Apr 01 2009
Forex charts - Indicators and price patterns
As a trader we look at the charts to determine our trades.
There are thousnads of trading system out there .
Most of them are using various indicators all over chart and then interpretrating the likely outcome based on them. Most trading systems are based on similar interpretation by two or more indicators giving increased probabilty.
I have traded most systems when i was newbie . Tried almost every system i can get my hands on.
I later learned that indicators show us the past and what wi9ns is price action which shows us future. I dont mean you cant be successful with indicators . You can if you trade only the best set ups of any trading system.
Most systems fail not because system is faulty but rather because people trading it overtrade and dont trade just best set ups. Trading only the best set ups is the key to make consistent profits in forex as well as any market .
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At a speech at the NextGen broadband convention in Leeds yesterday
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