That Last Strategy You Tossed WAS the Forex Holy Grail

Most newer traders waste countless hours trying to find the Holy Grail of Forex strategies. They go through countless dollars both through losing trades and training seminars looking for that "one strategy" that's going to work all the time it's used. They attend seminars, they lurk on online forums, and they buy lots of books and tapes. They do all this in the hope of finding the ideal Forex strategy or system.

One would expect a trader who has made a great deal of money for himself and others would have a load of special tricks of the trade. Many Forex coaches are a great source for tested strategies and ideas -- maybe a coach can help you in your Quest for the Forex Holy Grail -- they could provide a shortcut to finding it, right?

Wrong. I've been there, I know. I too believed that if I could just find the perfect combination, the Forex lock would swing open -- the right indicators, the right mindset, the right Money Management techniques. No one could have persuaded me otherwise -- that is, until my Awakening. But that's another story.

When we focus on finding the "perfect strategy" we overlook plenty of profitable strategies, because we don't give them time. Many potentially profitable trading strategies never get the opportunity to prove their effectiveness. Our newly-discovered strategy fails two or three times in a row and we conclude that it's not "the One" and continue our quest. Listen closely: You must understand that what you seek and what you need are two very different things.

One of the top benefits of Forex coaching is that a coach can guide you to the understanding that a fundamental secret to Forex profits is not necessarily found in the strategy or the indicator – it's in you. Your mind must grow beyond it's current boundaries. You must give up your quest for the Forex Holy Grail. Once you change your mind on this (and one other) issue, you will realize that all those seemingly worthless Forex grails you've been tossing aside… were all made of gold.

Forex coaching CAN help you abandon your quest and start making the real Forex profits that have eluded you thus far.

Best Foreign Currency Indicators

There are several (if not too many) different Forex indicators that people use to try and determine which way the market will go next. Many forex investors and traders learn how to use just a few in their quest for trading success. Some tools are definitely better than others, though you there are plenty of ways to win trades with just about any tool.

We should first mention the difference between a Forex indicator, a signal and a tool. Forex traders use all three to figure out whether the market is about to go up or down, an indicator is basically anything that you look for or add to your charts to give some kind of graphical clue. For example, two moving averages that cross would give the trader a clue that the market might be changing directions.

So, with the hundreds of indicators and other tools out there, where should you focus to maximize your chance for success?

Here are the top five FX indicators I use. First, I will say that I don't use any lagging indicators on my charts: the moving averages, MACD, Stochastics, etc. They are fad indicators, work for a time then they don't for a time, not reliable. What I do use is the foundational elements of the forex market, tools that always work because they are based on the market's underpinnings:

1. Fibonacci Retracements and Projections

2. Basic Chart Patterns

3. Trend Lines

4. Elliott Wave Theory

5. Price Barriers

If you are not using any or all of these tools, maybe you should talk a look at your tool belt.

Good luck in your trading!