I request help on the choice of Forex technical indicator. How to choose? Which ones are best working for beginners? How effective are they?
Can I solely rely on the indicators?
Can I solely rely on the indicators?
Forex Indicators for Newbie? Suggestions
- Thread starter ForexGrowth
- Start date
I don't trade forex, but I believe it's similar to other derivatives trading with leverage.
If your asking this I sincerely hope you have considered putting in some real time developing a strategy and using a sim instead of a funded account. Beggining funded is a very expensive lesson, I know personally. Conservation of capital is essential for survival and that assumes you begin with an adequately funded account.
Try writing your own indicators, most platforms provide some tool to allow this. You will learn a lot in the process
I have a journal started on one that I am just beginning to trade after four years of development. Different instrument, but similar concept. Take a look at what I'm doing, nothing out of a box is likely to work.
If your asking this I sincerely hope you have considered putting in some real time developing a strategy and using a sim instead of a funded account. Beggining funded is a very expensive lesson, I know personally. Conservation of capital is essential for survival and that assumes you begin with an adequately funded account.
Try writing your own indicators, most platforms provide some tool to allow this. You will learn a lot in the process
I have a journal started on one that I am just beginning to trade after four years of development. Different instrument, but similar concept. Take a look at what I'm doing, nothing out of a box is likely to work.
MattZ
Sponsor
One indicator is not better than another, they are all derivations of price.
Your own risk management will play a bigger role in your long term longevity, in my opinion, as oppose choosing one indicator over another.
Can you explain whay you see here. What is the bottom section with green triangles representing?
Long bias in the market, red would indicate short bias. 15 minutes bars on Es. I really shouldn't have thrown it up here. It's something I've been working for a while, I found the journal section and made entries for last week there.
Some algorithms do perform very well. Others do not, you learn a lot about them when you attempt to build them. That was my point in sharing.
That's a perfect advice, as I also consider all price-derived indicators a BS. On the long run the main challenge is not correct entries but, correct risk setup and a control over losses
Tend to agree, its an advertising mechanism (someone else's words that I like). It's delta is a more significant consideration. As are other market metrics.
Price is arbitrary for most trades.