Some traders talk about trading system design and its pitfalls and when they do this, they often talk about the search for the Holy Grail. Then they talk about the obsession of finding a specific indicator that will guarantee continual success in the markets. Then, there are software packages that come with indicators that are known as the Holy Grail and this adds to the mythology of an ultimate indicator. Unfortunately, only a few understand the legend behind this search and even fewer understand its relevancy to trading and how understanding the legend can improve trading performance.
The holy grail is a sarcastic term that traders use when someone claims to have a system that is "100% accurate". It's sarcastic because there is no such thing and yet so many companies offer these so called systems for only thousands of dollars, haha. I almost got suckered once but thank goodness I didn't fall in the trap.
Newbies don't be fooled. There is no Holy Grail, no perfect trading system. Whatever indicators/software/crystal ball you use, the market will still go where it wants. I have been at this for six months and am only now starting to have some success in live trading. All I do is spot and follow trends, look for breakouts after quiet periods and try to avoid major news - this can wipe you out in seconds. What's more important is to look at the big picture: How is the economy doing. What about employment, interest rates, etc. You can guarantee major headlines will rock the market. When we had the airline scare here in London the Euro spent the whole day falling through the floor!
What is vital is good psychology and MONEY MANAGEMENT. Find out all you can about not letting losing trades run, good exit points and correct stop orders, etc. DON'T GIVE UP!!!! Good Luck!