Trading Price Action Be Like the Pros
I can’t think of a trading strategy that is more underused than trading price action I say this with a great deal of confidence Frankly, all you have to do is look at the stats The numbers don’t lie As of right now 95% of all forex traders are not making any money . .This doesn’t mean that the 5% who are making money were born with super extra intelligence or they can tell the future Being one of the 5%, I can safely tell you that is not the case I, just like most traders, had more than my share of losses when I first started trading the forex market . .The real thing that separates the 5% who are having success from the 95% who are failing to make money, all has to come down to learning from your mistakes The 95% just seem to be making the same mistakes over and over again . .One of the many mistakes these traders make over and over again is this ever long search for the holy grail I’m sure you know what I am talking about They feel the need to purchase the thousand dollar trading platform with every imaginable bell and whistle thrown in While visually it may be real impressive, the results leave a lot to be desired . .Your goal as a trader should be not only to make money, but all try to make trading less complicated If you are the kind of person who is flooding their charts 6 or7 indicators, chances are, you are making things more complicated than they have to be . .When you trade with so many indicators, it would be like having 6 or 7 people just whispering in your ear telling you how to trade Who can concentrate like that? . .What’s so stunning is that most people never even think about just getting rid of all those useless indicators that are just taking up space on your charts, and learning how to trade price action It’’s the oldest form of trading, but to many, its like a hidden secret .
Source: www.rsstnx.com

What is RSI in Forex How to Use the RSI Indicators
One of the most used indicators in forex trading is to as the RSI New traders often do not know what the RSI even is, and so this article is written to give a basic understanding for those newbies who may most appreciate an explanation Basically, the RSI is the Relative Strength Index ” Again, it is one of the most used indicators in forex trading It is best used together with other indicators to enter and exit trades (I use it along with knowing where the basic hourly and daily support and resistance points are ) . .I am going to explain how to use RSI in the simplest of terms Basically, when the RSI falls below 30, the currency pair is considered to be “oversold ” When an oversold condition presents, the trader of course will use this information along with other indicators to assist with determining when to place a buy order on the oversold pair On the other hand, when the RSI is above 70, this indicates an overbought market In an overbought market, the trader will be looking for an entry point to place a sell order on the currency pair . .You can check the RSI by various time intervals on the charts (i e hourly, daily, weekly, 30 minutes, 15 minutes, etc ) Daily and weekly time frames seem to be the ones most traders will analyze and seem to give the most useful and reliable information . .The RSI in forex trading is a very simple indicator that can be used, along with other indicators and signals, to assist the forex trader in make higher probability trades .
Source: www.rsstnx.com