Trade Forex Without Indicators - Can It Make You Rich
With everybody going nuts over all the latest fad forex trading systems that are loaded with indicators, it’s easy to get caught up in all the hoopla. But for anybody looking outside in, they must be wondering if its possible to be rich trading forex without using indicators?
To answer this question, you only need a little bit of a history lesson and study the most famous investment traders in history.
Take a look at Jesse Livermore. He became extremely rich at trading the stock market in the later 1800s and early 1900s. He was a floor trader and the only thing he based his trading decisions on was the price action.
What makes it so impressive is that it’s not like he was able to even follow a chart. All he did was pay attention to how market traders were moving the price. It was all in his head. Not even so much as a bar or candlestick chart.
If a trader at the beginning of the 2th century can become rich trading without any indicators, or even a chart, what excuse do you have?
If you think about it, is there any other way for you to truly understand what the market is doing besides trading just the price action. Think of all the indicators most people plaster all over the charts. Can you really explain what 3 moving averages crossing each other actually means? The truth is nobody can. It’s the same case for any of these popular indicators. They may know the rules of how to trade them, but they don’t have a clue what it actually means.
When you are able to get rid of these indicators from your charts, then and only then will you be ale to follow the reasons why the market go up, down, or stay range bound. You truly get to see the market as a ball of energy, not just numbers.
Once you see the market this way, its very hard to go back to moving averages.