That’s just great!
It is so encouraging, and hopefully for Newbies, very educational to see that so many experienced traders like Eddie here, Dennis, Lexy ,etc all use very few indicators (if any) - and what they DO use are very simple and basic, like a simple MA.
The number of indicators and their complexity clearly bear no correlation with trading success, in fact this clearly shows the opposite is true. This, I feel, is a really significant conclusion from this discussion for readers here that are relatively new to trading. Thanks Eddie and others.
Not all the indicators are useless, there are many traders that utilizes certain indicators and are getting good results from them. RSI is a good indicators, in fact main oscillators type indicators are good to trade.
Imo, technical indicators are not completely useless. The problem is the abuse and the misuse of technical indicators. If you use too many technical indicators, technical indicators that do not perform complementary roles or technical indicators as signals rather than as part of a few significant confluence factors, you will get stitched. Trade safe.
Obviously, technical indicator are not COMPLETELY useless.
Indicators are graphical representation of price and time for easier human visualization of price momentum,volatility etc.
Accurate definition of trend(either trending or ranging) with respect to a specific indicator are pivotal to determining whether the indicator are useful or useless.
I think that it is very important to take time frame into account with those indicators. It is all statistics. I somehow find that they are functioning best on a daily chart. Then I compare results with minute and hourly charts. If indicators shows consistency, than it is confirmed
