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What's Your Most Successful Indicator

  • #1
  • First Post: Sep 26, 2006 7:35am Sep 26, 2006 7:35am
Hi,
I'm very new to forex, started a demo account (Accidentally bought 500k of euro/usd and made $3,000 on my first trade ).

I don't expect to make that kind of money consistantly because I'll be starting with just £300-£500.

I'll probably demo trade for about a month to 2 months before I go live, as long as I'm doing well.

Anyway, enough about me

There are a lot of indicators that can be used, and I'd like to know what your favourite/most successful indicators are and their relevance.

Also (A bit off topic) what news sources do you go to to look for things that will effect a currency.

This forum certainly looks like a good place to learn more, and I'll probably have a lot of questions, I hope you can put up with me

Oh almost forgot to ask, do you use any indicator software to alert you in some way to a possibly profitable trade? If so which one.

thanks
  • #2
  • Sep 26, 2006 7:56am Sep 26, 2006 7:56am
Quoting stevex33
Hi,
I'm very new to forex, started a demo account (Accidentally bought 500k of euro/usd and made $3,000 on my first trade ).

I don't expect to make that kind of money consistantly because I'll be starting with just £300-£500.

I'll probably demo trade for about a month to 2 months before I go live, as long as I'm doing well.

Anyway, enough about me

There are a lot of indicators that can be used, and I'd like to know what your favourite/most successful indicators are and their relevance.

Also (A bit off topic) what news sources do you go to to look for things that will effect a currency.

This forum certainly looks like a good place to learn more, and I'll probably have a lot of questions, I hope you can put up with me

Oh almost forgot to ask, do you use any indicator software to alert you in some way to a possibly profitable trade? If so which one.

thanks

LOL i remember making my first demo trade by mistake...made like 10K thought i was a pro...

The best indicator is price action, and your ability to analyze it.
Nothing is hard, some things just take more time and discipline.
  • #3
  • Sep 26, 2006 8:52am Sep 26, 2006 8:52am
Quoting stevex33
Hi,
I'm very new to forex, started a demo account (Accidentally bought 500k of euro/usd and made $3,000 on my first trade ).

I don't expect to make that kind of money consistantly because I'll be starting with just £300-£500.

I'll probably demo trade for about a month to 2 months before I go live, as long as I'm doing well.

Anyway, enough about me

There are a lot of indicators that can be used, and I'd like to know what your favourite/most successful indicators are and their relevance.

Also (A bit off topic) what news sources do you go to to look for things that will effect a currency.

This forum certainly looks like a good place to learn more, and I'll probably have a lot of questions, I hope you can put up with me

Oh almost forgot to ask, do you use any indicator software to alert you in some way to a possibly profitable trade? If so which one.

thanks
PRICE.

Price always is the last word. You would be wise to read James16 thread on price action and also Steve Nison's book on candlestick charting.
While you are at it, you should go thru all the stickies in the beginner forum. Welcome to FF, Scott
  • #4
  • Edited 11:05am Sep 26, 2006 8:59am | Edited 11:05am
Quoting stevex33
Hi,
I'm very new to forex, started a demo account (Accidentally bought 500k of euro/usd and made $3,000 on my first trade ).

I don't expect to make that kind of money consistantly because I'll be starting with just £300-£500.

I'll probably demo trade for about a month to 2 months before I go live, as long as I'm doing well.

Anyway, enough about me

There are a lot of indicators that can be used, and I'd like to know what your favourite/most successful indicators are and their relevance.

Also (A bit off topic) what news sources do you go to to look for things that will effect a currency.

This forum certainly looks like a good place to learn more, and I'll probably have a lot of questions, I hope you can put up with me

Oh almost forgot to ask, do you use any indicator software to alert you in some way to a possibly profitable trade? If so which one.

thanks
Hi Steve
Nips is right, price action is the best thing to learn, even if you find a group of indicators you think are good, price action can help you be more selective.
The trouble with all indicators is that they have weaknesses, as well as strengths. They'll be good in a trending market, in which case you don't need them anyway, and poor in a ranging market, when you should be thinking of sitting on your hands.
There are several strategies around the forum, have a read, pick one, stick with it for a couple of months at least, only trade the method on demo accounts until you're sure you understand what's going on, when you go live use micro-lots coupled with the Money Management techniques taught here, and we'll see you in a couple of years posting to us from Hawaii .

http://www.forexfactory.com/forexfor...ead.php?t=2331

Peter
  • #5
  • Sep 26, 2006 10:21am Sep 26, 2006 10:21am
Quoting stevex33

Oh almost forgot to ask, do you use any indicator software to alert you in some way to a possibly profitable trade? If so which one.

thanks


Hi Stevex33

There are a huge number of indicators out there with settings that could you can adjust, in the millions, you know why? Because there is no single indicator that works 100% all the time.

Look around the forum and when you find something you might like, study and demo like Peter said.

You can also go to the James16 thread in the public area and read thru all of that, then you'll understand why most of us will tell you that "Price" is the best indicator.

Good Luck

Quinn
I started out with nothing, and I've got most of it left!
  • #6
  • Sep 26, 2006 10:48am Sep 26, 2006 10:48am
My best indicator is research, past history and knowing candles.
Price action does play it's role in this. I try to make FOREX fun and not something to get all stressed out over. I not place a lot of thought on Indicators, but, they can be fun to play with. I enjoy the Ichimoku and like to joke with my friends like; "It in the Ichimoku Cloud" or "We be floating in or above the cloud" Well, guess you have to hear it to really get my humor. The Ichimoku, to me, is a lot like Bollinger bands with EMA & SMA. As far as the Ichimoku being reliable I can not say, that an individual perspective. I guess it helps me see things. But, I more of a Fundamental type person and use Technicals to help verify my research.
Let's look at news trading for an example. Many people talk how the spread increases just before the news. I not care, why? I am already in the trade way before the news. I have already done my homework and KNOW what the news is going to be. But, I probably hit at 80% accuracy on this, I not a fortune teller.
There many things to consider in using indicators. How long a person going to be in the trade, what news may be coming out, what is the Trend for your time frame? and etc. All this will dictate Price Action!!!
Well, there probably other things I can share on this, I just can not think of them. Not even sure this help answer your question. But, maybe it will.
  • #7
  • Sep 26, 2006 2:00pm Sep 26, 2006 2:00pm
thanks for your replies guys I'll be sure to read up on price action.

From the links that I've just seen, it looks a bit over whelming. The graphs are probably quite helpful but I'm struggling to see what they are repesenting.

Can someone give me a quick summary to help me on my way, or a definition.

"price action is ...."

What combination and how many indicators do you use?
I know that what's right will vary from person to person, but if I can see what other people are using it will gve me a good starting point.

At the moment I'm using bollinger bands and mcad and rsi. Gunna have to have a look at all those strategies too, that should help
  • #8
  • Sep 26, 2006 2:28pm Sep 26, 2006 2:28pm
Forget about indicators, none of them work. The market may trend or range for a while and certain combinations of indicators may look like they work, but not for long. Use long timeframes, learn to draw resistance lines, watch how the candles behave as they approach/break resistance etc. This is really all there is to it.

If you want proof of the futility of simple indicator based systems, look at the amount of losing Metatrader experts which are based on MA crosses, RSI > 50 etc, they all lose (or trade without stop losses to offset the poor trade signals).

Also look at the amount of systems which get floated in this forum, none of them are profitable (despite the best efforts of many people to make them so), othewise we would all be out drinking champagne on our superyachts. Sorry to be negative, but indicator BS cost me $$, don't let it happen to you.
The breaking of a wave cannot explain the whole sea.
  • #9
  • Sep 26, 2006 3:04pm Sep 26, 2006 3:04pm
Thanks for your input, I'll try not to let any indicators be the "be all and end all" of my trading.


If you don't mind me asking, how successful are you craig? You don't have to give figures or anything specific, unless you want to of course

I might get flamed for this big time (Please remember I'm a noob ), but doesn't it make sense to follow and anticipate the news.

Say for example you know that a report is comming out soon and you know that public knowledge of said report will effect a currency pair dramatically, wouldn't it be a good idea to place entry orders about 10 pips above and below the market price shortly before the news is due to be released?

That way you'd make a decent return no matter which way the news went.

Or is that a silly and naieve (Can't spell) way of looking at things?
  • #10
  • Sep 26, 2006 4:35pm Sep 26, 2006 4:35pm
Been trading about a year, lost about 70% of my account trying every indicator system under the sun (and of course no idea on money mangement did not help). Now averaging about 1-2% profit per week, hardly a wild success I know, but better than losing. There are no easy answers, this is the only thing I know for certain.

Other people on this forum have been trading much longer and much more succesfully than me, but I've been reading this forum long enough to see people asking the same questions as I used to. I just could not get my head around the fact that people traded with no indicators, but I was missing the point. Just trying to save you this pain.

Avoid the news as well, nobody knows what the f**k is going to happen when reports are made public. I have seen the price swing wildly up and down, enough to take out most peoples stops.

Trading seems to be like golf, you can get lessons "swing the club this way" etc, this will not turn you into Tiger Woods overnight, you need to take it slow and find something that works for you. I would also recommend Oanda for a broker, they let you trade very small, which is great for beginners.
The breaking of a wave cannot explain the whole sea.
  • #11
  • Sep 26, 2006 8:38pm Sep 26, 2006 8:38pm
Current price, everything else is history...
Quoting stevex33
Hi,
I'm very new to forex, started a demo account (Accidentally bought 500k of euro/usd and made $3,000 on my first trade ).

I don't expect to make that kind of money consistantly because I'll be starting with just £300-£500.

I'll probably demo trade for about a month to 2 months before I go live, as long as I'm doing well.

Anyway, enough about me

There are a lot of indicators that can be used, and I'd like to know what your favourite/most successful indicators are and their relevance.

Also (A bit off topic) what news sources do you go to to look for things that will effect a currency.

This forum certainly looks like a good place to learn more, and I'll probably have a lot of questions, I hope you can put up with me

Oh almost forgot to ask, do you use any indicator software to alert you in some way to a possibly profitable trade? If so which one.

thanks
  • #12
  • Sep 26, 2006 10:27pm Sep 26, 2006 10:27pm
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  • #13
  • Sep 26, 2006 10:45pm Sep 26, 2006 10:45pm
Could you possibly point out the entry and exit signals indicated?
  • #14
  • Sep 26, 2006 10:54pm Sep 26, 2006 10:54pm
If you read James's thread you will know. there are a few entries and exits...

Very very clear.



Quoting 4X=0
Could you possibly point out the entry and exit signals indicated?
  • #15
  • Sep 26, 2006 10:59pm Sep 26, 2006 10:59pm
Yes I've read it, but I was hoping that the experts could perhaps point out the points on this particular chart. For educational purposes. I see no pinochios. I see one dbhlc in the middle of the chart but there wasn't much of a movement down, unless you opened your position at the 50% retracement, and even then, one would expect price to move below the initiating pattern. I'm still learning you see. And I'm afraid that James has abandon his own thread.
  • #16
  • Sep 26, 2006 11:07pm Sep 26, 2006 11:07pm
LOL, I did not mean any disrespect. I thought you were asking a rhetorical question... Sorry about that, Scott



Quoting 4X=0
Yes I've read it, but I was hoping that the experts could perhaps point out the points on this particular chart. For educational purposes. I see no pinochios. I see one dbhlc in the middle of the chart but there wasn't much of a movement down, unless you opened your position at the 50% retracement, and even then, one would expect price to move below the initiating pattern. I'm still learning you see. And I'm afraid that James has abandon his own thread.
  • #17
  • Sep 26, 2006 11:32pm Sep 26, 2006 11:32pm
Quote
there are a few entries and exits...

Very very clear.

Quote
Could you possibly point out the entry and exit signals?

Quote
I thought you were asking a rhetorical question...

No I was serious, but if you don't want to, that's OK too.
  • #18
  • Sep 26, 2006 11:35pm Sep 26, 2006 11:35pm
Ofcourse, Dial's chart may have just been symbolic; that the chart itself, price, is his most profitable indicator. Point taken.
  • #19
  • Sep 26, 2006 11:49pm Sep 26, 2006 11:49pm
Yes i like Price Action, in the end it has the last word... that said, my charts are not naked. I tend to enjoy studying and researching more predictive models such as GANN, or MurreyMath, Harmonic Beats, FiboExtensions from a median MA, etc. I find it uncany how price can tag these areas/setups.

For me, i enjoy trading/research very much and the time i spend (5amIsh Pacific to 2pmIsh) is pleasant and fulfilling.

: ) Thom
  • #20
  • May 28, 2012 1:08pm May 28, 2012 1:08pm
I took a dive into learning all I could when I first started, from Stoch to Murrey Math, gave them all up, not even price aciton will help you navigate through the markets. You will do fine on trending but give it all back on sideways markets.

Im a momentum trader, firm beliver in statistical probability.
Statistical Probability
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