There is no better Indicator than price Action - Right Way to Learn Price Action - Significance of our Trading Levels The market has a language and many fail to interpret its language. In frustration, some say the market was random, or the market was impossible to beat. Some even resort to far flung theories such as believing that a powerful group of individuals is controlling the market. When traders do not understand price, market movements appear to be random. But they are not. There is an incredible degree of order. And when traders say that the market cannot be beaten, it is typically said in response to appease their own failure. Trading is not suited for everyone, just as being a Rocket Scientist is not for everyone.... Some traders defy the typical learning curve and excel from day one. That is an excellent gift (Inborn abilities) to have.. Unfortunately, for many, a rocky road is the price for learning this profession. Experience cannot be served on a hot platter. It must be earned. Try to feel and touch the market because there is a lot of psychology involved behind the price action. You do not need to know the exact economic data behind. That is nonsensical information overflow. The reason that many traders have a difficult time understanding markets is because they cannot understand the underlying reason why markets move. If greater attention was placed on understanding price, more traders would be having success. I’m sure you have heard that there is no better indicator than price. This is what many traders are attempting to decipher but cannot. The real pulse of the market remains elusive to them. If we don’t know why, the markets will tie us up in knots and will seem like a mystery that can never be solved What do most amateur traders use to address this problem? They use technical indicators. Indicators do not stimulate critical thinking skills. You rely on something to give you the answer because you don’t know the answer yourself. Imagine a familiar scenario for a moment: three indicators tell you it is now good to be long, while one indicator tells you should not. Is this really having real insight on why markets move? A successful trader’s mindset is very hard to put into words, hence I understand if this article appears abstract to you. What I strongly want to encourage is self-study and critical thinking with regards to what you see in your printouts & on the screen... Chances are smashingly slim that you will do it after reading this, however, do not believe those that tell you that the odds are stacked against you. This is a myth. If you develop a consistent method, the odds are not against you. Struggling traders always find excuses for why the market is bigger or stronger than me or you. The world is filled with those that say it cannot be done. An agenda to prove something to someone is always up their sleeve, so they can finally tell you, “I told you so.” Do not waste your precious time with these individuals. Significance of our Trading Levels I Recommend you to take physical printouts of Initiated different time frame Levels and study them well. Studying them on screen will not replace the pen and paper. Initially I would recommend to go with (1-4) Sessions in stocks and indexes and (1-4 week/Near term) for forex - Commodity markets trading around the clock. You will easily see the trends - Levels - Gaps I will be talking about here and following will bring you great success. Trendtradersonline
Posted on: Sun, 26 Jan 2014 15:17:23 +0000
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