The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. I hope you all enjoy this lesson and that it clears up any confusion or forex model software you may have about what price action trading is all about.
Financial markets are where money is exchanged between market participants, and this exchange of money leaves a trail, this trail is a market’s price movement or price action and it can be observed on a price chart. These price action trading strategies form as a result of the fact that price movement in markets tends to be somewhat repetitive. Price action trading involves trading price action strategies from key levels in the market. I am a firm believer that all anyone needs to develop a solid Forex trading strategy is a plain vanilla price chart and some common sense. Price action strategies can be traded in any financial market and on any time frame.
However, I advise traders to focus their efforts on trading higher time frames first, with the main time frame being the daily chart. Any trader or other source who tries to tell you that you it’s easier to trade off indicators or trading software than price action, is simply in denial of or unaware of the reality of the markets. The reality of the markets is that price movement is the end result of all variables connected to the markets, so why would you want to concern yourself with analyzing anything but this price movement? The truth of the matter is that there is no easy way to make money in this world, at least legally. Any short cuts that you think you have found in the markets are only temporary, I can promise you that.