Forex Charting

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					Forex Charting

As forex traders, we’ve all seen ads for the latest and greatest charting platforms. They
look so dazzling, don’t they. With the flashy graphics and the sleek marketing behind it,
how can you not help but be impressed? All you have to do now is spend a couple
hundred or thousand dollars a month on this revolutionary charting platform.

I honestly believe that this is one of the reasons why trading has gotten to be so
complicated for certain people. All these state of the art platforms aren’t helping. I know
I may be in the minority in this belief, but I stand by it.

Here you have software that is covered with all the toys, bells, and whistles. You’ve got
thousands of indicators at your disposal. Can you see what’s wrong with this picture??

First off, it makes trading look like a game. It’s like saying who has the most toys, wins.
You’ll never have time to tryout all the toys that come with the software, so I don’t know
what the purpose is. Even if you do, I think you’ll start to realize that the majority are
completely useless.

But what’s even worse is that it makes traders lazy. Instead of looking at the market, and
trying to understand what it’s doing, traders assume that they can throw a “magical”
indicator on their charts, and all of a sudden they know where to buy and sell. Oh… if life
were that simple??

Believe it or not, a free platform like Metatrader and knowledge of price action is all you
will ever need. Don’t make it more complicated than it has to be.

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 course called Trading In The
Buff.

				
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posted:4/16/2010
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