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A Frank Assessment Of Forex Trader John Templeton's Trading In The Buff Foreign Currency Course
John Templeton, who has been involved in forex day trading for more than five years and who is the creator of the Trading in the Buff forex signal system, soon learned that all the challenging ways that traders use to pick a profitable forex trade were only muddying the field for him. "I was basically just an inanimate object waiting for arbitrary lines to cross, signaling me that I should open or close a trade. Then it dawned on me. How in the world could I make a profit trading forex, if I don't even know what I am looking at?"
This is when John decided to take the bull by the horns and to reason things out for himself. No more buying into this or that forex training theory. He proceeded by absorbing what all the experienced traders had to say on the topic. And more than any other catchwords that came out of their mouths was the phrase "price action." John was so shocked at himself that he could have kicked himself. "It was so obvious, I couldn't believe it."
When it comes to trading the forex market, John came to see that the trader has to make a decision between one of two ways to analyze the trade: either by using fundamental analysis or using technical analysis. Fundamental analysis takes into consideration all the psychological fundamentals that can bear upon a currency's change in the market. Things like the impact that the non-farm payroll numbers which are released once a month can have, or how raising or lowering interest rates can influence a given currency pair.
When it comes to using technical analysis, this type of trader surmises that opening up the indicator menu on their charting platform will somehow tell them which pair of currencies to trade based on how the indicators read. From John's point of view these traders seem to think that -- rather than being familiar with price movement -- paying attention to charts full with lagging indicators such as RSI, MACD, and stochastics will guide them to the right trade to enter. After enduring years of losing trades following this same formula, John is persuaded that following this path is a losing cause.
The one technical indicator that most unsuccessful contemporary traders don't make use of is price action. They're all expecting all their other indicators to fall in line. For this kind of trader, the only significant thing is what his static indicators are showing him, and price becomes secondary or even irrelevant. The only thing wrong with using lagging indicators like these is that they do not supply the trader a clear picture of what the market is realistically doing during a given trading period.
When, for instance, you train yourself to begin contemplating price support and resistance levels, you are being shown actual statistics which are having an impact on the direction of the market. No lagging indicator is ever going to give you that kind of knowledge which will hold up for very long. You have to be able to see it instantly from the market itself. This is what John is attempting to hammer home in his forex trading course Trading in the Buff.
The name of his course references the removing of indicator based strategies and returning to basic price action indicators. In other words, trading in the buff, without using the theoretical indicator window dressing that many traders are conditioned to base their trading habits on. The theories sound good, but they don't always work.
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