Article Price Action Trading Proves a Real Hot Topic for Forex Traders Know Why

[T2W Bot]

We've just published a new T2W article called "Price Action Trading Proves a Real Hot Topic for Forex Traders Know Why" by Sean Lee.

Quick Summary: Sean Lee argues the case why beginning traders should consider using "Price Action" only as the main approach for trading.

PS. Don't forget to rate the article after you've read it and share your comments on this thread.

 

[timsk]

Oh dear oh dear oh dear.
Mr. Lee barely explains what price action trading is - let alone how to set about doing it. And why the constant reference to forex - as if it's the only market that any retail trader ever trades. Grrr! (Note to self: remember to ask Paul if vBulletin has a 'find and replace' function so that every time the word forex is mentioned anywhere on T2W - it's replaced with either pork bellies, soya, coffee, orange juice or oil etc., etc.)

For any newbies wanting a good introduction to price action trading, I recommend doing a search for threads by dbphoenix. The only really positive thing to say about this article is that just as the plain looking girl makes her pretty friend look even prettier, this makes the fair to good articles look excellent.
Tim.

 

[Trader333]

I know where you are coming from Tim although this is not about introducing new traders to the mechanics of PA. It is more to do with when you start trading and do not know where to turn then suggesting a pursuit of PA is a good start. It has already got you pointing people on where to look for those interested in it so from that perspective it has served its purpose.

 

[forker]

PA = down the rabbit hole

 

[dbphoenix]

PA = down the rabbit hole

Not if one does it right.

 

[Fugazsy]

at the end of day it all comes down to the ability of the driver, often the mouse when he cannot get to the cheese will say he is on a diet.

 

[forker]

Not if one does it right.

Everyone can learn to drive a car but that doesn't make everyone racing car drivers. Likewise, you can make money trading TA but that doesn't mean you will become wealthy. My point is there might be more than one way to do something but it doesn't mean they are equally effective

 

[dbphoenix]

Everyone can learn to drive a car but that doesn't make everyone racing car drivers. Likewise, you can make money trading TA but that doesn't mean you will become wealthy. My point is there might be more than one way to do something but it doesn't mean they are equally effective

Which is not what "PA = down the rabbit hole" implies.

 

[forker]

Which is not what "PA = down the rabbit hole" implies.

Sorry, I'll find an American metaphor next time.

 

[Fugazsy]

I witness during the years many traders defending their own concept to extremes levels despite the results and consequences.... Only to see them disregard completely their former strong concepts as total junk and embrace a complete opposite one with the same rigidity.

It is a recurring physiological make up in trading which repeats itself again and again....

 

[forker]

I have nothing against TA, did it successfully for long enough to know that. It's biggest issue is the vastness of it all. You can take a simple system lets say support and resistance breakouts and apply dozens of parameters to define a trade. In fact I bet if we did an experiment of 10 of us, with the basis of our strategies being breakout support\resistance. I bet no 2 will come up with the same set of parameters. There might be some similarities but each will be unique.

 

[Fugazsy]

I have nothing against TA, did it successfully for long enough to know that. It's biggest issue is the vastness of it all. You can take a simple system lets say support and resistance breakouts and apply dozens of parameters to define a trade. In fact I bet if we did an experiment of 10 of us, with the basis of our strategies being breakout support\resistance. I bet no 2 will come up with the same set of parameters. There might be some similarities but each will be unique.

Which proves our point, only the most able will gain greater outcome and greater ability is not gained by shutting down with rigidity, market is fluid.

 

[forker]

Which proves our point, only the most able will gain greater outcome and greater ability is not gained by shutting down with rigidity, market is fluid.

Define greater outcome? The reason I ask is because the outcome of a trade is unknown.

 

[dbphoenix]

One can trade successfully using price action, indicators, patterns, fundamentals, news, or phases of the moon. What matters is testing what one observes in order to determine whether or not it is consistently profitable, then practicing, collecting the data, and practicing some more. All the quibbling about the superiority of one approach over another accomplishes nothing more than taking up space.

This kind of article makes price action trading seem stupid. But then I've seen plenty of articles on various indicators, DOM, candlesticks and so forth that make each of these other approaches look stupid. It's not the approach; it's the trader.

 

[forker]

I have seen some interesting articles about the behaviour patterns of traders that make money. I read an interesting one that showed women being better traders than men. What do you attribute in your personality to your ability to trade?

http://news.efinancialcareers.com/u...ty-traits-of-a-successful-wall-street-trader/

 

[Fugazsy]

Define greater outcome? The reason I ask is because the outcome of a trade is unknown.

I do not understand your question but...

Open mind = no concept = fluidity = greater ability = greater outcome = greater profits = I do not know = Open mind........

Close mind = concept = rigidity = less ability = negative outcome = losses =I know it all = Close mind........

 

[Fugazsy]

have a nice WE guys....time to go.

 

[forker]

have a nice WE guys....time to go.

You to.

 

[forker]

One can trade successfully using price action, indicators, patterns, fundamentals, news, or phases of the moon. What matters is testing what one observes in order to determine whether or not it is consistently profitable, then practicing, collecting the data, and practicing some more. All the quibbling about the superiority of one approach over another accomplishes nothing more than taking up space.

This kind of article makes price action trading seem stupid. But then I've seen plenty of articles on various indicators, DOM, candlesticks and so forth that make each of these other approaches look stupid. It's not the approach; it's the trader.

You're spot on.

 

[bosun2016]

Nice post. Thanks for the great info.