Ok forumers. I opened this thread to discuss a very important thing.
The right way to trade.
What is the right way to trade? The forex world is filled with so many 'wise' men telling us what not to do.
So what do we do? Is there really a right way to trade or a wrong way to trade?
Some people believe without indicators your life as a trader is doomed. Others believe without any fundamental analysis you can be ruined.
Some others believe that price action is all that matters.
Others believe in stop losses (fear based strategies),
others believe in non stop losses (risk based strategies)... with all these 'know it all' methods running around no profit to show for it, it makes me wonder...
'what is the right way to trade'
My verdict: EVERYONE IS RIGHT AND NO ONE IS WRONG
However, I believe in capital protection. No matter which way you are going, be sure to protect your capital...
If you find a strategy that works for you 'even if it is throwing a set of dice on the floor and deciding to buy or sell' IF IT WORKS, do it...
We are all suited to different styles of trading due to our different personalities. Some people are not used to risk taking, and others are used to avoidance methods.
The right way to trade is :
Develop a signal method
Develop a way to manage losses or capital
That is all. I am an iconoclast (a person who doesn't believe in the norm).
I believe in NOT 1 way to trade forex, but in all ways to trade forex.