Yes indeed. I could have also mentioned money management, but I wanted to limit this post to only one topic.
I’ll apply the fixed ratio money management ( with my personal little tweaks ), and the kelly criterion ( actually 1/2 kelly ) to determine the optimal % of the risk I should take
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This was, of course, a very valid point. But the OP’s main issue concerned the use of various tools and that is what most of the conversation was directed towards.
But I must admit that I take this as yet another indication that I clearly write far too much in my posts and that forum readers only skim replies since I referred to money management three times in two different posts:
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[quote=“MrDE, post:21, topic:134947”]good one. me likey. continue 
edit: somebody complained this post is offtopic.[/quote]
would love to, but unfortunately it’s difficult these days due to political correctness & the emergence of those little darling snowflakes…they’re mushrooming everywhere, even in wild west saloons such as this.
they don’t like it when others don’t march to the same step, regardless the fact broker stats & data overwhelmingly reveal those steps (tools) to be consistently inefficient & well……flaky, but such is life.
if they didn’t but know it, the flakes are actually doing the brokers a huge favour by continuing to endorse most of the rubbish & the firms are quite ambivalent…it’s always fun to tug a few ears every so often though.
ever thought about why most of the free broker in-house training blocks offered to punters over recent years focus so intently on conventional technical analysis, mirroring the exact same diet served up to the masses in these joints?
they could actually strip & peel most of that garbage away & zone in on just 2 or 3 pertinent areas (totally indicator free) that would offer much more value & produce better results, but the majority of the numpties who sign up for accounts & inhabit trading forums would ignore it & clamour to digest the kind of shyte peddled in these places.
this experiment has been undertaken a few times before by one major player, inclusive of feedback.
it truly beggars belief, but isn’t at all surprising if you have an appreciation & understanding of mass participation psychology.
#embracetheillusion
#youarewhatyoueat
That’s right @anon46773462 I totally agree. Though my post wasn’t inline. Atleast it has helped one. Happy trading mate.
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when we had limited amount should also trade in limits. It is a management and planing that tells any trader to do trading in limits . I must say he should remain under limits because risk is more than reward in forex trading. He has to sharp his weapons that work in even bad situations.
I follow price action. S weapons are mainly candlestick and candle patterns. I do not use any fancy indicators. Some support and resistance lines and Volume indicator. So it is basically volume price analysis. But let me tell you it’s all about what you understand the most. And what works for you. What works for you may not work for anyone.
I fail to see how your rambling about Marketing guru’s and such is pertinent to this thread, but each to his own. Maybe you could enlighten us so we can have an idea what you are trying to get across. Happy trading (if that’s what you really do).
All the tools you have mentioned have stood the test of time and have delivered reasonable returns. (Which is why they continue to be used!)? However, utility of each may vary with individuals. For instance, you may find sword more lethal whereas someone else find a knife more handy…!
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Like others have said, the tool between your ears is the one that matters most. Feed it often (education) or it will fail you
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Various technical indicators are used like pivot point, candlestick charting, MACD, moving average, etc. all are used while taking trade decisions or when traders are trying to overview the market. I prefer a combination of fundamental analysis and technical analysis so that I can get into the real situations of forex market.
It is great way to get maximum benefit from forex trading to use different tools both analysis are important on their side if you read both you can see right entry in market is easy . Use SL and TP for risk reward management . 1 or 2 good indicators can help a trader to do trading with right trend finding.
I also use some indicators that are best as RSI. MACD and some other . I did a lot of practice on them to find their effectiveness. Then my simple analysis and strategy also help to do good trading . All these tools are weapon for a trader , He can get good earning if is successful to use right tool at right time.
I am tendencies to use candlestick pattern, but sometime still using indicator like as bolinger band, main point to start trading with indicator is keep discipline to obey rules how to using indicator, because sometime trade being reckless due tempted by price movement, but also need accompanied with using strict money management and risk management
One of the best pics with great message I have ever seen . Thanks a lot Sir. Its just great.
I use a moving average cross with 2 and 3 offset by 3, MACD, Stoch RSI, DMI. When they all cross I trade. I look for trends, patterns, and support/resistance areas as my crosses set up.
Hi sumaruktrading, better to use minimum indicator. I prefer to see a clear chart than a lot of indicator on it. It will make you confused to decide when is the right time to place an order.
I think a strategy, knowledge, patience, confidence, bravery, and long term approach are the key weapons which must be in your bag before attacking the Forex market and leave as a victorious trader. I think a good trader is the one who always stay positive in every situation.