I hope that everything is still going fine for all of you. In today forex faq, I will be going through one questions that most new traders are having.
I will like to thank all of you who are sending your valuable questions to the Question and Answer session.
Below is the question:
I’ve been trading for many years and tried many indicators in the market but still failed to success …… most of the indicators are lagging and failed to give quick response when the market move ….. what shall I do ????
NO doubt most of the indicators are lagging in nature and therefore you cannot rely 100% on your indicators for your trade. As a trader, we need to understand how to use and incorporate our indicators into our trading system.
However it is also very critical for us to understand price action which is candlestick patterns. Some of us tends to think that candlestick patterns are simple and do not want to spend time learning how to read them.
In fact, the candlestick is one of the few leading indicators whereby you can know what the price is going to do next. Although it is impossible to 100% predict the movement of the market but with the help of those patterns, we can more or less know the next move of the market.
My recommendation to you if you are having the above problem is to learn more about using candlestick patterns and try to add Fibonacci levels to your trading system as well.
The Fibonacci tool is itself a leading indicator whereby you can roughly know where the price is going to retrace and how much it is going to extend.
I hope that I have answered your question and do let me know if you have any progress.
In fact, I am busy preparing a course name “Become a trader” whereby I will guide those of you who are interested in the course to become a trader within 6 months and the course will teach you more about price action as well as other effective forex tricks that I have learned over these few years of trading.
Due to the overwhelming requests from readers of this blog asking me to show them the way to become a forex trader, I am now in the process of getting this course up and will let you guys know when it is ready. Do keep a lookout for my email.