That doesn’t sound like a trader to me, at least not one who’s going to make money in the long run. It could have been the EURUSD, GBPUSD, AUDUSD or any other currency pair. The chart underneath it all was inconsequential to me. I mean sure, I was technically buying one currency and selling the other.īut every decision I made was based on a signal from a group of indicators. I wasn’t really buying and selling currencies when I was using indicators many years ago. I’ll also share what I use in their place.Īs always, be sure to leave any questions or comments at the bottom of this post.Īs a currency trader, what do you buy and sell?Ĭurrencies, of course! That may seem like a silly question to ask a group of Forex traders. In this post, we’re going to take a detailed look at why I decided to scrap technical indicators. You may keep one or two as I did, but for the most part, they’re an unnecessary burden.Įverything you need to trade successfully is already on the chart it has been the whole time. Well, if your journey turns out to be anything like mine, you will dismiss the idea of using indicators as buy and sell signals. With an infinite number of indicator combinations, how on earth are you supposed to find something that works? There are even businesses that do nothing but custom code indicators for clients.Īnd if you ask me, it’s closer to being part of the problem than the solution. Other trading platforms offer similar languages. Proprietary languages like MetaTrader’s MQL have made it relatively easy for newcomers to design anything imaginable. Useful? Well, that’s another matter entirely.īut of all the financial markets, Forex is arguably the worst offender of overutilizing indicators. It doesn’t matter whether you’re trading stocks, commodities, futures or any other market technical indicators are a common theme. They can range from a simple moving average to a complex array of algorithms. Technical indicators are no doubt a favorite topic in the financial markets.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |