What did I do to become a profitable trader?
I Stopped looking at indicator strategies.
There are thousands of strategies out there based heavily on indicators, and I would say 99% of them don’t work. Just think about it for a minute. If making money was as easy as this line crossing that line, then surely everyone would be a trader?
Also, I feel indicators can make your charts unnecessarily crowded and if you have too many you can start to get conflicting signals making trades harder, and it will also make you miss the most important thing – the price itself.
indicators can create a distraction that breeds indecision which is a killer to the market.
So to become a profitable trader, I did 3 main things:
- Learned how to read candlestick patterns. Candlesticks tell you a lot of information about the psychology of the current market but you need to be able to interpret what the information means.
- Get rid of all indicators and just trade pure price action.
- Pay attention to what’s happening in the world. If you are bullish on USD you believe that the US economy is going to get better, but what are your reasons for this? do you have any evidence?
So long story short to become a profitable trader I got rid of all indicators.
If you are fairly new to trading, or even if you have a little knowledge behind you, having a community to be apart of and having a true & trustworthy mentor is vital to progress in your forex journey.
You can contact the admin on telegram Cryptofxola for 1 on 1 coaching
Trading is very risky, do not risk more than 1% of your account.