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Perspective vs. Black box
By: Nial Fuller
The forex market can be very volatile at times and is always in a unique state; no two moments are ever exactly the same in the forex market. However, there are certain price patterns that do re-occur in the forex markets. A well-trained eye in the field of price action analysis will be able to spot these patterns and create a consistently profitable trading strategy based on them. So, what we as traders need to succeed in the field of forex trading is a unique market perspective, or a way to make sense out of what the market is telling us and use that information to profit off of. Many people selling you a trading course or other so called market "gurus" will tell you that you need a "black box" system with specific rigid rules that you follow on each entry an exit in the market. Now, discipline is most definitely one of the most important attributes of a forex trader, if not thee most important attribute. However, the very nature of market movement requires us to have some degree of flexibility and discretion built into our trading strategy. It has been said that trading is an art and a science; I totally subscribe to this statement and would even go so far to say it is 60% art and 40% science. Since no two moments in the market are exactly the same how can we devise a system that gives us exact entry and exit parameters all the time? It is inherently flawed logic and is the reason why many traders lose thousands of dollars buying black box systems with big promises and virtually no results or more likely negative results. What we need to consistently profit in the forex markets is a unique way of looking at the information the market supplies us with that allows us a perspective on price movement that we can use to build a flexible trading strategy around. Price action analysis is the skill that we need to develop to attain this unique market perspective. By getting yourself a solid education in price pattern recognition you will be simultaneously gaining the skills you need to create your own consistently profitable trading strategy as well as gaining the unique market perspective necessary to long-term forex trading success. The bottom line here is that there are many people trying to sell you a black box system that does not supply you with the necessary tools to succeed over the long-run in the forex market. While discipline and self-control are two vital attributes of the successful forex trader, rigidity and stubbornness are not. The successful trader is also flexible in his approach towards the markets and understands that markets are inherently volatile and constantly changing. Once we attain a quality education in price action analysis we can then build or trading strategy around these learned principles and practice proper discipline in following our trading method. So the most important piece of information to take away from this article is that we need the discipline to follow a trading system that is built off a unique market perspective that includes flexibility to ever changing market conditions as one of its characteristics.
About the author:
Nial Fuller is a Respected Price Action Forex Trading Coach,- Visit Price Action here!
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Sunday, February 14, 2010
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