Did you know that you do not have to be right each time you interact with the market? Heck, you don't even need to be correct 50% of the time to bank a profit in this business! Once one has mastered a setup with an edge, trading should, to a point, be no more than a repetitive chore. However, because of our natural tendency to always want to be correct, we make trading difficult.
Statistics say that hardly 2% of traders actually make the cut. The remainders of the 98% are merely a flash in the pan. Some traders give up at the first taste of failure; others continue to spend money in hopes of finding the 'Holy Grail' of trading.
Even the best forex traders in the world have losing trades - losing is a part of trading - but how do you react when you lose? How do you feel? If you're angry or sad; chances are you were risking too much, or taking a trade you knew you shouldn't - or both.
Forex Trading is definitely not rocket science. Simple and subtle guidelines can allow aspiring traders to progress up the learning curve and become consistent in a relatively short period of time. These very guidelines have worked for centuries. Back in the early 1900s, Jesse Livermore used the exact same guidelines to make his fortune.
Like most folks, the thought of low-paying government pensions, working in your seventies and, just, well, working in general, usually brings a sour taste to one's mouth. A lot of people are often left thinking that there must be more to life than this! As a matter of a fact, according to the Telegraph UK, most people at work are miserable. Shocker!
Technical indicators are often used by traders for a number of reasons, but primarily to detect the changes in the markets. Technical indicators are relied upon for signs of any change in direction, or the momentum in the price of the underlying security as well as volatility in the markets.
For one to say that support and resistance (S/R) is important would be a huge understatement. It’s absolutely crucial!
We would even go as far...
ActionForex.com was set up back in 2004 with the aim to provide insight analysis to forex traders, serving the trading community over a decade. Empowering the individual traders was, is, and will always be our motto going forward.