Everybody has a different opinion on how forex works and how exactly we should trade. There will always be some group of people that take issue with the things are said and done. We will always be surrounded by people who tend to discredit certain strategies. With something complex as forex is there will always be expressions of disapproval. We like to say that there are 2 types of people who really stick out in the trading parliament. Those are complainers and arguers. With complainers is simple, if we don’t do and say things exactly the way they want, then they are going to take the issue with it. With these kinds of people, disagreement will be the most possible outcome. Life goes on.
With arguers is much different, here we have just people with a contrasting opinion which is perfectly fine. In the end, we are all trying to figure out what is happening in the market, the world economy, and how big banks are affecting our trading. If we ask 1000 people the same question we would probably get 1000 different answers on the same topic, it’s just like that and that is how is going to be in most cases. So the best thing we can do is to give our own opinion after the research and try to back it up as much as we can. Constant pursuit for a better understanding of how forex works behind the scenes should always be one of our main goals.
Is it still possible to ride on big waves even if we use bad tools? There can be some winnings for sure, but it would be a lot more difficult to trade with bad tools. Because at their core these are sub-standard tools to use and by using them we would certainly have an uphill battle ahead of us. There have been a lot of traders that still became professional traders despite this fact. Even with sub-standard tools if our trading strategy is in place we might do some damage. The traders with good money structures who have their emotions well-settled might do good even with wrong tools. Way too often the game is over before even starts because some of us might be using terrible, outdated technical tools on our chart. But even with the almost perfect money-making algorithm, there is a big chance for messing up if we don’t have good trading psychology and adequate money management.
Surely there are tools and indicators invented a long time ago so we can reasonably assume they were not made for the market that we trade. They are certainly not the only options among more than 10.000 indicators and tools that we could put on a chart at any given time. There is no need to be trapped using the same tools if they don’t do the job as they should. We want to keep our chances as higher as possible and honestly, we are not going to score with outdated tools. We should always try to eliminate a lot of stuff before we can even think about moving forward but following the same tired advice, the same tired old technical tools being used every time is not going to get us anywhere. We need to be aware which tools could be totally useless for our trading and that we might be way better without some of them. Also, we need to distinguish which parts of some potentially bad tools we could actually use because there are tools with the most parts that we could not declare as beneficial.
There is a whole new horizon of indicators out there so just by being aware of their existence could put us in a very exclusive company. Most people, even professionals don’t know that there is a whole new world out there. Depending on a different type of tool or indicator that we are discussing, all types of arguments are falling into a few categories. Firstly, people like to say: “Well my friend, you just didn’t use it in this setting, that’s what you have to do”. Our response on that would be that the chances are we did try on that setting because of our through nature of approaching to forex and it didn’t just work for us. If something works for someone else that’s great but systems are different like we all know. If someone has a success in the particular setting then that somebody has figured something out. We always like to give applauses of admiration for those who manage to discover something revolutionary. Friends traders, please do share.
We have people typically connected to the Fibonacci tool. The Fibonacci crowd might say: “Oh you are just not using it this way, maybe you should try this method…” or “If you use the Fibonacci from an intraday stand of point it will work better”. Well, some don’t trade intraday because they have great success with the daily chart and that would usually be one of the main ingredients for the right way of trading forex as we like to point out. Still, it may not be for everyone. Further, there have to be at least 50 different ways we could use the Fibonacci in our trading like there are a lot of different ways we could use a bunch of other tools and indicators. The problem is that the explanation of any of those deserves a book or two. We could often see similar arguments when we debate about other tools. But all we care about here should be our personal success, no matter which tools took us there.
If somebody found a way to make a bunch of pips consistently, for example, using the RSI we could only salute to that person. If somebody has overcome a gigantic obstacle, well deserved. Here we are putting our systems to work and testing them as much as we can therefore our directions in trading are based on our great effort and long experience. So if someone has the method that works better, something like moving average crossovers mixed with the support and resistance lines, we wouldn’t have much to say than to be forever grateful if that somebody shares his knowledge with us. Do we think that our method is superior? Of course, everybody thinks that their method is better. We all see the values in our methods because we appreciate the benefits they give us. We should stay unpopular, we have wisely allocated our time, and we have a system that gets to take some emotions out of the game. These are some of the things that we endorse.
Traders, our advice on this would be to always keep improving on what you have. If somebody is an RSI trader and he is getting good results over time, he should never stop searching for better options out there. There is no reason to stop searching for improvement. If the results are not there it’s ok to jump from the ship, but traders, be honest with yourself, make sure that the results are there, and then try to upgrade your system. There is a whole brand-new world of tools out there, relevant tools, created for the forex market that we trade and they are certainly worth discovering and testing out. Successful or not we are not stuck, we could start to make money if we educate ourselves properly or we could make more money if we dare to embrace more education. We should try to discover the best tools around, we should closely observe our results and never stop improving our system. That might be the only way.