Removing Indicators

Using too many indicators in your trading system may cloud your chart,giving unclear signals that may repaint in some cases, which hampers your ability to trade consistently as a trader. To become consistently profitable you need to focus on the most important aspect of trading which is price action.

Like many novice traders,we start out by searching for the "Holy Grail" in forex that will make you $1000 a week which will in then  double or even triple in the future making you a millionaire in a few months or years.Many have been lured by forex with the idea that it is a get rich quick scheme that offers financial freedom like the Ponzi or the Pyramid schemes that we had in Kenya that so many people were conned off their hard earned money by unscrupulous,inexperienced traders with poor money management skills. They had plenty of indicators on their chart that made them look like they knew what they were doing and treated forex like a gamble or a dice game.Combined with lack of emotional discipline and patience, it is no wonder many forex traders especially the novice ones cannot make it in this business.We start our charts looking like this and think that we are professionals and take every signal that comes our way.

Just like many novice traders, i too went down that path which in my opinion is a right of passage to becoming a consistently profitable trader in this business.You would study for hour in the internet searching for the right indicator that would make you that big break. You use a lot of money paying for systems that made no sense to you but you used them anyway.You would have many aha moments that amounted to nothing once they started to garner in loses and you would feel hopeless to the market forces.

However,there are many simple systems that can make you money consistently with good money management combined. You can use the simple support and resistance zones for a start to help identify areas where price may begin to move in the opposite direction or may continue with the trend.

Instead of waiting for all the indicators in your chart to align together so that you can enter a trade,which may mean missing out on many many trading opportunities, you can draw your support and resistance zones on your chart and study them and how each pair reacts to such zones.With your rules well defined for entry and exits with a risk reward ratios and good money management, you are on your way to consistent profitable trading. Notice i did not say becoming rich.This is a system that is a lot simple than having plenty of indicators on your chart that will confuse you a lot more than you were in the beginning as a novice trader. Good luck to you all.