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Trade Forex
Author: Nial F
So you want to learn to trade the currency market. There are some key considerations you want to keep in mind before setting out on this journey. Trading can be a great way to make a living; however, typically the people that make it to the point of being able to make a full time living trading the market have a few things in common with one another. Specifically, they have figured out that the trading method they use does not need to be extremely complicated, contain numerous lagging indicators, involve mechanical trading robots, or cost thousands of dollars. Professional traders have come to realize that keeping it simple is the way to consistently profit in the market. Only when you can fully accept the fact that the method you use can be very simple and still allow you to achieve consistent profits, will you be on the path towards becoming a full-time trader.
The difficulty with learning to trade lies mostly in the fact that there is just too much information available from various financial media outlets. One of the more common traps that beginning traders often fall into is believing that the more data, indicators, or economic news they analyze, the closer they will become to making good, consistent money in the market. Unfortunately, or fortunately, this is just not how it works. The fact is that all the information that could possibly affect a certain currency pair must pass through the same filter. This filter is why it is useless to try and predict what the market is going to do using any thing but raw price data on a chart, this filter is the human being. Humans behave similarly in financial markets over time; this is why we often see repetitive chart patterns that provide us the ability to profit consistently in the market.
This over load of information that is available in the financial markets can induce what is called analysis-paralysis in many traders. Simply due to the fact that there is so much information available, many traders believe they must analyze and process as much of it as possible to profitably trade forex. They think they must analyze more data than each of the thousands of other traders they are competing with to have a chance at trading full time. The catch here is that there are so many variables and so much information available that the small percentage of it any one of us could analyze in any given day is never going to be enough to correctly predict market direction.
Since all of this data must pass through the filter of a human brain this must mean it comes out the other end in a similar format. This format is called price. Price movement is the footprint of money; it shows you the collective belief structure of all market participants for a given period of time on a given currency pair. To trade profitably and consistently you only need to concern yourself with price movement. There are various price action patterns that form in the market each day which you can learn to profit off of and not have to worry about analyzing any other data. Trade with a raw price only chart and you will see the beauty of simplicity in the market.
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