Is anyone using autochartist’s technical analysis trading suggestions? I saw that it’s available in Oanda broker. It supposedly has 65% and higher accuracy, so I was wondering if I consistently made all their suggested trades with appropriate risk-reward ratios, stop losses, risk management, etc., wouldn’t I be almost guaranteed to win more than I lost in the long run? (I’m a new trader - am I missing something obvious here?)
If you’re losing a lot now, it might be worth a try. But like any new indicator, it’s best to test it on your demo account. If it’s not available for demo, that might be a red flag.
You’re going to have some here that tell you it’s garbage, but if it works for you, then it works. Again, just be sure to give it at least 20 trades on demo to get a feel for it. You’ll get an idea real quick if you think it’s worth it.
Most indicators aren’t, though. That’s why I only use candles. I don’t even use an MA anymore. Food for thought.
Hey thanks, I appreciate that. Can I ask why you only use candles now and not other indicators?
As our friend @steveepperson mentioned, the best way is to use it on demo accounts first. However, I suggest trying it on a real account with a small amount of money because I believe that demo accounts work differently from real ones in the end.
TBH, they confuse me. I have most of my training in price action. The other reason is that they lag the market and are not good predictors of price movements.
However, if you have found a good combination of indicators that make you profitable on a consistent basis, I would would stick with that.