By Richard J. Thomas
To beat Forex markets you must give up some mistaken beliefs you may have about how the market works. Science is not the end-all that many traders want you to believe in. To change the odds to your favor, you need to step back and look at the bigger picture.
You cannot predict how the Forex market prices will change. Prediction is just another word for guessing. Guessing is no way to live your life, so why expect it to work in the financial world. A number of robots exist that are supposed to predict the future of trends in the market. The robots are supposed to be able to accomplish this because of extensive scientific data. How can the robot predict the future as it claims if predicting is guessing?
It can't of course. This also leads to the second problem. As you can see from the claims of software robots, science is supposed to be able to predict how the Forex market will move and change. This is also untrue. Once you understand these two points, you are well on your way to beating the odds.
World-championship poker players win not because they have a scientific method or can predict what cards are coming up next. They win because they play against the odds. Poker players know when to play and win to walk away. They understand that the human element makes a big difference in the formula. They learn to read faces, signs, and signals that many players give off unintentionally.
Human beings are the ones who are affecting how a currency goes up or down. If someone hears something that spooks him or her, he or she may decide to sell even though common sense says the currency will recover. Then others get into the act and the price begins to tumble for no real reason. This affects the market and no formula can predict this.
To profit you just have to understand a few signals and indicators; support, resistance, and momentum. Create a strategy that works with the signals or indicators you understand best. You need to take into account the human factor and you have just shifted the odds more into your favor. There is nothing wrong with guessing which way the market moves as long as you recognize it is a guess. Adding indicators and the human condition will help you to make guesses that are more informed. Hopefully, this will change the odds in your favor.
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