How about we get rid of indicators and use experience | Forex Factory

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How about we get rid of indicators and use experience

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  • #1
  • First Post: Nov 6, 2008 6:29am Nov 6, 2008 6:29am
Hey guys,

I've been a strong follower of forex factory and I'm always here. Used every system in the Trading Systems page that had 5 stars on it LOL.

Honestly, it never got me anywhere. When I started to get my old man into forex, he asked me "navin how do indicators work?" and I explained to him that they tend to turn and bend according to price and give you an indication on where price might head next.

He looked at me and said "oh so it follows behind price, so basically in a race, price is number 1 indicators are number 2 and you and I are number 3 right?"

I paused and thought, that is so right. After that night, I never traded indicators again. Specially scalping, since price whipsaws on small time frame and indicators are right behind price so we're gonna turn up always wrong.

So here I'm going to trade without indicators and post my progress. Hope you guys will enjoy it and trade along.

P.S : The above are just my thoughts, so nothing personal to anyone, I'm a loving person
  • #2
  • Nov 6, 2008 7:02am Nov 6, 2008 7:02am
Good luck and keep a journal, it'll help you tremendously.
  • #3
  • Edited Nov 7, 2008 3:31am Nov 6, 2008 7:05am | Edited Nov 7, 2008 3:31am
Total for Today : +257 pips

Hey people,

Below is the statement of my managed account for nov 4th. I place several trades but I will discuss the best one I had.

See picture for my trade I took.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nov4.jpg Size: 124 KB
Click to Enlarge Name: eurjpynov4.gif Size: 43 KB
  • #4
  • Nov 6, 2008 7:07am Nov 6, 2008 7:07am
Quoting Dopey
Good luck and keep a journal, it'll help you tremendously.
Thanks for your kind words dopey.
  • #5
  • Edited Nov 7, 2008 3:33am Nov 6, 2008 7:19am | Edited Nov 7, 2008 3:33am
Total for today : -31 pips

Nov 5th was a tight day for me.

However, I'll discuss my best trade I did which was

Sell USD JPY @ 99.50
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nov5.jpg Size: 132 KB
Click to Enlarge Name: usdjpynov5.gif Size: 45 KB
  • #6
  • Edited Nov 7, 2008 3:39am Nov 6, 2008 7:32am | Edited Nov 7, 2008 3:39am
Total for today : +132

Today we had some nice rides. My best one was GBP USD

Long @ 1.5855
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nov6.jpg Size: 124 KB
Click to Enlarge Name: gbpusdnov6.gif Size: 47 KB
  • #7
  • Nov 6, 2008 8:27am Nov 6, 2008 8:27am
Quoting navin44
He looked at me and said \"oh so it follows behind price, so basically in a race, price is number 1 indicators are number 2 and you and I are number 3 right?\"
I love the sayings of your Dad. I'm sure if u abide by his words, you'll become a better trader. U can assess your progress by having this journal. I'll be a constant on- looker and I wish u the very best.
  • #8
  • Nov 6, 2008 11:03am Nov 6, 2008 11:03am
I make live calls all the time. Problem is I wont be able to make the live calls here on the post in time and/or you guys wont be able to check the calls on time.

If you guys want to trade along the way I trade - add me on skype.

Skype : navin.prithyani
  • #9
  • Nov 6, 2008 12:00pm Nov 6, 2008 12:00pm
What would also be interesting would be to discuss your worst trade of the day, too. Not a negative person but you learn from your losses.
The market reveals who we really are...
  • #10
  • Nov 6, 2008 10:22pm Nov 6, 2008 10:22pm
Quoting shadowninja
What would also be interesting would be to discuss your worst trade of the day, too. Not a negative person but you learn from your losses.
Hi Shadowninja,

I do recognize my losses the very moment i make them. However, I want to post all the good trades for at least a good few weeks so people watching can understand how I analyze my trades. Then when I show my trades that dont work they'll understand why very quickly.
  • #11
  • Nov 7, 2008 12:13am Nov 7, 2008 12:13am
hi navin44
i also dont use indicators and EA..good luck and hope big success in future bro..!
  • #12
  • Nov 7, 2008 2:15am Nov 7, 2008 2:15am
Quoting microsuck_36
hi navin44
i also dont use indicators and EA..good luck and hope big success in future bro..!
Thanks Micro, wish you good luck too !
  • #13
  • Nov 7, 2008 7:16am Nov 7, 2008 7:16am
I have a few people who have already joined me.

Here is the link to join the chatroom :

Forex Trading Room
  • #14
  • Nov 7, 2008 8:26am Nov 7, 2008 8:26am
Nice thread Navin, good to see you keep track of your trade and make journals. I need to start soon too!

I hate MA and lagging indicators too, but I have found them to be a bit useful. With Fibs along with few MAs, I think there's a possiblity of better trades, but they lag, which always sucks.

I've been using fib fan which have shown their potential to me, with 62ema, 50ma and 5ma. These, for me help find a great setup, but we're not all alike. So I understand your point.

I'll be following your journals, and your trades.

Good Luck brother!
  • #15
  • Nov 7, 2008 11:11am Nov 7, 2008 11:11am
Quoting m00jiman
Nice thread Navin, good to see you keep track of your trade and make journals. I need to start soon too!

I hate MA and lagging indicators too, but I have found them to be a bit useful. With Fibs along with few MAs, I think there's a possiblity of better trades, but they lag, which always sucks.

I've been using fib fan which have shown their potential to me, with 62ema, 50ma and 5ma. These, for me help find a great setup, but we're not all alike. So I understand your point.

I'll be following your journals, and your trades.

Good Luck brother!
Hey Mooji,

Thanks for the input. Yes I agree, whatever works is only up to the individual. Good luck with you too ! Hope to see your inputs around.

- Navin
  • #16
  • Nov 10, 2008 3:41pm Nov 10, 2008 3:41pm
Just dropping into say im damn proud of you Nav, keep at it, your only gunna get better with your trading with time bro.

Very very happy for you.

Top trader here guys, pay attention to him! lol
  • #17
  • Nov 11, 2008 11:03am Nov 11, 2008 11:03am
Always knew you'd make a fine trader!! Thing is you need experience through fair bit of chart time to trade without indicators.

Might be an idea to occassionally post why you took a particular trade.
Have been a bit busy last few days, but I'll join you in the chat room tomorrow.

Regards
Pardy
  • #18
  • Nov 11, 2008 11:12pm Nov 11, 2008 11:12pm
Total for Today : -44

My managed account statement shows I'm in overall profit but I'm not counting increase lot sizes and oil trades. Just forex and just pips, we're down -44 for the day.
  • #19
  • Nov 11, 2008 11:14pm Nov 11, 2008 11:14pm
Ooops. Forgot to attach statement
Attached Image (click to enlarge)
Click to Enlarge Name: nov10.jpg Size: 138 KB
  • #20
  • Nov 11, 2008 11:24pm Nov 11, 2008 11:24pm
Quoting WilteredFire
Just dropping into say im damn proud of you Nav, keep at it, your only gunna get better with your trading with time bro.

Very very happy for you.

Top trader here guys, pay attention to him! lol
hahahaha thanks wilteredfire
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