It’s really not that difficult to find the oldest trading strategy around. It’s as old as the market itself. It’s called price action. What’s really amazing is that not only is this strategy the oldest, but it’s also the best.
What’s even more amazing is that almost NOBODY is using it. How ridiculous is that? You’ve got traders spending an insane amount of money using one forex trading robot after another. I guess that nobody wants to work anymore. They would just be happier letting a robot trade for them.
So why should be using price action? To begin with, it’s the most surefire way to be able to tell where the trend is. You’ll also be able to learn how to properly spot where the support and resistance is on the price. You can use to spot where the future price may be headed.
Believe it or not, this is nothing new. Ever since the first day of the stock market, traders were using price action. But back then, they didn’t have live, real time charts. You have brokers who were just following price action on the market floor. There were legendary traders like Jesse Livermore who became rich in the late 1800s doing this.
Obviously a lot has changed since then, especially when you look at the forex market. While some of the changes have been good, others…..not so much. I think technology, while impressive, has made traders a little too lazy. Instead of having traders figure out the market for themselves, they are way too reliant on all the bells and whistles to tell them when to trade.