Forex Tools - Which Ones Do You Need?

You must be wondering which forex tools you need and which ones you don’t?

You must be wondering which forex tools you need and which ones you don’t?  This can be hard to decipher when you all the thousands of bells and whistles that are being sold to forex traders right now.

It is a completely daunting process especially if you are somewhat new to this business.

Well…..I’ve got the answer for you, and the good news is you don’t have buy this tool or even download onto your computer.  It’s your BRAIN, and right now your brain should start telling you that “less is more”.

Look at this way:  For every tool or indicator you put on your chart, you are making things more complicated for yourself.  The more complicated you make something, the less chance you have of succeeding.  This is true for any market.  I don’t care if you are trading forex, stocks, futures, options, whatever…. 

Just take a moment now, and think about how most of the successful traders made their money (I’m talking about the legal ways).   

Sure…..you’ve got some traders who did really well with fundamental analysis, but that was geared more towards “investors” instead of traders. Most traders used technical analysis to succeed.

When I say technical analysis, I want you to focus on the word “analysis” as in “analyze” because that’s what these traders did.  They were able to analyze the market. 

Analysis to them didn’t mean throwing up a couple of stochastics indicators on their charts and trading them when the two lines crossed one another.  That’s the problem most traders have nowadays.  

Traders forgot about using simple price action to interpret the market.  You see, there is no interpretation with lagging indicators like stochastics.  That’s just one of the reasons why 95% of forex traders are losing money.

Think about it…..wouldn’t trading be a whole lot simpler if we all bought when the stochastics were below 20 or when MACD shows positive price divergence?  Of course it would be simpler!! But is it realistic?? Of course not!  The markets are not that mechanical or programmable.

It’s about time that traders started looking for a forex trading system where there was some subjectiveness involved.

Think back to the earliest traders of the stock market.  I’m using the word trader, not investor. How were they able to make money?  They didn’t have all the bells and whistles that are rampant in this technological age that we live in.  So how were they able to succeed?

It’s simple.  They knew what made the market tick.  The market leaves a footprint that tells you, “when the price gets here, be prepared for it to turn around”.  You just simply have to know where to find the footprint.

The old traders used to be able to do this on the market floor by paying attention to the price as it would go up and down. They did this without computers!! What excuse do we have? 

Learn Forex From Price Action Trading