Price action beginner question

Beginner Questions
1

EDIT: Wrote price instead of Price action, sorry :smiley:

Hey, my name is Mike and I am 17 (so I got lots of time) and I am really into Forex, I would like to learn about price ACTION and therefore I wanna ask. Should I learn / read about any indicator? For example the BabyPips lessons. Is it even worth learning? I think that MA can be used with price action right?

2

hey, iā€™m also like you broā€¦but i think it worth it to try baby pips lessons.

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3

you must know absolutely everything in order to make money in the markets. but dont lay too much focus on indicators and oscilators.

for every situation there is one fitting ā€œstrategyā€, you cant have one ā€œstrategyā€ which is supposed to fit all kinds of various situations.

learn everything about everything and you can have success. if you dont, you will end up posting on babypips for years and at some point dissapear forever, like so many.

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4

hehe
are you sure about that ?

OK, here you goā€¦

PRICE is the value that is given to something of Value
END OF LESSON

you are now ready to graduate from the lesson of PRICE

what else would you like to know ?

Yes you should

Yes it is
i started her 7 years ago
iā€™m financially free, iā€™m teaching my little nephews to do the same , they are 13 and 11
iā€™m helping my friend buy his home outright

soā€¦ yes, itā€™s worth learning, and itā€™s not a waste of time
i would suggest you head over there now if you have not already done so.

thatā€™s great
soā€¦ i would then recommend that you get a demo account and test that theory so that it doesnā€™t remain a theory and it becomes something that you can prove that works in reality.

good luck to you mate

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5

okay guys, my question was actually if itā€™s worth taking the INDICATOR lessons from babypips (I am already at Fundamental analysis lessons - but Iā€™ve skipped / not given enough attention to some indicator lessons)

Also price action focuses on the price movement, therefore there are no indicators, so I wanted to know if there are ANY indicators used.

EDIT: Sorry, wrote Price instead of Price action :smiley:

6

we know what you meanā€¦ mate.

yes , itā€™s worth taking them

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7

I see where youā€™re coming from.
Pure price action doesnā€™t use any indicators.
However, as youā€™re new to trading, you might find a simple indicator, like 60sma, useful in helping you recognise trends until you become more familiar with charts.

Namaste

8

Yes, it can - and itā€™s quite a good way to trade.

People who are doing that successfully are using either one or sometimes two moving averages for the purposes of deciding whether or not thereā€™s enough of a trend for them to be trading at all, and in which direction they should be looking for possible entries.

Theyā€™re using price action parameters to enter into and exit from the trades.

What theyā€™re not doing (the successful ones!) is using the moving averages to enter into and exit from the trades.

Of course, this whole methodology rests on having enough knowledge, understanding and experience of price action parameters to be able to trade profitably in the first place. Thatā€™s about 99.9% of the learning curve and the skill. The moving averages are just the other 0.1% of it.

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9

Thatā€™s what I wanted to know, thanks!

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10

Awesome, thanks mate!

11

I must say not only price action but as a beginner trader should learn each and every terms that needed in forex trading. Learning helps a trader to earn good amount of money and also become rich and successful. Most if the newbies only depended on indicators and signals. My opinion is without knowing anything depending on indicator and charts may be dangerous for them. Another important thing is at the beginning of trading you have to fix your trading style and according to that trading style you will apply trading elements.

12

Sometimes price action can be confusing at times, you just donā€™t know whether bulls or bears are exhausted. Therefore, you would require substitutes in the way you read the market such as candlestick patterns, moving average, stochastic, support and resistance, economic events, etc.

If I am not mistaken, babypips school teaches you to broaden your range of knowledge and gain experience in technical, fundamental and sentiment analysis.

I recommend to learn everything, every little thing matters to be successful in forex. I agree with Logan.

13

Right buddy, I am learning daily from webinars / babypips so I know some basics, of course I am nowhere to being a pro trader - I am learning with demo account after all. Just wanted to clear things out with price action. If there are absolutely NO indicators needed. Thanks for reply, wish you the best of luck

14

Absolutely, I agree sir. Supp/resis, candlestick patterns, chart patterns - That all belongs to price action, if I am not mistaken. Just wasnā€™t sure if there are ANY indicators used for price action (well ofc it can be used depending on the strategy, just wasnā€™t sure if itā€™s like ā€œneededā€) but thatā€™s all technical analysis. I am learning fundamental analysis now. Thanks for great reply, wish you the best of luck

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15

Hi Bro,

It is always nice to see someone really interested in trading in such young age. hope my below lesson will help you to learn forex more.

First i found a lot of people who interested into online trade (such as forex stocks, bitcoin, etc) says that this is a whole different think from selling something in traditional market.

Actualy all is connected, the difference is obviously the technology that we are using.
Learning to trade currencies is learning how to do business (trading).
Below is what you need to know about forex world and connection to business:

  1. Trading is about demand n supply, if you able to read the demand and supply. your price range will be in your grasp. in traditional market is easier to detect since we just can see all around our town demand and supply. in forex this a whole lot harder, since you need to know the whole world demand and supply (including the price maker interest). you need to be able read the forex chart and understand the market demand and supply
  2. Strategy comes second - Analysis comes First (if you ever become an entrepreneur you will understand what i said or you can ask an entrepreneur). How you can apply strategy if you donā€™t know where the market will go.
  3. Trading is about risk management. not only capital risk management, but also mentaly risk management. if you can make the overall risk is much lower than your reward. than i guarantee you will be survive in the trading world
  4. just learn fibonacci. and why this fibo number is applied to forex world. donā€™t forget also learn how to applied it in forex world.
  5. Last but not least, it is about Price Action. I know many people would disagree for my point of view with price action. but you can decide it later.
    Price action is just what profesional trader do in their Chart. (basicly nothing in their chart)
    They draw nothing and they put nothing in their chart is because solely their eyes already able to catch and grasp all the price movement just by watching the price only.
    To make it simple, it is just because their brain and eyes is already get used to what we call chart price.
    They train hard years and years to master it with indicator, trend line, pattern, etc until they need no more of those kind of things to help analyze the market. Thats Price Action for me.

So thats all, hope you learn something from it.
Good Luck and all the best

16

Listen; BabyPips School will help you to learn technical and the fundamental analysis! So, go for it! On the other hand, PA means chart based trading; there is no direct relation with the indicators! But, you can use the technical tools if you are comfortable.