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What's the best indicator?
- Thread starter sbn
- Start date
Quote from sbn:
What's the best indicator or technical analysis to look at before getting into a trade?
"the best indicator" doesn't exist.
To get stability and consistency in your performance you need a system.
A system is composed of a number of elements that together give you the information needed to trade well.
It is impossible to put all the elements that influence the markets in 1 indicator.
Quote from spike500:
"the best indicator" doesn't exist.
To get stability and consistency in your performance you need a system.
A system is composed of a number of elements that together give you the information needed to trade well.
It is impossible to put all the elements that influence the markets in 1 indicator.
All of above but if you must have just one, trendline(s) would do.
Quote from sbn:
What's the best indicator or technical analysis to look at before getting into a trade?
Although there's a few in-depth past threads on this topic here at ET...
The answer that most don't want to here is that YOU are the best indicator.
Think about this...lets pretend you and another trader are using the same TA method and get the exact same entry at the exact same time...
However, one trader exits the position with a profit while the other exit the position with a loss.
Simply, one of those traders was prepared to make money while the other was not.
Another example...how many times do we traders get the price direction correct in our analysis but the trade in the same direction results in a loss.
Therefore, things change in most traders headd once the trade is entered.
Those traders (a few out of many) that are consistent in not letting their personalities have impact on their trading results...
These are usually the profitable traders.
By the way...the last trader that told me that was psycho mumbo jumbo...
He finally blew out his 50k trading account in about 2 years of trading using the same method some of his trading pals are profitable with.
Mark
(a.k.a. NihabaAshi) Japanese Candlestick term