Hello to all. I just finished learning about the Fibonacci tool, and have a question regarding the indicators taught by the courses. While I have seen a fair share of videos on youtube focusing on Fibonacci and the moving average, I have yet to see the same treatment for the other indicators. Does this mean that I shouldn’t spend so much time with the others unless I need them for the strategy that I will adopt for my trading later on. Thank you.
Yes, you should only look at an indicator which answers a question which -
a) you must have the answer to for your strategy to work effectively, and
b) nothing else has already provided that answer
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Well, it’s great that you’re exploring different indicators, but the importance of them actually depends on your trading strategy. First, focus on mastering the ones relevant to your strategy. You can then learn more about additional indicators, if needed.
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Although moving averages and Fibonacci are frequently used, every indicator has its own use. Knowing them all allows you to be adaptable to future changes in strategies.
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There is a “fair share” because those are straightforward to understand, and thus easy to make content on…
Also it’s not just the Fib tools or MA that is widely represented on social media, if you do a bit of digging, there are plenty of other indicators that make good content for content creators.
The frequency of it appearing on social media / youtube has little to no indication of whether they have an edge or not, it just means it is easy to create viewing traffic…
Regarding the edge or reliability of your indicators, only your own understanding of price, the psychology of the market, your data in backtesting / forward testing can give you the edge…
Having said that easy indicator is just a different representation of price bars, it doesn’t tell you anything different, but it helps you to clearly see things that you might have missed if you are too focused by looking at price bars…
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It’s essential to prioritize learning indicators based on their relevance to your trading strategy rather than solely on their popularity or availability in educational resources.
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