If I had to pick one forex trading technique above all else to learn, it would have to be price action. The reason I am saying this, is just look at the history of the famous technical traders of all time. if you read up on them, you’ll know that price action is what they used.
One of the most unique things about price action, is that nobody looks at it the same way. But it’s most effective trait is that you can use to predict where the future market price is headed.
I’m not saying there aren’t any other things you have to learn. For instance, it would be a good idea to learn about fundamental analysis. But when it comes to technical analysis, price action should be a requirement.
The problem is most people give up on the idea of understanding price action, due to the fact that they have become crazy for technical indicators.
I know that I was no different when I was first starting out. I must have played around with every single bell and whistle I could find. My charts were covered with every conceivable indicator known to man, and I didn’t know what to do with it.
If you were able to make money using these tools, I salute you, because not too many people can.
Eventually, it just occurred to me that if I was going to figure this trading stuff, I had to do it for myslef, and not rely on indicators to do the work for me. After all, I couldn’t expect to succeed if I didn’t know what I was doing.
I suggest to all those struggling traders out there who can’t quite figure this stuff out, to take the time to really learn the proper way of trading the market. See the power of price action for yourself to know what I am talking about.