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 youâll find it.
It doesnât 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.
Youâll waste a great deal of time trying to find an edge with RSI and the likes.
Sometimes itâs 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 itâs 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/womanâs 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 canât already see in the charts. RSI is usually good for ranging markets and when the market is ranging and youâre 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.
Yep, the notion of oversold/bought comes in the pick bottom/top stable - also known as the gamblerâs fallacy.
But picking up on TA instead of FA on todayâs S&P, and again picking up on an oscillator ref L Williams - I see this as a heads up (S&P15 min based on US10yr) - price rising early in the day to the underside of yesterday.
Btw, when I sayâ early in the dayâ I mean US time - itâs their index after all 
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Looks interestingâŚ
Yeah, itâs all about thought.
Suppose you were to take it a little further, thinking about risk and the link on the ETFâs - financials - risk.
Then suppose thinking about the US10yr, used it as an indicator with Williamâs WS, taking that one step more - the shorter bonds are the âright nowâ risk guys.
Perhaps an indicator on the US10yr - using the US2yr - aha!
Same time frame as the S&P chart - risk off means buy the bonds, sell the stocks.
Before I leave this thought, some guys who are learning will think - hey Iâve no interest in stocks, S&P or US bonds, Iâm solely a FX guy.
Hmmm⌠maybe have a look at USD/JPY - chart is GMT, the trend lines are the same time as above, this time the USDX is the indicator.
Edit: should have explained for learners - buy Yen, sell stocks, buy gold when risk is off.
