So im relatively new to Forex and right now im still practicing at a demo account but im planning to go live on the next few weeks with $1000 USD
So i was wondering if any of you more experienced guys could recommend me a good indicator that’s relatively easy to comprehend for a guy with little experience like me
I know that indicators like EA’s are not money machines. Im not looking for that, Im just looking for something helpful
Recently i have been using the RSI Laguerre indicator which is good but i wanted to see if someone could recommend me anything else.
Note: Im using the cTrader platform but any MT4 indicator works since i can just convert it to C# and use it for cTrader
Being true to myself I believe all you need is price and support and resistance levels. The rest falls into place if you put these in context with supply and demand. Best of luck on your endeavors bro
Bro you only need one link, that’s to your drawing tool and draw long flat rectangles at swing highs and lows across the width of you chart. Also have a look inside BP school. You will get a better explaination into their use than what I can give. My internet is down so I’m working from my phone which is a pain in the ass lol.
You can begin by understand what the Resistance and Support levels mean. As a new trader, an easy to understand indicator like the Moving Average should be used. Please learn how to use Trend lines to determine the movement of the market. Understanding the basics of technical analysis should get you started.
G’day bro. At home and the internet is back up. Jump over to this link. This is absolutely all you need to know. Well kinda. As beautiful an explanation as it gets the execution is extremely complex. Have fun.
Heres an indication, dump the indicators, just stick to price action support and resistance and maybe fibs, others may disagree but that’s my 4penny worth
Rather than focusing on indicators and a process and your journal and how much money you can make per month, have you put any thought into your trading mindset?
What have you done to prepare mentally for trading?
How you start is not how you have to finish and in all likely you won’t be analysing your trades in the future the way you’re doing it now. You can use indicators in 2 two ways. 1. Confirm your analysis 2. Learn the subject that you’re using the indicator for. Example; If you’re using a Trend indicator you won’t only be learning how to use the trend indicator, you will also be learning about trends. Aiding your analysis. Example: When I’m looking for a trade that best fits my trading plans rules and goals, I use an indicator that I can scan all currency pairs my Broker offers at a glance. I don’t need to use this indicator anymore to teach me about what I’m looking for, now I use it to aid in my analysis by quickly.
When I first started, a trader told me that my analysis should address the: Trend, Momentum, Cycle, Support and Resistance. So in the beginning I used indicators to address those 5 parts. I found that as I was looking learning and testing the indicators, in the end I found the best indicator to address the Trend, Momentum, Cycle, Support and Resistance, I also learned the what is and the why for, for each.
Today my tech analysis starts with a plain Heiken Ashi candle Stick chart. From that I see an overall picture that tells me the trend, cycle, momentum , and the major support and resistance areas. From this chart I can see if the market is consolidating getting ready to move up or down. The only difference from the first time I looked at a chart where I needed indicators so I could address the Trend, Momentum, Cycle, Support and Resistance and today, where I might use a couple of indicators to aid me in my analysis is…a couple thousand practice trades on my demo.
Like I said how you start is not how will probably finish and just because one trader uses 1, 100 or no indicators that’s got nothing to do with you and how you approach trading and their success or failure is their approach. You success or failure depends on your approach. Good Luck
Gp
We have something like; MACD(Moving Average Convergence Divergence), RSI (Relative Strength Index).
I think the wonderful thing about EA’s is that it goes beyond the limit of everyday ‘robot’ per say, in that it can be very flexible depending on it’s design.
It also gives you more free time.
But not withstanding, EA is something we should consider from all angles, before you consider using one.
My tip- there’s a difference between education and application.
Theories look great on paper, but, are much more challenging to implement on a live price chart.
You’re best teacher, is going to be the market itself.
It will be ruthless, and cold. But, you need to understand the only thing limiting your potential for success is yourself.
All the indicators can be useful at some point, but for a new traders as you, the less you use the better for you. You don’t need to create some art picture on your chart by using lot of indicators. Just stick to the price action, support and resistance.
