Forex Price Action Trading Part III

So picking up where I left off yesterday, I would like to provide some more thoughts on forex trading, and some of my experiences thus far with some of the systems I have personally tested and spent some time demo trading with.

Now before I go through a discussion of what I feel are some of the better forex programs or “systems” out there I am going to go out on a limb here and make a statement that some may or may not agree with. Here goes….. Forex Robots will not be profitable over the long term.

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To be honest I have not even tested a forex robot in a couple years now. The reason being, I gave up on them a long time ago. In my humble opinion robots are programmed to base trading decisions on the past behavior of the market. The forex market conditions are constantly changing and evolving, and are driven by the millions of human traders buying and selling.

To put it simply you cannot predict what the market will do by analyzing past market conditions and programming a robot to take trades based on how the market has behaved in the past. Once again in my humble opinion robots will not work for you over the long term and you will eventually blow your account if you are trading with a robot.

Becoming a successful forex trader will take work and a great deal of practice on your part if it is something that you think you may want to pursue as a way of earning an income online. There is no magic out of the box push button software that is going to make you wealthy. But I am sure you are smart enough to know that already.

I am going to be completely honest with you here. I have been researching and demo trading forex for years now. I have not got to the point yet where I would be comfortable risking real money. I am still demo trading. The reason I am telling you this is because I do not want to give anyone the false impression that I am a professional forex trader. I am someone who has spent a few years now demo trading forex and may be able to offer some insight and advice to individuals just starting out.

Ok let’s cut to the chase. What do I think is the best forex “system” or “systems” out there? Here goes… based on my personal experiences and beliefs regarding the forex markets I truly believe simple price action trading methods whereby the trader primarily trades from the Daily and 4 Hour charts provide the best opportunity for success.

What is price action you ask? Price action forex trading is a method whereby you toss all the fancy indicators from your forex charts and you trade from clean uncluttered charts using the best indicator of alll….price!

I currently belong to two forex price action membership sites and I would highly recommend both of these membership sites. I know my skills and demo trading results have come a long way since becoming a member of these two sites. In my next post I will provide the names of both of these forex price action membership sites and why I would recommend either of them to someone who is interested in improving their forex trading skills, and hopefully one day becoming a profitable forex trader.

Once again if you are considering trying your hand at forex trading do not think about risking your real money until you have demo traded, and demo traded some more. Most if not all forex brokers out there offer a free Meta Trader 4 (MT4) demo account. There is no reason to risk your real money until you become 100% confident in your trading system and trading plan.

If you want to get a head start at checking out a very good forex price action course check out our DNB Forex Price Action Membership Review.

Well thats it for this post, I hope you found some of it interesting and useful. Please feel free to leave a comment, and or share my blog using one of the social media links below. And don’t forget to sign up for my free newsletter on the main page to receive more online money making ideas!

Cheers 🙂

Serge

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4 thoughts on “Forex Price Action Trading Part III

  1. I do not even understand how I finished up here, but I thought this submit was great. I don’t recognise who you are but certainly you are going to a famous blogger when you aren’t already. Cheers!

  2. Forex trading onnlie is probably the most lucrative business in the world! It is however the most dangerous as well! Only 10% of Forex traders make money in this market (the other 90% lose)!! And that is because not everyone can have the DISCIPLINE it takes to trade by his/her rules. Once you’ve studied technical analysis and set yourself a certain edge to enter/exit a trade, you need to test that edge (system) on the demo account. Please don’t start live trading until you have practiced the demo account for at least 2-3 months making profits CONSISTENTLY.. Money management is the most important issue here, small position sizing first (few lots), ALWAYS use a stop-loss order, and forget the word GAMBLING because if that’s how you approach this business then you are destined to lose.I think there is enough free educational stuff for the Forex on the internet to make you learn as much as you can before you engage into live trading.I’m a Forex trader and I do make profits and a descent living out of it, but it took me a great deal of money (lost), psychological pressure, time and effort to learn this.Wishing you the best of luck.Be careful. Was this answer helpful?

  3. There is no way to guarantee yourself money in forex trading. Even the best software, video tutorials, and strategy bookscan not guarantee you a profit. So take your time, live and learn, and eventually you will be a skilled Forex trader.

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