What is a John Templeton Price Action for Cheap?
You know we live in a time where only 5% of the trading public is making money in the forex market. Why do you think that is?
Do you think it’s because the successful traders are smarter or have a better education than the unsuccessful? That couldn’t be farther from the truth. There are plenty of successful traders who never even graduated from High School. Intelligence, or lack there of, has nothing to do with it.
Do you think it’s because the successful traders can afford all the expensive trading software to trade with? Really???…….I think you remember my point about people wasting their money on needless charting platforms.
Guess again.
Do you think it could be because the successful traders know the “holy grail”? Well…..I hate to be a myth buster, but there is no such thing as the holy grail. At least, not in the way that you think it does. There is no magical formula that will unlock the million dollar secret to trading.
Give up? It’s simple: Interpretation.
The successful forex traders understand that the market is not mechanical, and shouldn’t be handled as such. They understand that in order to be successful you have to analyze and interpret the market.
Somewhere along the way, words like analyze, interpret, and subjective became dirty words in trading.
Traders didn’t want to have to think. They just wanted to be told what to do. But that’s not what trading is!
Any Idiot Can Create A Forex Trading System
Don’t believe me?? Just go to one of the many popular forex forums that are on the internet.
You’ll see literally thousands of forum threads with traders creating their own forex trading systems. Other members of the forum go to the thread and then start trading that particular system.
What usually happens? It doesn’t work out too well. Why do you think that is?
Well……for starters, it probably is an indicator based trading system. In other words, it’s a system that could be using moving average crossovers, just for example.
Doesn’t really leave much room for interpretation if all you are doing is buying and selling when a couple of moving average lines cross one another.
The other problem is the fact that you are ALWAYS supposed to be trading when the lines cross one another. Let me tell you something. There is no such thing as ALWAYS in trading.
Lastly, you are not separating yourself from the other traders.
Let me put it to you this way:
If there was a mechanical forex trading system in which you can make incredible returns, get a high winning percentage of trades, low drawdown, and be able to do this without having to analyze the market, then why in the world is only 5% of the trading public making money???
Don’t you think if mechanical trading was really that simple, there would be more people making money?? After all, we would all just be trading the same mechanical system everybody else is. We would all have the same entries, exits, etc….. because the parameters would all be the same.