Trading the forex market with price action setups sounds like a simple enough endeavor on the surface, but once you really commit to trading with price action you might just be a little surprised to find that there is not a great deal of effective training material on the internet or elsewhere on exactly how to trade forex with price action.
• Obtain a quality forex price action education
The first big piece of the puzzle when learning to trade the forex market with price action is obtaining a quality forex price action education from a trusted and respected source, and also getting a comprehensive answer to the question “what is price action?”. The source that you learn to trade price action from should be an experienced trader as well as a forex trading mentor, they will preferably offer a ton of great free forex price action educational material in addition to any premium services they might offer. Within this free material you should gain a solid understanding of exactly what price action is and how it can be applied to the forex market and made into a complete trading strategy.
Your forex price action education should teach you how to use specific price action trading strategies that have worked for other traders and that are easy to spot on any forex price chart. One professional trader and forex mentor that teaches these type of effective price action trading strategies and has had personal success with them is Nial Fuller. You can obtain a complete and comprehensive forex price action trading education at Nial Fuller’s website; he offers a plethora of free forex price action trading information that can teach you most of the basics of trading with price action, as well as a premium price action course.
• Be realistic
After you find a trusted and reputable source to learn how to trade forex price action from, it is important to maintain realistic expectations about exactly what you can achieve as a forex trader given the amount of money you have to start with. The simple fact of the matter is that unless you over-leverage your trading account you simply are not going to turn a very small sum of money into a very large sum of money in a short period of time. Many beginning traders get caught up in a cycle of boom and bust as they continuously risk too much on their price action trades, this causes them to possibly get lucky and hit a few big winners but they inevitably give all their winnings back and more as they are reinforcing negative trading habits that will always come back to haunt.
• Have patience
Another big factor that contributes to forex price action trading success is having the proper amount of patience. As a general rule, the more patience you have while trading the market the better your results will be. Most beginning traders do not have nearly enough patience because they have an “itch” to trade, they feel like they don’t want to miss any opportunities in the market, and as a result of this they end up over-trading or over-leveraging their accounts, which ultimately causes them to lose money. It is important to learn that the forex market is full of opportunities and it isn’t go anywhere anytime soon; it will be there tomorrow and forever, as long as human civilization exists, so just concentrate on learning an effective method like forex price action trading and managing your risk and emotions effectively, and you will be on the path to trading success.
