There are several ways to trade FOREX successfully, and it can certainly be done without using any indicators at all. Some people have criticised the use of indicators as telling traders what the market has already done, and not telling them enough about what the market is going to do next. The use of indicators does require some technical knowledge and not everyone has the desire for technical analysis.
If you want to be successful at trading FOREX without the use of indicators, consider using fundamental analysis for longer-term trading. With this method, your entry and exit points don't need to be so precise. You can 'ride' the price fluctuations without having to watch the markets in front of your computer all day.
With fundamental analysis, you need to be able to interpret and understand the current economic situation, and be able to predict, on some level at least, future developments such as whether the interest rates will rise or fall within the coming months. This takes a bit of skill and business know-how that takes time to develop.
If fundamental analysis seems a bit complicated, then there is another successful route to trading FOREX without indicators – using the Price Action method. Price action is the art of making all of your decisions based on a stripped down price chart. There are no lagging indicators, with the exception of perhaps moving averages to help pinpoint support and resistance areas. The price charts reflects the beliefs of all traders who are in the current market during a specific time period.
Using any method of FOREX trading takes skill, patience and time to learn. It may take you several trades before you become comfortable with any one method. You will definitely make mistakes – the trick is to learn from them. All successful traders have gone through a trial and error period until they found their groove and stuck with what worked for them. Do your research and read up on each method of FOREX trading. Spend some time reading over the charts and learning the factors that influence price changes and market volatility.