There are many methods and strategies out there that people use to trade in forex market. This time we will look at those various strategies and also evaluating the impact on the forex market movement. Consequently using these strategies we will make a collective assumption which one is the best.
Experience traders usually has more believe in the price action and they rely mostly on this method to trade daily. As one can notice on daily trading chart there is support and resistant that is created by the result of price action. Professional traders measure these points using the fibonacci, pivots, or the bollinger band which provide the same functionality to determine the significant point in market movements.
On the other hand the novice traders prefer to look at technical indicators (i.e. RSI, MACD, Stochastic, Bollinger Band, etc) because they tend looking for that precision in trading which actually does not exist. Even though precision does not exist in forex by using technical indicators you can be correct most of the time if one know the point of significant market movement. Therefore it is still very relevant in trading.
So how can one become a good trader? First you must study the price actions and the patterns of chart in support and resistant level. Then you can apply technical indicators to establish a more precise setup in trading.
This research is very significant as observation time takes more than 3 years. You need to study it to see the real facts.
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