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Most New Traders Eventually Lose and Chalk It Up to Forex Being Too Complicated
Statistics show that the majority of new traders to the Forex rely on technical indicators and black box systems to guide their trades. There’s no doubt these are popular systems and in high demand. Heck, just look around. It seems like every Forex education website offers this type of training.
That said it’s only natural for new traders to assume that these systems are the ones you must use if you want to conquer trading the Forex.
And you would be partially right.
These methods are fine if you are the type of person that likes to work with cluttered (not to mention confusing) charts– and if you are perfectly happy being so far-sighted that you trip over things right in front of your face.
I don’t know about you, but I like to see where I’m going.
The problem with technical indicators and black box systems is that they don’t allow you to adapt to sudden changes in the market.
And let me tell you, the Forex market changes daily. Heck, it’s known to change hourly, depending on what’s happening in the world.
To successfully trade the Forex, you have to be able to change with it. Cluttering your charts with indicators and other complicated systems might help you forecast the market – as it exists right now – but what if something changes?
The truth of the matter is technical indicators will not reflect those changes quickly enough. They lag behind. When they don’t reflect those changes right away, you lose.
If indicators are the only tools you have to trade the Forex, when the market dynamic changes, you will not have the tools you need to successfully change with it and allow your trades to reflect those changes.
Commercial Traders Don’t Use Fancy Technical Indicators!
You and I are small potatoes compared to some of the bigger traders. The reason for this is simple. Commercial Traders or “Big Dogs” take huge positions and typically trade 1000’s of lots worth millions of dollars at a time. They trade for governments, banks, and large corporations.
They live by being on the right side of the market, and they can’t afford to make mistakes! These traders "see" major trend reversals sometimes days and weeks before they take place.
But they don’t do this by using fancy technical indicators or black box systems. They know those systems take up too much time, clutter their charts, and hinder their ability to adapt to market dynamics.
Instead, they pay careful attention to price action as they find major support and resistance levels!
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