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A Realistic Review Of John Templeton's Trading In The Buff Foreign Currency Program

April 1st, 2009 | Author: JL

John Templeton, who has been involved in forex day trading for more than five years and who is the author of the Trading in the Buff forex signal system, soon found out that all the confusing systems that traders use to pick a winning forex trade were only muddying the field for him. "I was basically just an inanimate object waiting for random lines to cross, informing me that I should open or close a trade. Then it dawned on me. How in the world could I make money trading forex, if I don't even know what I am looking at?"

This is when John determined to take the bull by the horns and to figure things out for himself. No more accepting this or that forex system theory. He started by listening to what all the pro traders had to say on the subject. And more than any other catchwords that came out of their mouths was the phrase "price action." John was so shocked at himself that he could have kicked himself. "It was so obvious, I couldn't believe it."

When it comes to trading the foreign exchange market, John concluded that the trader has to take a decision between one of two ways to examine the trade: either by using fundamental analysis or using technical analysis. Fundamental analysis takes into consideration all the psychological fundamentals that can act upon a currency's movement in the market. Things like the influence that the non-farm payroll numbers that are released once a month can have, or how raising or lowering interest rates can influence a given currency pair.

When it comes to using technical analysis, this kind of trader considers that opening up the indicator menu on their charting platform will somehow or other convey to them which currency pairs to trade based on how the indicators read. From John's point of view these traders seem to think that -- rather than understanding price movement -- adhering to charts full with lagging indicators such as RSI, MACD, and stochastics will guide them to the right trade to enter. After surviving years of losing trades following this same formula, John is convinced that following this path is a losing cause.

The one technical indicator that most failed present day traders don't use is price action. They're all waiting for all their other indicators to match up. For this kind of trader, the only significant thing is what his static indicators are showing him, and price becomes secondary or even irrelevant. The only thing wrong with using lagging indicators like these is that they do not supply the trader a clear vision of what the market is truthfully doing during a given trading period.

When, for example, you teach yourself to begin looking at price support and resistance levels, you are seeing actual statistics which are influencing the direction of the market. No lagging indicator is ever going to give you that kind of knowledge which will last for very long. You have to be able to see it immediately from the market itself. This is what John is trying to hammer home in his currency trading program Trading in the Buff.

The name of his program refers to the shedding of indicator based strategies and returning to basic price action indicators. Put another way, trading in the buff, without using the theoretical indicator window dressing that many traders learn to base their trading habits on. The theories sound good, but they don't necessarily work.

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