How taking the less is more approach leads to success in the Forex Market!
From the Desk of John Templeton,
Creator of Trading in the Buff
Hello My Fellow Forex Trader:
It seems pretty obvious that the more complicated we make trading, the harder it's going to be to make real money trading forex. For whatever the reason, people just don't seem to listen.
How else would that explain why only 5% of forex traders make any money? If all these "magical" indicators and robots worked, why are there so many people crashing their accounts?
All these overpriced indicators provide absolutely NO insight to the market!!
So, why are people spending their hard earned money on all this garbage? It's simple. Most traders don't really have a clue what's going on in the market.
They would much rather just fill their charts with indicators telling them when and how to trade.
Almost All Trading Indicators Are Lagging.
Why would you want to base your trading decisions off of something that is only telling you what has already happened.
I don't mean to come down hard on indicators. Truth be told that's exactly what I used when I first started trading.
To prove it, here is an old chart of mine. This is how I used to trade.
Needless to say, just like the majority of the people who trade forex, I did not have much luck with this.
That's when I started to think this through. Why am I trading something that I don't understand?
The indicators were doing the trading, NOT ME!! I just went along for the ride.
Think about that for a second. I was basically just an inanimate object waiting for random lines to cross, telling me that I should open or close a trade.
It dawned on me. How in the world could I make money trading forex, if I don't even understand what I am looking at????
It was then that I decided to listen to what all the professional traders had to say on the subject. I noticed two words that came out of most of their mouths: PRICE ACTION!
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