Finding the oldest trading strategy is not really difficult. The market itself is as old. This is called price action. What is really surprising is that this strategy is not only the oldest, but also the best.
Even more surprising is the fact that almost no one uses it. How ridiculous is that? You have traders who spend money madly using forex trading robots one after another. I think no one wants to work anymore. They would be happier than letting a robot shop for them.
So why use price action? To get started, it’s the surest way to know where the trend is. You will also learn how to correctly determine where the support and resistance are in the price. You can use it to find where the future price is directed.
Believe it or not, this is nothing new. Traders have been using price promotions since the first day of the exchange. But at that time there were no live, real-time schedules. You only have brokers who follow the price movement on the market. There were legendary merchants like Jesse Livermore, who became rich in the late 1800s.
A lot has changed since then, especially when you look at the forex market. While some of the changes are good, some ….. not so much. I think that although the technology is impressive, it has made traders a little lazy. Instead of determining the market for themselves, traders rely heavily on all the calls and whistles to tell them when to trade.