Indicator question...

Anyone have any horror stories (a bit dramatic) or good experiences with the "Aroon" indicators? In particular, the Aroon and the Aroon oscillator? I mostly trade fib for scalping and peaks and valleys for longer but this indicator seems very interesting.
I gave up a while back on looking for the end all cure all indicator but I do believe one may exist that won't steer me in the wrong direction the majority of the time.
While I've "fooled" with currency trading for a couple of years, I am new around here so if I have posted in the wrong place, please forgive me.
Thanks in advance.

Sorry, I don't know much about Aroon indicators.

However, no single technical indicator is ever going to give you a long-term advantage. This is because the time frame is too short and intraday volatility is random. Moving averages define a longer term trend. Pivot points indicate points of rotation. These two give you an indication of where prices may find support or resistance, but that's all. However, pivot points and moving averages can be used in combination with other good momentum indicators such as stochastic and Relative Strength Index (RSI) to create a powerful combination.

Most traders wait for prices to reach certain levels, enter trades, and hope prices turn back in the direction they anticipate. Combining these indicators so that they complement each other gives you a better recipe than hope and anticipation. You want odds to be in your favour, so wait for prices to reach levels you want, but then also wait to see that the momentum indicators are giving you trading signals that make the risk/reward as low as possible. The momentum indicators should be telling you that levels should hold. Specifically, if you want prices at or near support levels and momentum turning up. This puts odds in your favour that you can trade on it.

Trying to predict the market direction is why most foreign exchange day traders fail. Only act on confirmation of turning points so you can dramatically increase the odds of your success.

Thanks David, until I found this forum I was in daily contact with only one other trader. Like you said, I usually wait for it to reach levels that I am comfortable with. The problem with that, and the somewhat conservative way I trade, is that I am missing smaller opportunities to increase my 'pip count'.
In the end, I guess I am looking for what everybody else is. Thanks again.

Its considered by many to be a lagging indicator.
But if it keeps you ahead of the crowd then its great.

Yes, I bought this Dummies book to get started. I recently joined here, and other sites with discussions re: Forex trading. Everyone seems helpful and knowledgeable here. I have much experience with the stock market, day trading (more longer term these days), and have learned over many years to do my homework in all respects. It has worked very well for me. Not so familiar with Forex, other than what friends share with me about their experience. They win. They lose. There are so many systems, and books, and brokers of all kind. Forex is much bigger than I expected, yet I see this is mostly a gamble for most of these people. I wish to connect trends in currency directly to current events - on my own. I speak with several people at brokerage houses just to hear what they will say. NO hurry - no trades yet. A site like this Forex Factory is good. It seems that information is neutral - well mostly. I read this string and looked up Aroon Indicators and Fibonacci Trading on the web. DarkStar (member here) was very helpful in sharing how brokers operate. Bobokus has his own site for Fibonacci, and has YouTube Videos. I want to talk with more brokers after gathering more info. So far, I have talked with InterbankFX and Saxobank, and am learning much from these websites. Anything you can share is most appreciated.

Jyoti,

If you're serious about coming up to speed on forex, there are a number of training sources online, such as babypips.com and forexonlinelearning.com.

When you think you've learned enough to be ready to trade, wait! Hold yourself back. You'll thank me for that advice later. Try doing some paper trading first for a while to make sure you have a handle on what you're doing. Follow the market and indicators and place bets where you think good entry points exist. See if you're cut out for it.

There are a number of ways to actually do the trading. You could get a copy of Metatrader4, which is extremely popular, if you want to trade yourself, or you could use a full service foreign exchange broker like Atwood & James Ltd, like I do. Atwood and James is especially good if you don't feel comfortable making your own calls in the market and keeping such a close eye on it.

Hope this helps.

Thank you David,

Yes, I am in no hurry to be sure, and will digest data from a few brokers at least, and still wait a bit. I have looked into practice trading with Deutche Bank dbfx.com, and will look also into what you suggest. While the potential return in this forex game is attractive for certain, it also seems addictive to many, and is more like betting for some. Application of logic and research is far from predictable here, esp. at this point for me. ONe needs good advice and/or very good homework. My stocks did well today, (Netflix and HP), while I learn more here. Good day for me. Thank you for the response. Would appreciate watching your next trades. I too can share and compare what others do, and offer my insights.