The Two Goals Of The Forex Technical Trader

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As you become more involved in the world of forex trading you´ll soon start learning that you are in need of a “compass” that is capable of indicating you what a high probability of becoming profitable trade is and what the bad trades are. It may not become clear at the beginning but the most used and successful approach (especially if used in a complete forex trading system) is technical analysis and by using this kind of approach you become what´s is known as a forex technical trader.

As a Forex Technical Trader your two main goals will be these:

1.Identify the price action of the particular currency pair you are trading.
This means that you must learn to identify the real trend. For example;
if the EUR/USD is at 1.3236 and goes to 1.3229, 1.3118, 1.3010, 1.3003,
this means that the market is in a down trend. So no matter what every technical
indicator might predict, if the trend is down, then is a down trend, use your eyes wisely. A good forex trader needs only to be concerned with what the market is doing,
not what the market might do and the current currency price tells you what the market is doing.

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2. It is very important that you always remember that all technical indicators are only giving confirmations based on what the market is telling you. Live in the present. So you must make a rule to always listen and pay close attention to the market and let it tell which method you will use and what strategies and techniques you will implement in order to make a profitable trade.

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