By Ben McArthur
New Forex traders are overwhelmed with information about how to make money trading. Every day a new system or software comes out that is supposedly better than anything else available. With millions of webpages about Forex trading all promising obscene profits, how can a new trader decide what is best for them?
If you visit some of the many Forex forums online you are more than likely hearing claims about the newest and best trading system or software that just came out. How this or that trading system is a guaranteed way to get rich in the markets. How this new software or trading system that has never had a losing trade, etc.
Many traders spend countless hours,and dollars,trying and buying every new product that makes these kinds of ridiculous claims. They believe that one day one of these magic black box systems or software will really make trading completely automatic and literally hands off. This kind of thinking has caused many traders to blow their entire trading account time after time. It is a vicious cycle that never seems to end.
There is no magic black box that you can plug in and watch your account grow to insane proportions. No trading system or software exists that will work in any market under any condition. The markets are just far too complex and sophisticated for that.
New traders, and even more experienced traders for that matter, can make consistent profits if they will learn how to interpret price action. Price action is what experienced traders use to forecast what the market is going to do before it actually does it.
If that doesn’t make sense to you now, try studying the price bars of your favorite pairs on your charts. You will soon learn
that repeated price action “set-ups” are a frequent occurrence. These set-ups are confirmed when the proper real-time indicators are used in conjunction with this method.
Using the correct indicators are critical to success in Forex trading. Some indicators are just too slow to be used as a reliable trading signal. MACD, RSI, and stochastics simply lag too far behind to be of any help.
Using price movement in conjunction with reliable indicators is one of the most reliable and accurate ways to trade Forex profitably. Many traders simply make trading far more complicated than it should be. A simple but effective trading strategy is your best way to make consistent profits.
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