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Price action is the oldest strategy in the world of forex trading. It’s a trading method is of the technical analysis type. It seems ridiculous that the old strategy going is unknown to so many. Ask some of today’s new traders what price action is and they’ll look at you blankly. A few may have heard of it, but you can practically guarantee that no one will know how it works.
Todays modern forex market is basically run by robots. Indicators are used which tell you when to buy and sell, with stunning unreliability. The trading community has definitely become lazy.
The principal of this method is very simple. It tells you the current trends and predicts the way the prices will move in the near future. When the stock exchange first opened its doors, all traders used this method to buy and sell. Jesse Livermore was a legendary trader at the beginning of the twentieth century, and the only system he ever used was price action.
Why have things changed so drastically? By bringing indicators into mainstream trading, the whole thing has been made way more complicated than it should be. Traders seem to have actually forgotten how to analyze markets.
The new traders entering the market are brainwashed by these wonderful inventions that make your money for you. They will have never heard of it, but when their banks accounts are empty thanks to their mechanical friends, they will wish that they had.
So dump the indicators, learn price action and become a real trader.
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Source by Anu Bhatia
