Why do traders use so many indicators? | Page 23 | Forex Factory

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Why do traders use so many indicators?

  • #441
  • Feb 20, 2020 7:25pm Feb 20, 2020 7:25pm
Quoting GMD
{quote} Viptrading bro. Discussing with people with no sense of humbleness of themselves, but afraid of sharing a simple Trade explorer with years of data on a regulated broker... It is a huge waste of time I believe.
Maybe you are right.
  • #442
  • Feb 20, 2020 7:29pm Feb 20, 2020 7:29pm
Quoting GMD
{quote} Isn't a waste of time following lessons from a person unable to proof profitability for a long period of time?? It is very easy buddy.. just upload a Trade Explorer.. Free lessons
I wrote to J12 this post.

You have made it a TE rule requirement for anyone to post on discussion thread. Those who upload a TE are the only qualified members to make post on this forum.

If you don't upload a TE, it must be either bs or scammer.
That's what FF is.
Know what you trade
  • #443
  • Feb 20, 2020 7:33pm Feb 20, 2020 7:33pm
Lets get into some trade opportunities though. What are your guys thoughts on BTCUSD? I personally think its looking good for a long as with some other cryptos. My only issue is the current strength in USD. It may be good for a hedge though added with some USD long trades if they present themselves. I am also currently long XRPUSD also, so I'm not sure I want to add too much crypto exposure right now. Also, I have little experience trading cryptos but the fundamentals look very solid on them across the board.

Right now this is what I see technically though.

Daily Chart
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Hourly Chart (trigger)
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It's bouncing off this 9500 price but I am not so sure yet if it will go down and break through. Again, my inexperience with crypto is what is making me overthink this one.

Any thoughts?
  • #444
  • Feb 20, 2020 7:37pm Feb 20, 2020 7:37pm
Quoting BWilliam
{quote} I wrote to J12 this post. You have made it a TE rule requirement for anyone to post on discussion thread. Those who upload a TE are the only qualified members to make post on this forum.
You really like to exagerate whatever one is saying huh??.. Really funny dude..

As if I was some kind of dictator hahah

I just asked you.. Isn't a waste of time following a persons advice just because it meets your criteria or because you want to believe it... but in reality not showing you any proof of success from all the things he is talking??

I am genuinely asking.. Think about it for a second

You done it bro. I am also ingoring you from now one.. cya
  • #445
  • Feb 20, 2020 7:49pm Feb 20, 2020 7:49pm
Quoting GMD
{quote} You really like to exagerate whatever one is saying huh??.. Really funny dude.. As if I was some kind of dictator hahah I just asked you.. Isn't a waste of time following a persons advice just because it meets your criteria or because you want to believe it... but in reality not showing you any proof of success from all the things he is talking?? I am genuinely asking.. Think about it for a second You done it bro. I am also ingoring you from now one.. cya
Is it so hard for you to ignore the personal claims that he made which has no relevance to you as a trader ? Who cares how successful with his trading. Read the technical content then use your brain judge for yourself if it means anything to you for your self improvement. If it means trash to you then move on, don't read his posts nobody forced you to read.

You can ignore me it's your choice, do what's right for YOU.
Know what you trade
  • #446
  • Feb 20, 2020 8:55pm Feb 20, 2020 8:55pm
Finally home so can check my chart EURUSD...

My EA entered slightly early yesterday so am in DD, SL placed so no real drama.
Actually I could have taken profit but i'll leave it to hit TP or stop out.
Will it hit TP, I'm not sure and if not, no problem, my entry was too early and I'll wait until the next lower target is taken out...
But the question is, why am I not sure...and that's because the target at 1.07776 20th April 2017 has not been taken out, the Low yesterday was.. 1.07776...exactly the same, to the pip. If anyone wants convincing that the price feed is anything other than an Algorithm please explain why price stopped exactly at the previous long time Low. Algorithmic programming stopped that price movement, it draws in Long traders...me, if it had broken the level, I would be confident, but with another level 100 pips South, that may well be where it's heading. Absolutely no one knows, impossible to know. I'm biased Long from previous experience, but I have a plan if I am wrong.
Most likely get the move, whichever direction it is, sometime later in UK or US session probably during the news.
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  • #447
  • Feb 20, 2020 9:10pm Feb 20, 2020 9:10pm
Quoting moodybot
Finally home so can check my chart EURUSD... My EA entered slightly early yesterday so am in DD, SL placed so no real drama. Actually I could have taken profit but i'll leave it to hit TP or stop out. Will it hit TP, I'm not sure and if not, no problem, my entry was too early and I'll wait until the next lower target is taken out... But the question is, why am I not sure...and that's because the target at 1.07776 20th April 2017 has not been taken out, the Low yesterday was.. 1.07776...exactly the same, to the pip. If anyone wants convincing that...
Appreciate you post live trade. You mentioned EA. I assume your EA use some form of math based calculations if it's a fully automated bot.
Know what you trade
  • #448
  • Edited 9:34pm Feb 20, 2020 9:22pm | Edited 9:34pm
Quoting BWilliam
{quote} Appreciate you post live trade. You mentioned EA. I assume your EA use some form of math based calculations if it's a fully automated bot.
The EA takes a trade based on where price is in relation to a known target, i look for a reaction against alleged 'trend'...contrarian trades.
I place the EA when i think a trade may be on, as I was away yesterday I placed it early so although not getting full value on price it's not to far off.
Mostly the EA is money management.

At the mo I am interested in USDJPY with a target 30 pips off, if i see price break the target and drop below, then at a specific price I will look for a short.
Don't take this as gospel, it's just this thread needs to some people to stick there necks out and I'm not afraid to do so.
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  • #449
  • Feb 20, 2020 9:48pm Feb 20, 2020 9:48pm
Possible Long setting up on NZDCAD

i would like to see a break below the highlighted are, then price to move back above, again at a certain price, I would look to trade Long...patience required.
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  • #450
  • Feb 20, 2020 9:53pm Feb 20, 2020 9:53pm
Quoting moodybot
{quote} At the mo I am interested in USDJPY with a target 30 pips off, if i see price break the target and drop below, then at a specific price I will look for a short. Don't take this as gospel, it's just this thread needs to some people to stick there necks out and I'm not afraid to do so. {image}

Hi Moody

We have similar views (not exact) on the market and I understand and enjoy your summation of the USDJPY trade.

Currently we are sitting around the 112.000 handle, a huge round number for the MM algo to work.

Often the market will run up to the Asia box high again (in Frankfurt & London) which is 22 pips up (having just touched the Asia box low a little while ago).

A Fake then Flip from above the Asia box would touch that 30 pip rise you mentioned which is the April 2019 high, and a logical target if they wish to test it.

(The next big target after that is up at 114.000, probably just a coincidence, so not today lol, even though it is Stop Hunt Friday. )


A reversal then gives you the two 22 and 30 pip targets below the Asia box, which is within the ADR, so quite doable.

Red USD news is in 9 hours, and I’ll be well asleep by then lol. And USDJPY not one of my pairs, so just watching.

All the best Moody, you will always put up a chart so big credit to you for engaging.
  • #451
  • Feb 20, 2020 10:13pm Feb 20, 2020 10:13pm
Quoting TimeTells
{quote} Hi Moody We have similar views (not exact) on the market and I understand and enjoy your summation of the USDJPY trade. Currently we are sitting around the 112.000 handle, a huge round number for the MM algo to work. Often the market will run up to the Asia box high again (in Frankfurt & London) which is 22 pips up (having just touched the Asia box low a little while ago). A Fake then Flip from above the Asia box would touch that 30 pip rise you mentioned which is the April 2019 high, and a logical target if they wish to test it. (The next...
Thanks Pete

Excellent contribution, just keeping it as simple as possible but wanted to show the Algo working around the targeted area, drawing Long traders in for the initial break and then Short followed by the usual reversal back up to the now taken out target, taking out trailing stops, followed by a dump short. Will it do that as planned, no idea, but usually works out....
  • #452
  • Feb 20, 2020 10:13pm Feb 20, 2020 10:13pm
Quoting viptrading
I also highly doubt that this EA based on RSI indicator will be profitable long term, regardless of your back tests. I could be wrong though, as I do not have enough information on your EA or how it works. If this really does work as you say it does, and you are able to achieve 87% profitable trades with 461$ profit, you should be a millionaire in no time. (not sarcasm)
You are right. I don't believe in any single EA I have made and backtested.

Therefore I run about 5 to 20 various combinations of EAs on 1 account, have splited capital versus n accounts. And so on. I backtest compensation of n EAs so total drawdown no more than 20%. Backtest vs 20 or 10 years history. Pure statistics...

Because everything you see on the chart - even chart itself - is past. And nothing on the chart (candles, your own drawn lines, your "feeling"...) cant tell you the future. So all is about patterns, statistical probabilities, diversification etc

If you trade manual - well... you are just 1 instance of "EA" for me. Any strategy you use it is just 1 "shot" if I look as an investor. I need n manual traders to invest in. So If you base all your success only on you - from investing point you go "all in" and nothing diversified.

p.s.
And yes, FF calculates wrongly TE profits. Have one with 45% but FF display it as 11%...
  • #453
  • Feb 20, 2020 10:27pm Feb 20, 2020 10:27pm
Quoting viptrading
{quote} It's not his posts about his system that is arrogant Bill. It is the way he is choosing to engage with me and others. I am sure his system may be very informative to you, and that is fine by me. But he is in fact being arrogant about it. Definition of arrogant. 1 : exaggerating or disposed to exaggerate one's own worth or importance often by an overbearing manner an arrogant official. 2 : showing an offensive attitude of superiority : proceeding from or characterized by arrogance an arrogant reply.

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  • #454
  • Feb 20, 2020 10:44pm Feb 20, 2020 10:44pm
Quoting BWilliam
Read the technical content then use your brain judge for yourself...
If he had a brain this thread would not exist. No Trader with a brain would ever post something so Troll'ish. To then expect someone to be nice when he initiated a thread while being an arrogant puke who knows nothing, built nothing, designed nothing and created nothing, is the height of Hypocrisy and the signature of one who just had a full frontal lobotomy.

I did not post here for him.

I posted here for the New Guy/Gal, so they could see what real Indicators do when driven and handled by real Traders.

He's just self-induced collateral of his own train wreck. Now, he's posing like some zomby out of a Margin Call horror flick who pretends as if his underlying theory has not been utterly ripped to shreds. You can do that on a trading forum, you can keep posting even after your fundamental premise has been completely and utterly dismantled.

Posted a single picture of a Trading System with "Indicators" and it blew his mind so entirely that he can't see straight now. So, he can't do what you are calling him to do - which is ask intelligent questions about that which he clearly does not understand. That would blow his entire gig, here. That would disprove his theory. That would unseat his sideways assumption that never had any merit to begin with.

You can't help people like that and you can't educate them. All you can do is pick up after them and clean the mess they leave around Trading Communities. My thread on "Empty Blank Charts" showed the how, when, where and why. His thread on "Why Indicators" shows absolutely nothing but his ass - blowing in the wind.

He bailed on GBPCHF and then made excuses for why he bailed. I simple took profits as planned. He refused to even engage on EURAUD and then made excuses about it. I remained in alignment with my original trade until 99.9% probability become the only thing between a projection and completion. He can't even fathom a trade on EURUSD. I analyzed it in full detail for him, then came back and entered a tight Long to show precision and accuracy to a tight target in a low Magnitude pair. He then calls that out of line behavior.

This guy is off the charts dumb.

I'm not going to sit here and hold his hand until he wises up.
  • #455
  • Feb 20, 2020 11:26pm Feb 20, 2020 11:26pm
Quoting j12
{quote} He's the leader lol
I am always loath to step on any one's foot...

What I mean by "indicator" is any kind of calculation using price data.

1) The number of indicators used is proportional to the ignorance of market conditions. If you have indicators on your chart you don't know what you are doing.

2) 95 % lose at retail forex trading (100 % after 5 years)
95 % of retail traders use some sort of indicator
Therefore using indicators is a path to failure.
  • #456
  • Feb 20, 2020 11:29pm Feb 20, 2020 11:29pm
Quoting JetTrader
{quote} If he had a brain this thread would not exist.
..
This guy is off the charts dumb.
No, no, no,

You are starting to misbehave again. This type of insult is unasked for, regardless of the circumstance. Respect thy fellow human being. Please.
  • #457
  • Edited 11:57pm Feb 20, 2020 11:35pm | Edited 11:57pm
Quoting Mingary
{quote} I am always loath to step on any one's foot... 1) The number of indicators used is proportional to the ignorance of market conditions. If you have indicators on your chart you don't know what you are doing. 2) 95 % lose at retail forex trading (100 % after 5 years) 95 % of retail traders use some sort of indicator (or trading methodology) Therefore using indicators is a path to failure.
Interesting. I would appreciate it if you would post your source(s) that you used for that information. I've been trading FX full time for much longer than 5yrs and since you stated that 100% lose after that timeframe I would like to correct your source.

Oh, and I do use indicators.
  • #458
  • Feb 21, 2020 12:11am Feb 21, 2020 12:11am
Final Update: Results

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That is what a true "Naked" chart looks like, VIP. Completely blank and precisely because the original Target has been struck:

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Like a ballistic missile striking its target from 7,000 miles away. Entered on the 13th. Target struck on the 21st. Textbook Swing Trade when you were lamenting about the only place you could see yourself being was on the Short side. This is why I use those completely useless Indicators. This completely annihilates the unfounded and completely incorrect assumption that you were able to keep pace with pure Naked Chart Interpretation.

There is no way in the world that you saw a 200 pip target sitting 7,000 miles away across the span of nine (9) days. Not without Indicators would you ever be able to trade with that level of precision from that kind of distance.

Swing Trading 101 class dismissed.
  • #459
  • Feb 21, 2020 12:18am Feb 21, 2020 12:18am
Quoting Scott2locky
{quote} Interesting. I would appreciate it if you would post your source(s) that you used for that information. I've been trading FX full time for much longer than 5yrs and since you stated that 100% lose after that timeframe I would like to correct your source. Oh, and I do use indicators.
Hello there,

Ok, so taking what you are saying at face value....
When you trade off your indicators, to what extent are your decisions discretionary ?
  • #460
  • Feb 21, 2020 12:21am Feb 21, 2020 12:21am
A completely transformed Panel today:

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Now, I'll return to my useless rubbish Trading System.
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