If you want to trade currencies, Forex charting should be the route you take to Forex trading success, for the reasons outlined in this article - so if you want know how to become a successful Forex chartist read on...
The first point to keep in mind is that Forex charting is a learned skill and anyone can be a winner with the right Forex education; you don't need a college education either, anyone can master the skills needed to win. All you need to be able to do is to spot repetitive chart formations, and if you want to learn this you can.
Here are the 4 Reasons you should base your strategy on technical analysis.
It's Time Efficient
You don't need to know anything about the news or economics, all you need to do is learn to spot visual chart patterns and to learn Forex technical analysis correctly, should only take you a few weeks and when you come to trade, you can trade in just 30 minutes or less per day!
By just looking for visual set ups you save a lot of time, you are not interested in why prices are moving the way they are, you just want to make profits when they move and by focusing on price action only you save a lot of time.
You See all the News and Sentiment in the Charts
In today's world of constant communications, all the fundamentals show up quickly in price action and by looking at a chart, not only do you see the news in it more importantly, you see what all the traders think of the news. In other words, the chart reflects the sentiment of the traders. When you look at a Forex chart, its not an opinion you see, it's the reality as it is. This allows you to trade non emotionally, rather than the trader who is trying to make sense of news stories!
Trends will Always Occur and You can Spot Them
On any Forex chart you will see trends, where a currency moves for a sustained period of time in one direction and you will see many of these trends last weeks, months or even years and you simply need to learn the set ups, that allow you to lock into them and hold them.
You Only Need a Simple System!
To win with Forex charts you only need a simple system - if you make it to complex it will have to many parameters to break - by keeping your Forex trading strategy simple, you keep it robust and simple straegies work best as they have fewer elements to break than complex ones and you can learn a simple strategy in just a few weeks. Charting is a simple, time efficient way to trade Forex and if you become a Forex chartist, you can soon be earning big profits in 30 minutes a day and enjoying currency trading success.
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