Most people have this perception that forex trading is all about poring over charts and figures. While that may be true to a certain extent, there are a whole bunch of other things involved. For instance, there are a host of different price action strategies that forex traders use in order to find and execute better deals. Analyzing different deals and figures is much easier said than done. In the past several years, technical analysis has been one of the most hotly debated topics among forex traders.
Technical analysis is essentially a statistical analysis of price changes in the past. The objective of carrying out a technical analysis is to forecast future price changes in the market. In many financial circles, this area has often been met with severe skepticism. Most traders are generally divided in their opinions: some believe that technical analysis actually works, others believe that it’s an absolutely useless tool for predicting changes in the price action and are those who believe that the tool itself is a self-fulfilling prophecy.
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