The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. He lived from 1724 to 1803 and even if half of the legends about him are true, he was by far one of the most amazing best charting platform forex yang in history and we can learn a lot from the stories that surround him.
10 billion in today’s dollars trading. 10 billion in today’s dollars trading in the Japanese rice markets. In fact, he was such a skilled trader that he served as an important financial advisor to the Japanese government at the time and was later raised to the rank of honorary Samurai. Homma began recording price movements in the rice market on paper made out of rice plants. He laboriously drew price patterns on his rice parchment paper every day, recording the open, high, low and close of each day.
Homma and others and it’s still effective in today’s markets. Homma also probably took advantage of false break trading strategies by the sounds of what he wrote in his book. The trend has been your friend or over 250 years, so stop fighting it! I can only imagine the amazement that Homma must have felt when he started to see price trends emerge over his years of drawing price patterns on his rice parchment paper. It must have instantly set off a euphoric feeling in him because he likely realized very quickly that trading with the trend would be the easiest way to make money in the rice markets.
To this day, trading with the trend is still the easiest way to trade. Traders try to fight it by continuously trying to pick tops and bottoms, but trend-trading has long been the easiest way to make a lot of money in the markets. Simply put, there’s a reason for strong trends, so it’s illogical to fight the trend. Homma was the first trader to be able to identify high-probability entry points in a trending market via simple price action patterns. If Homma was alive today and he saw all the messy indicators and trading robots people put on their charts, he would probably get a confused look on his face and wonder why anyone would behave so illogically and ignorantly when everything they need to find high-probability entries into the market has been right in front of their face the whole time.
Everything you need to know to find high-probability entry signals into virtually any market is available on a natural price chart. If you want to see your reflection in the mirror, you just go to a mirror and look at yourself. You do not put a wig on or throw a paper bag over your head. Similarly, if you want to see what a market is doing, you simply need to look at its price chart. You do not need to cover up the most accurate reflection of a market with indicators and other nonsense. Thank you for the great history of price action from you.
Yes I have been quiet long in my trading demo using multiple indicators, changing from day to day before I happened to see your free lessons, I find all these indicators to be lagging. You are correct, why use indicators, when the price. Thanks you very for your most valuable lessons. History repeats itself over and over and I sometimes can’t understand why we can’t learn from the past.
For starters I did not like much the candlestick charts because it was too confusing for me, but now I love them because they have a lot of information if you can examine it carefully. With the trade setups that you are teaching, I have a different perception of the CC. This is a very inspiring article and I hope to be a Samurai Forex Trader like Homma someday. Homma was very very interesting ! Homma would have to be the most successful trader to have ever lived. It just goes to show that price action is king and will be for a long time to come.