by Jim Buhs
With everybody going nuts over all the latest fad forex trading systems that are loaded with indicators, it’s easy to get caught up in all the hoopla. But for anybody looking outside in, they must be wondering if its possible to be rich trading forex without using indicators?
If you want an answer to this question, all you need to do is take a step back in history and read about what the most successful traders used in the trading.
You could start by reading about traders like Jesse Livermore. Livermore struck it rich in the stock market at the turn of the 20th century. He was a floor trader and the only thing he cared about was trading the price action of stocks.
This is somebody who did not even have a chart to follow. The only thing he did was pay attention to how the other floor traders were trading the stocks and how it was affecting the price. Pretty impressive considering he didn’t even have a simple bar chart to go off of.
If some doy can do this without using not just indicators, but without a chart, then there can’t possibly be an excuse for anybody else.
If you really sit down and think about it, there really isn’t any other way to understand market movement besides the being able to trade price action. For example can anybody actually explain what all these indicators that everybody else is using, do? They can be used for a system and somebody can be taught the rules, but nobody actually knows what any of it actually means, relative to the market.
When you are able to get rid of these indicators from your charts, then and only then will you be ale to follow the reasons why the market go up, down, or stay range bound. You truly get to see the market as a ball of energy, not just numbers.
When you finally have the luxury of seeing the market this way, you can never go back to using those indicators that everybody else does.
About the Author:
Jim Buhs just learned the secret to trade forex with success. Take a peek at how he learned to start to trade forex without indicators.
Originally posted 2008-07-23 23:30:25.
