Could you advice good trading system or indicator?

Whatever system you use, indicator or not, learn to do this and apply whatever you’re doing to this. Break the trade down into 5 parts. 1. Trend (Up, Down or Sideways). 2 Momentum (up, down or flat) 3. Cycle (Beginning, Middle or End) 4. Resistance (Major price points) Support (Major Price Points. One you know that, you can use your system/indicators to plan your trade. One of the best free pieces of advice I ever got. Good Luck
Gp

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Hi GP, good to see you back :slight_smile:

Thank you my friend. Good to be back :slight_smile:

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There are many trading systems and indicators in the market. Suppose my trading system is scalping. It is quite easy and profitable for me. But it is not good for those broker who are doing long term trading. So, you have to find out which suits you most. Let me give you short guideline. First of all fix your trading style. Then look for the trading system. To get the best trading system you can try demo platforms before joining the real one.

Start from ATR, moving averages and different oscillators, combine them and backtest to get raw results that give you understanding of tecnhical analysis. But I’m more comfortable to trade with fundamental analysis because its more challenging and less subjective, IMO.

Start with the moving average crossover system. Buy if the 20EMA crosses above the 50EMA and if price is above the 200EMA. Set a stop-loss below the last swing low or 2 x ATR14 down from your entry. Adjust your position size to 2-5% of your account. Pyramid the position with another trade with the same £ risk when your first trade’s £ profit equals its’ £ risked and move its’ SL to entry. Optionally, if first trade falls to -50% of £ risked, close 80% of the trade. Keep repeating this.

Adapt this as necessary to suit your preferred time-frame and your account size etc.

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I like Price action RSI and some other indicators., They need much practice to use them in effective manner. It is not same with every one some people cannot follow them . I also use different indicators in different situation . To select right tools for certain market conditions is really a hard work.

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Best advice in the thread, IMHO.

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Use the searchbar of this forum by “Technical Analysis” & “Fundamental Analysis”! Besides, read the BabyPips School for couple of times! It will help in your trading more than relying on the indicator based trading!

hehe

BOTH for the beginner…umm… something goes here hehe

Where can I find the 3 Ducks indicator? Does it calculate position, risk, etc? I need something to streamline my trading.

Thanks

I will say choose your own way of trading . Any trading system can be profitable for a person who design it ir practiced on it all cannot get same earning from it until they not had enough experience on its advantages or disadvantages. I will advice hard work and spend time in making analysis before you open any position.

3 ducks is a trading system, not an indicator. Search here on BP and you’ll find it.
It doesn’t calculate position, risk, etc, you have to do some things yourself

Please tell me which is the good broker for scalping

My advice for all newbies is to start trading with the Demo account and build a strategy for your future trades. Learn from each trade whether it ends in profit or loss. One more thing, always keep calm and stay away from silly mistakes.

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I would recommend all the trader to strenghthen the grip on the fibonacci retracement as it is the best indicator for me. It has different levels where retracement occurs and they help to tell the trend reversal as well. You can share your best indicator as well.

Most indicators are completely useless. What you really need to do is skip to the basics: SMA and follow the trend.

You’ll waste a great deal of time trying to find an edge with RSI and the likes.

Sometimes it’s worth thinking about indicators and their possible value.

In stocks guys will look to breadth indicators when there is a move on - the thinking is to determine whether an index move represents a broad spectrum of companies within the market index or maybe it’s just a couple of companies with big moves, the second scenario would indicate a fade trade.

Not so easy in FX, but perhaps similar thought can be applied.

Indicator divergence springs to mind.

L Williams says that this is a thinking man/woman’s game, I like to give live examples, so today would I buy the S&P?

Not likely - look at these etfs and see.

Then choose the financials - and check the fallers.

That gives an indication of market mood right now - an indicator only.

http://www.sectorspdr.com/sectorspdr/tools/sector-tracker

Edit: took for ages to get this post thru - in the meantime the S&P continued to fall

The best indicator you could probably develop yourself would be a tool to accurately classify market conditions for any current pair. If trending, trend trade, if ranging trade the ranges. The indicators can be useful but they do not tell you anything you can’t already see in the charts. RSI is usually good for ranging markets and when the market is ranging and you’re trading with RSI signals, you will think it is the most incredible tool.

But when market conditions change, then the RSI is now completely pointless which means that that period of good predictive behaviour was just a coincidence to the market conditions having been favourable to that style of trading.

Look at how pointless this Stochastic Oscillator is as an example, where standard oversold (buy signals) consistently produced only the most pitiful bullish price moves, whereas the market has been in a consistent downtrend.