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Nial Fuller

NIAL FULLER
Professional Trader, Author & Trading Coach

Forget What You ‘Think You Know’ About Trading

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By in Forex Trading Articles Last updated on | 21 Comments
Note: Trading Course SpecialUntil November 30th, Save 30% Off Nial Fuller's Professional Trading Course, Daily Trade Setups Newsletter, Live Trading Forum & Email Coaching - Click Here.

letitgoIn order to learn a new way of doing something, to truly master it, we need to leave any preconceived notions and biases behind. When learning a new trading strategy, it’s absolutely crucial that you ‘wipe the slate clean’ of the previous methods and systems you’ve tried (which obviously haven’t worked). This might mean you need to make a conscious effort to ‘unlearn’ certain trading methods and ideas that you have learned up to this point in your trading career. If you don’t, you’ll end up combining them with price action and trying to come up with some ‘hybrid’ trading method, and in my opinion this is usually a very bad idea.

Did you ever stop and think that maybe most of what you’ve learned about trading up to this point is just wrong? Most people feel a blanket of comfort from knowledge, but what if it’s the wrong knowledge?

Einstein is famously credited with stating that the definition of insanity is “Doing the same thing over and over again and expecting a different result”. If what you’ve been doing in the market hasn’t been working, it’s probably time to try something different. However, if you’re going to commit to that, you need to let go of what you’ve previously learned about trading and dive in head-first to a new approach…

Stop trying to combine different trading methods…

Is your trading approach beginning to look more and more like a collage of different methods, systems and forex indicators? If you sat down a 7-year old kid in front of the charts and tried explaining your trading approach to them, would they grasp it or would they be utterly confused? Your trading approach for entering and exiting the market should be simple enough that any non-trader, or even a kid, could understand it. If you’re combining a multitude of trading methods together, it’s likely that YOU don’t even understand what you’re looking for in the market, and you obviously can’t develop a profitable trading edge if you aren’t even sure what you’re trading strategy is.

Over-complicating the trading process is one of the biggest reasons why such a high-percentage of traders fail over the long-run. My own trading journey began by trying to patch together various methods and believing that the more strategies I learned, the better I would do. But, I quickly realized that trying to create some ‘hybrid’ of different trading methods was doing me far more harm than good, and that led me to wipe the slate clean and start trading with a pure price action only chart. This was probably ‘thee’ turning point in my trading journey.

You may need to take a ‘leap of faith’…

leapoffaithI know that it can be a ‘leap of faith’ when you start learning a new trading method, system or from a ‘guru’. But if you’re going to learn a new method, you need to do exactly that; take a leap of faith and either trust the method being taught, or don’t learn it at all. You wouldn’t want to insult a new mentor’s or author’s efforts to help you by combining something else you’ve learned elsewhere with what they are trying to teach you. This is not fair to you, the method, or the teacher. Remember; just because you read about a different method, indicator or system and understand it, doesn’t meant it will work for you in real-world trading.

You need to either commit to one strategy or the other, but you definitely don’t want to combine multiple methods together. I read emails from beginning traders who are trying to combine such silly ‘methods’ as astrological planet alignment, Gann lines, Elliot Wave together with my price action strategies, and somehow they think this is a good idea! It’s outrageous, to say the least. But, sadly, most people make this mistake at least for a while…until they realize it isn’t working for them.

Thus, to really have a good chance at becoming a skilled and successful price action trader, you need to truly wipe the slate clean and start fresh. If you’re bringing over your fancy trend lines, elliot waves,  Ichimoku Clouds, macd’s, stochastics, etc. and trying to use this stuff with what I teach, you’re doing yourself a disservice and insulting me at the same time.

Admitting defeat can be the first step to success

Sometimes in trading and in life, we need to admit defeat to move on and make real progress. Clearly, if you’re learning something new, it stands to reason that the previous lot of knowledge on how to trade didn’t really work for you. Therefore, it’s time to let go and wipe the slate clean.

The bottom line is, every trading author, mentor or coach out there has their own way of doing things, and sadly, most of the time they are full of ‘hot air’ and have no idea how the market works or how to trade it successfully.

Therefore, I say this to you: Let go of what you know, because statistically speaking, it’s probably bad information and will give you bad knowledge. There is an old cliché about “any knowledge is good knowledge”, but I disagree with this. In fact, bad knowledge as it relates to trading is destructive, both mentally and financially. When it comes to trading, what you need is honest, frank, simple instruction on how to trade with the raw price action in the market. So, if you’re ready to take that ‘leap of faith’ and learn a new trading method from someone who is honest, frank and teaching a simple trading method, checkout my price action trading course for more information.

Note: Trading Course SpecialUntil November 30th, Save 30% Off Nial Fuller's Professional Trading Course, Daily Trade Setups Newsletter, Live Trading Forum & Email Coaching - Click Here.

About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. Checkout Nial's Professional Forex Course here.
  1. ameer khan March 4, 2015 at 11:46 pm

    very useful article for newbies really i am very thankful to you.kindly write more useful article.

    Reply
  2. Deibson February 28, 2015 at 2:42 am

    I live in Brazil – Thanks, I just started to see logic in trading after cemecei to study your website, I am grateful,

    Reply
  3. ALF February 21, 2015 at 7:04 pm

    Everything you say is true, I did try to combine different systems in the past and it never, never worked out.
    Price action is the real way to go.
    Mixing price action with another two or more methods is a very good recipe………for disaster.
    Thank you Nial.
    ALF

    Reply
  4. Rob Reid February 21, 2015 at 2:56 pm

    Point taken-thank you.

    Reply
  5. Gilbert February 21, 2015 at 9:37 am

    Skillful insight for all of us wannabees. Lost a good percentage of my poke but have since turned it around with Nial. Thank you.

    Reply
  6. victor paul obike February 21, 2015 at 7:44 am

    Thanks nial, for the invaluable piece….

    Reply
  7. Amos February 21, 2015 at 3:36 am

    I agree 100% with Nial. Initially when i discovered Nial’s website, though i got fascinated with the prospect of trading wt purely candlestick formations (PA signals) and a clean chart, i could not pull away from my previously learned strategy and tools. To me i felt i’ll be better off by combining Price action with my MA crossing, RSI, Parabolic SAR, Chart formations and every other fancy methods ive picked up here and there. My experience was that i was constantly giving back what i made to the market and more. I was overtrading even when i didnt mean to. Combining different strategies and indicators clutters the mind, creates confusion and makes you susceptible to the compulsiveness of trading. I had to drop my obsession with my preconceived ideologies and focus ONLY on Price Action. The last indicator i deleted from my chart was MA crossing, my prized indicator taught by my former trainer.

    Result: I had my mind focused on only one thing, Price Action. Consequently, and i bet, inevitably, i became consistently profitable. I could trade for a living and still have my life to live. Frankly speaking, Price Action on clean chart is the Holy Grail (if there is anything like that), and Nial is the man. The worthy mentor and coach.

    Thanks.
    Amos

    Reply
  8. Imomon Raymond February 21, 2015 at 2:14 am

    Thanks. You are innovative. I saw previous articles on the right hand side of this site for quick reference. You are always thinking how to improve whatever one is doing. It is great.

    Reply
  9. Michal February 20, 2015 at 5:20 pm

    Hi Nial,

    Great article as usual.
    I was lucky to start learning and trading with Nial straight away. Therefore I did not experience to come across any bad advises. Rather I study hard Nial´s PA strategy, follow his recomendations to keep it simple and clear – all is working really well.

    Thanks Nial.

    Reply
  10. John Bennett February 20, 2015 at 1:13 pm

    New to the course and trading this way. I’ve come to realize just how much a distraction indicators can be. And a fresh start is sounding good about now. Time to quit playing around. Side Note: I think a trader could make a living just trading pin bars at support or resistance, so why wouldn’t you?

    Reply
  11. Aikoye February 20, 2015 at 5:59 am

    I appreciate your honesty about trading. Since i started using price action trading strategy i make more profit than losing trade. thanks so much

    Reply
  12. simon February 20, 2015 at 5:25 am

    Nice article. As you say, less is obviously better in trading.
    Nial how many years before you became profitable?
    Many newcomers think that reading online lesson or two from broker’s website and slapping 200 bucks on the account is enough to make serious money (so they advertise).
    No one wants to accept the fact that it takes years of hard work.

    Thanks again
    Simon.

    Reply
  13. SC SITHOLE February 20, 2015 at 5:16 am

    HI ,NIAL. . im glad I started learning trading with price action .I don’t think there is anything better than price action with a teacher like NIAL , thanks

    Reply
  14. emilio February 20, 2015 at 3:03 am

    Is good to have few tools for trading, but well used! is what i think when i read this

    Reply
  15. martin swinn February 20, 2015 at 1:43 am

    Great article, as always Nial.
    I will be first to admit that i have done the this, thinking that all i have learned can some how fit into my trading, only to drive me crazy when i have loosing trades.
    Keep it simple and neat and let the market do it’s thing.
    Cheers Nial.

    Reply
  16. Oscar February 19, 2015 at 11:18 pm

    I experienced that exactly as you’re telling. Thanks for your clarity. Great article once again !

    Reply
  17. Abhinav Asthana February 19, 2015 at 10:51 pm

    Thank You Nial. A clear approach of getting rid of prejudices. I will surely follow it.
    I remember a quote:

    It’s not the daily increase but daily decrease. Hack away at the unessential.
    Bruce Lee

    Reply
  18. Tony B February 19, 2015 at 10:15 pm

    The article make so much sense – appreciate your bringing it up again!!

    Reply
  19. Trader Russia February 19, 2015 at 9:05 pm

    Nial!
    Thanks for the article. You have the most simple and reliable strategy in the world. Thank you!

    Reply
  20. biliaminu nurudeen February 19, 2015 at 8:48 pm

    Great article, thanks for helping me

    Reply
  21. Peter February 19, 2015 at 8:21 pm

    Great article as usual Nial!

    I’m really glad that you highlighted this topic, since most people think what they learn or hear from others must be right. As a rookie trader I made a lot of silly mistakes and took all kinds of advice that (as it turned out) weren’t worth listening to. We shouldn’t always accept unconditionally what others say, sometimes we have to challenge ideas even if others think that we are acting weird. This is a really crucial skill not only in trading but also in life.
    I really appreciate the work you do and the high-quality content you deliver.

    Peter

    Reply

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