Finding a perfect bitcoin or Forex trading strategy is of great importance for every single trader. Trying out various approaches can be exciting and thrilling for many of us, especially when you test it out and see that your strategy is performing well in the market. Surely, some strategies do fail, but what is important is that you continue to learn and explore. You will eventually discover a method that works for you.
There are so many trading methods available to you out there and plenty of them look complicated and confusing, especially to beginners. Once you see cluttered charts, you might feel lost and unclear as to what to do next and how to proceed. Don’t worry. You are not the only one who goes through this. Luckily, there are simpler approaches to trading and we are going to explore one of them right now.
Trading without indicators
Let’s be honest – many traders enjoy looking at the charts and search for indicators. It is the essence of trading Forex and it makes them love what they do. There is absolutely nothing wrong with that. But a constant search for that perfect indicator might leave you tired and discouraged. If that is the case, you might want to take a step back and try a different approach to trading.
Forex strategy without indicators might sound more risky than 1 minute Forex scalping strategy that is proven to be one of the most successful. The truth is that type of trading method might be ideal for some traders, especially for the ones that trade with the best ECN Forex brokers, just because it is simple and not complicated at all. In my personal opinion, every trader should learn how to trade without indicators at some point. Mastering this method will help you learn more about trading Forex.
In order to learn how to properly use no indicators Forex strategy, you must know that you will be using price action trading. That means you will be focusing on the present movement, comparing it to the past performance, and making decisions on the spot. It does sound easy, doesn’t it? Well, it is most of the time. Here is how you should set up Forex strategy without indicators:
- Clean up your charts. Remove all indicators you possibly can from them.
- Draw trend lines on your weekly timesheet.
- Do the same with your daily and hourly timesheet.
Your charts might look unfamiliar to you by now and that is alright. You will get used to it pretty quickly. You might be asking yourself what now? You need to keep your eyes open and monitor the charts. Here is what you need to look for:
- The current standing of a price.
- The general direction in which it is heading.
- The past performance and how it relates to the current standing.
Once you spend some time in front of a chart without any indicators, it will start making sense to you. Forex strategy without indicators is not complicated at all and it can be a needed refreshment for your trading style. Best Forex strategy without indicators is usually the least complicated one, so remember to keep it simple.