Learning How to Day Trade Forex – Technical Analysis is Key

Learning how to day trade must seem like a dangerous idea to many “would be” traders. On one side, you’ve got the idea of being able to make money right from your home. On the other side, you’ve got the serious intimidation factor of how to actually do it. Many traders feel that only the REAL experts of the market would be able to day trade successfully.
But in actuality, anybody can learn how to day trade. You would be quite amazed at the kind of people who make a living, trading the market. I used the word “amazed” because people have this idea that the only successful traders are the ones who graduated from Harvard, with honors. ‘s not the case. There are plenty of successful traders who never graduated from high school.
This doesn’t mean that they were successful overnight. They took the time to learn about technical analysis. This should be priority #1 if you want to be a day trader. Now, technical analysis does not mean throwing up a bunch of indicators on your charts, and only trading when the indicators align in the same direction. That’s what many traders do, and it’s the furthest thing from technical analysis.
The reason this is not “analysis” is because the indicators are doing the analyzing on your behalf. The trader is the one responsible for analyzing the markets. The only way to do this is by using price action. Price action begins the moment you get rid of all your indicators, and start understanding the importance of price patterns.

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