage. As a matter of fact only 5% of forex traders make money.
Don't be disheartened by that fact. The main reason why so many people fail at trading forex is just simply because they don't take the time to really learn how to trade. People tend to fall for all these shortcuts that never pan out.
If you want to be like the successful technical traders, you really ought to learn about trading with price action. Price action lets you know how to trade with the trend, how to spot trading patterns, see the key support and resistance areas, predict future price movement, and generally get a deeper understanding of the market.
Famous traders like Jesse Livermore became legends by understanding this concept. The real beauty of it is that it forces you to actually dig deeper and try to find the underlying reasons why the markets move the way they do. This is an important part of trading, otherwise you are just following random indicators that provide you with no real insight to the market. All you are doing is just hoping that they are right. You've got to make that decision for yourself. You can't have an indicator do it for you.
John Templeton became 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.
If you want to be like the successful technical traders, you really ought to learn about trading with price action. Price action lets you know how to trade with the trend, how to spot trading patterns, see the key support and resistance areas, predict future price movement, and generally get a deeper understanding of the market.
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.
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