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Hello fellow traders,
First let me share with you a bit of my background then some valuable information.
I am known online as Pip, I have been trading since 2000. I have traded stocks, options, futures, metals, indices, and forex. I have developed and co-developed many tools online, some are free and some are otherwise.
When I first started trading I too was looking for the "Holy Grail" of trading. A system that was simple to follow and made me a lot of money. I spent a significant amount of time searching for that grail. I downloaded indicators, EA's, studied trading books from the simple to the most exotic. During my journey I become very talented in technical analysis but i found that the more i knew money wasn't coming.
I finally realized that winning in trading is not about technicalities but rather about something that only 2% of traders understand and follow. Am sure the first question that came to your mind right now is - "what is that something that only 2% of traders understand?"
The answer is - understanding how the market works!
No, I am not talking about how the market is regulated or how to calculate point value, etc. I am talking about understanding how the markets operate as a business for those that operate it.
Here are some question for you to gauge your understanding of the market. If you can answer these questions I guarantee you that you are closer to succeed in trading than you think.
1) What makes price go up or down?
2) How does price go up or down?
3) Who makes price go up or down?
4) What are the tools used to move the market?
5) What do the candle patterns mean?
6) What do the price patterns mean?
7) What is the market structure?
8) What are the two types of markets?
9) How to identify the type of market you are trading in?
10)Is it possible to forecast the market?
These question are nothing but the scratch of the surface to the type of knowledge you need to have. No indicator or EA will come close to explaining things. Any strategy that does not take into account the true nature of the market will fail 100%
So, instead of spending your time looking for the next best tool, start looking for answers to these questions then start identifying tools that will help you harness that new information.
To your success,
Forex Trader (Pip)