Let’s face it, there’s boat-load of different indicators, trading systems, and trading software floating around the internet that sound really nice but are they really worth using? In this lesson we are going to talk about how to trade Forex WITHOUT indicators, because in my opinion they are largely a waste of time and you do not need them to successfully trade the markets. LET ME TELL YOU WHY:
Why trade with price action?
Perhaps the most important reason to trade with price action trading strategies is because they reflect the raw sentiment of the market in its clearest and thus most practical form. What this essentially means is that by trading off the natural and uninhibited price dynamics of the market you can make the most logical and accurate trading decisions because you are not adding any unnecessary variables to analyze, such as indicators. Trading the market based on indicators is essentially like driving a car at night in the fog compared to trading with price action which is like driving that same car in the middle of a bright sunny day.
Indicators tempt most traders because they claim to make trading easier or provide some magic trade entry trigger that will allow them to fully automate the trading process. Unfortunately, this attempt to turn trading into a black and white or rule-based process is exactly why trading with indicators never works in the long-run. You see, the markets are dynamic and ever-changing, no two-moments are every exactly the same. Therefore, you need to employ a trading strategy that is flexible and that gives you a more of a framework to build off of rather than a rigid and mechanical approach.
How to trade Forex with Price Action
When learning to trade with price action you might feel a little bit lost or overwhelmed by the information you find on the internet. This website as well as other similar sites can do a good job of teaching you the basics. But, if you really want a deep understanding of how to trade with price action strategies it’s a good idea to employ the help of a respected price action trading mentor.
One well-respected price action trading mentor is Nial Fuller. To learn more about his trading strategies check out Nial Fuller’s Price Action Trading Course. This is but one way to learn how to trade with price action, there are other avenues you can take, but it’s highly recommended to learn from someone who is already experienced and successful in the trading strategy you are trying to learn.
Of course, no matter how you learn forex price action, you will need to put in the necessary time and effort to actually master the strategy and become successful at it. You also will need to implement proper money management and learn to only trade valid price action setups and avoid the less than high-quality setups.