If you are a total newbie or a frustrated veteran in the forex world, you've probably been reading forums or newsletters trying to catch the latest "hot" forex trading tip. Well I've got one for you. Get rid of those annoying indicators you keep staring at. It's only causing more confusion. That's the very last thing you need when trading forex.
I know that all the posters on forex forums give you tips like putting 10 moving averages on your charts and when they all cross then you buy or sell. When you read something like this, you instantly have to ask yourself, "what in the world does this have to do with the market?" It's as completely random and arbitrary as saying "I'm going to close this trade within 10 minutes because I'm getting tired". If you don't have a good reason, which you could explain, for getting in or out of a trade, then you shouldn't be taking that trade in the first place. it's as simple as that.
I know it may seem easier following the indicators, but you are doing yourself a great disservice. Listen, if you are having success trading them, then more power to you. Keep on doing what you're doing. You were able to figure out something that I painfully couldn't. But I have a feeling most are still struggling with them. After all if they were succeeding there wouldn't be that many of these "hot" forex day trading tips going around, would there?
Try following this tip, it might work for you, it might not. Just spend the entire day looking at your chart without any indicators. Just one day. Follow a 5, 10, 30 or 60 minute chart. Don't try to force yourself into seeing something. Just be a spectator. At the end of the day you might have noticed that there are pattern which get repeated on a constant basis. These are patterns that signify if the currency is ready to reverse, breakout, or stay in a range.
I know this may seem boring, but trading forex shouldn't be done for entertainment's sake. It should be done so you have an understanding of what you're looking at.
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