I think the only thing worse than no information is useless information and then bad information. Today must be let me “post or send out useless information day.” Saw and heard quite a bit of how useless and/or bad indicators are, how every indicator is based on lagging information, that support and resistance lines are not, price action is the best because it only uses price. You only need a SMA and Fib lines everything else is over analyzing. Not only useless information but bad as well in a lot of cases.
I hope when less experience traders and new traders see these types of information they put it in the same file as: buy my system and learn how I took $100 and turned into $1,000.000 with no work, education, worries or time; or Buy my signals 100% accurate based on a secret formula; (one of my personal favorites) Finally Secret strategy released for the 1st time; Make millions with my one of a kind 2 step process and of course, all the pros use this charting package etc etc, etc.
The trades you make or don’t make the strategy you apply or don’t, are all based on lagging information. What did price open at; how high did it go; how low did it go; what did it close at. Whether you use: 1, 5,15 or 30min, 1 and 4 hour, daily, weekly or monthly time frames, the info you are looking at: candlesticks, bars or line graphs and making your decisions based on is lagging information. Indicators or lack of and the different strategies that you trade with should be used to give you an edge when trading.
If you asked a successful trader if they could have the trend, momentum and the cycle on your side, would you be more likely to trade or not; they would all tell you they would be more likely to trade. The hundreds of Indicators and thousands of custom indicators available, are designed to take the lagging information that’s available and present it to help you in your decision making process concerning a currency pair’s trend, momentum and cycle. None are useless all are different and work or don’t work to help you with your trading strategy. For example. Someone who is using a swing trader approach would be much more interested in a 200 MVA than someone using a scalping strategy. Or someone who is using a Day trading strategy would be more interested in a 1 hour time frame chart than someone who is using a Position trading strategy using a weekly chart.
So in the end, before you listen to and decide what is useless, worthless, bad or good, decide based on the relevant facts and your current options what kind of trader you are and what you’re are 1st trying to accomplish as a trader; decide using all the relevant available information that you need to see if the trade you are about to take will help you get closer to your goals or put you further a way. What indicator or strategy can I use to address, trend, momentum, cycle, my trading plan and goals. If you get stuck, you can always remember what my Grandfather said: If you’re trying to decide on what’s the best shoe for bricklayers, don’t ask a carpenter.
