I read an article on this site about price action trading. The author stated that you should remove all of the indicators off your chart and concentrate on price action. He then advised that you should look for pin bars rejecting support and resistance levels.
Now i am a price action trader, and i have been trading price action for 9 years. And let me tell you that price action trading is so much more than pin bars. Pin bars are the most basic level of price action you can get, and it frustrates me when so called experts write blog posts about price action, and talk about pin bars rejecting support and resistance, as if that all you need to do to become a successful price action trader, when is so far off the mark.
He also says that trading the daily time frame works best, which is complete rubbish. If you really understand price action you can trade the 1 min time frame if you want to. I apologize for my ranting, and this blog post will probably not get published, but if you want to learn how to trade price action, forget about trading pin bars off the daily time frame, and start concentrating on the lower time frame charts, and find out how price really moves, and why it moves. If you want to keep losing your money, trade pin bars on daily time frames.
If price action trading was as simple as that, everyone would be doing it, and making lots of money, but the facts are its not that easy, and most people that trade that way lose money. So get your head down and start to study price on the smaller time frame charts if you really want to lean how to trade using price action.
When you have mastered how to trade true price action, you will be in the 5%, and you will stay there.
Guest post by Rob Taylor of http://www.tradeforexmakemoney.co.uk
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