The price action trading strategy can be simple and effective at the same time. You are maybe wondering why some successful traders don't even use indicators but have a winning career in their trading. This is one strategy that you do not use a lot of indicators, you are just using the price movements and on their behaviour once they already reach a certain price level.
What you need though if you want to have winning trades is a set of rules that you consistently follow every time. Once you already have set your rules and then you backtested it for a considerable amount of time period. Then you can have the confidence to apply your trading strategy.
Once you have a set of rules, you have peace of mind every time you trade. You are not second-guessing. And that even when you have a losing trade at that particular time, you are confident enough that over time you will recover your losses and then at the end of the day (or weeks) you still have a profitable trading session.
Most of the pitfalls of people losing money when they do price action trading strategy is that they don't have a set of rules to follow. You are just trading out of what you see on the price movements and then just blindly hope for the prices to go as you predicted.
Here is one video from The Trading Channel. I think you get a lot of information to set up your own trading strategy or even copy his particular strategy on how he takes advantage of the price action trading. Enjoy and learn!
Master These Simple Reversal Entries To Become A Top 5% Trader (3 Must-Know Entries For All Traders). Click to play the video below
I am using this crypto trading bot to automate my earnings. Try it for FREE! Just click the image below.
And if you have not done it yet, please join with me and sign up on the trusted crypto exchanges below. You'll love it, I promise you.