Updated: Oct 27, 2019
This is the post where i will piss of every active FX trader out there. So wish me some luck.
So in this post i will list 12 popular technical analysis tools to stop using right away.And we will go WHY very quickly.But we will make posts for them one by one .Because it will take a lot of to convince you,you are using this tools right now and they are popular,and 99% of losers using those tools.This tools are not good in combination with others also.
Before we start i must ask you something and that is :
What if i give you tool that is made for Stocks in 1970 and i want that you use it in 2019 for Forex or something that is produced last 6 months ?What will you choose Nokia 3311 or new IPHONE?
I am always telling you about this 99% number that are losing money on fx.Let's talk about it .Why is so HIGH?
Price is going up or down ,it's a 50/50 chance,so how can you end up with fail rate that is that high?HOW?
1.BAD MONEY MANAGEMENT
There are some people who can actually make some good enteries most of the time but money management always take them down,and this will have lot of post dedicated to fixing that ,because it is not that hard to fix. You just need some structure in place and nobody was giving it to you.
2. TRADING PSYCHOLOGY
That is second thing that where you can have great enteries and great money management ,but as all traders we have that unique ability to self sabotage,and there are many ways you can do that.And this blog will have post dedicated to that too.We will try to fix that too.
3.TERRIBLE OUTDATED TECHNICAL TOOLS
Way too often,game is over before even starts because you are using terrible outdated technical tools on your chart.I don't now how this even started,somehow bunch of people said OK we are going to open Spot Forex and we will give people to use these tools and indicators.Even some of them are not created for Forex,and they do not work very well. So they made that every expert out there is promoting those tools,and everything that new trader sees ,is going to make them think that our tools are only ,and only best to they can use to earn money.
I NEED TO GET YOU OUT THOSE TOOLS AS SOON AS POSSIBLE!!!
So please read our previous post and there you will find explanation of everything!
So read BIG BANKS post,Reversal Trading or Trend Trading is the must !1
SO WHAT TO STOP USING RIGHT NOW!! WE ARE STARTING NOW:
Let's start with number 12 and that is ADX Indicator .Produced in 1978 ,imagine that you are using tool produced in 1978.
Number 11. Yeah Trend Lines
Number 10.Stochastics ,imagine 1950 prouced ,LOL!