When you are new to the market you'd like to have forex trading explained, so you can have a better understanding of what traders do to succeed. How exactly do people make a living with the forex market? Well....let me be the first to tell you that, contrary to popular belief there is no "holy grail" when it comes to trading. There is no magic button to push that will instantly make you millions on autopilot.If you want success, be prepared to work for it. It's as simple as that. You're going to have to learn what makes the market tick. You'd be astounded how many traders just jump into the market without even knowing the difference between a limit order and a stop order. It's sad but true.
Another problem that many new traders face is they never get a grasp of their emotions. To them, every single pip move is a matter of life and death. People like this will never succeed in trading. If there brokerage accounts don't crash, their blood pressure will. Trading should be treated with "business as usual" kind of mentality. Frankly, if someone were to watch you, they shouldn't have any idea if you are making or losing money in your trades.
If you are trading from the home, then you are going to have to understand technical analysis. The most important part of technical analysis is understanding price action. Price action trading involves getting rid of your indicators and being able to analyze the price patterns of a given currency pair.
John Templeton has been a successful forex trader after learning how to trade price action. Once he understood that all he needed to trade forex was on a plain chart with no indicators, his profits soared. He created a forex trading system called Trading In The Buff.
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