Hey All, as a rule of thumb how many Oscillators and indicators should you have on your chart ? I understand it varies between trader and trader.
One. But only if you really need it.
Thanks, I would love to get to that stage.
You took the words right out of my mouth!
yes it doeswhich is why this question cannot be answered accurately
Hi there, I am also new to this game and loving every second of it! When it comes to oscillators I think it really depends on your own style of trading. You have to decide what you are comfortable with and what works for you. Oscillators give you a general idea of where the market is going but they are really behind the time (I am not a great fan of them). I have developed a trading plan where I use several different signals i.e. I use the stochastic oscillator combined with at least 2 other indicators like my entry point must be at a resistance or support and there must be a candlestick pattern such as a pin bar or an engulfing bar.
I am comfortable with just one or 2 indicators. These indicators on which I had much practice even then too I not depend totally on them. They are to get help my main analysis is on the base of my own reading charts and market watch. One can also trade without indicators.
The fewer the better, generally.
I'm sure that's right. It's true of every other trading parameter, after all?
Best to remember that about 97-98% of them are losing money overall, not gaining it, though? Especially in the spot forex world.
The most consistently profitable trading system I have seen, the 3 ducks system, uses only 1 indicator (60 sma), and even that can be discarded when you've traded long enough to see the trends without it
That’s like asking what toppings you like on your burger.
Some prefer lots. Others none.
Thanks all some pretty good responses that can help me out so from what I can make sense of is try to use 1-2 oscillators or none and 1-2 chart indicators.
This can be a rule of thumb in any strategy I plan to use when trading.
If I needed to learn some strategies what resources or mentors are good to buy and listen to?
Take a look at the 3 ducks thread here on bp.One of the early posts gives a link to a free ebook on how the system works.Its so simple it's ridiculous
the more simple the better
Just to be more clearer about my own position, I don't recommend any off-chart indicators at all, but use 1 only if you must. On the price chart itself I use 3 EMA's.
Well; my trading strength is my Price Action trading knowledge! By the way, I like to use EMA in my trading chart!
It depends on your trading style and strategy. There is no such rule. Even some people do not use any indicators. They trade based on candlestick pattern. I personally use only VOLUME indicator. My charts are always clean. Sometimes 2/3 support and resistance lines. You have to find out what works for you.
I wouldn't mind working on using volume indicator as it comes standard on all charts, do you know where I could further develop my skills using it any books I can read/video tutorials?
When you mention candlestick pattern do you is that wedges, cup and handle, head & shoulders or candlestick combos like harami's, three black crows etc ?
Yeah.. but you gotta have Cheese, Meat and BBQ Sauce .... if n nothing else
Haha. What the heck is cheese meat?
The beginner's guide to FX trading