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What is the most reliable and profitable technical tool?

  • #21
  • Feb 4, 2010 6:54pm Feb 4, 2010 6:54pm
I also notice that you have left out the MOTHER of all indicators..ie the PREVAILING and CURRENT MARKET CONDITIONS.

Before a good Doctor can find a effective cure for an Ailment, he must have to first Understand the Ailment and Recognize the Symptom, then apply the appropriate and correct remedy.

Its quite similar to forex, first learn, recognize and know the various market conditions then chose the effective and appropriate tools to deal with it.

Hope it helps......
  • #22
  • Edited 7:56pm Feb 4, 2010 7:36pm | Edited 7:56pm
You said I left out "PREVAILING and CURRENT MARKET CONDITIONS". If you have read the thread title or polling question, you will know that it is "What is the most reliable and profitable technical tool?"

Personally, I find it is a bit hard for me to call "PREVAILING and CURRENT MARKET CONDITIONS" as a technical tool, let alone imagining it may possibly be "the most reliable and profitable technical tools".

In case someone want to vote it, they can choose the "Others" option and perhaps explain here. I would be very interested in their explanations on how to use "PREVAILING and CURRENT MARKET CONDITIONS" as their "most reliable and profitable technical tool".

Quoting 99vt66
I also notice that you have left out the MOTHER of all indicators..ie the PREVAILING and CURRENT MARKET CONDITIONS.

Before a good Doctor can find a effective cure for an Ailment, he must have to first Understand the Ailment and Recognize the Symptom, then apply the appropriate and correct remedy.

Its quite similar to forex, first learn, recognize and know the various market conditions then chose the effective and appropriate tools to deal with it.

Hope it helps......
  • #23
  • Feb 4, 2010 8:39pm Feb 4, 2010 8:39pm
Quoting poundforex
I use other pairs as indicators, to identify market movement.
yep, drawing lines and putting indicators on your chart are subjective...price isn't...it is what is is and nothing can duplicate that..ever
  • #24
  • Feb 4, 2010 8:39pm Feb 4, 2010 8:39pm
No "technical tool" is "reliable" or "profitable"

Reliability and profitability (and consistency) are the outcomes of a total trading methodology, which may or may not include the technical tools mentioned in the original question.

Wouldn''t it be nice if more would-be traders would stop searching for the golden indicator or golden "system" (or worse still, the golden EA) and start focussing more on the learning process and hard work required to becoming life long profitable traders.
  • #25
  • Feb 4, 2010 8:49pm Feb 4, 2010 8:49pm
I keep recieving comment with the logic that each thing is dependent on another thing. and another thing is dependent on another thing.... finally no conclusion can be made. No. when dicussing a topic, we isolate the issue for discussion.

Yes technical tools ALONE is not profitable or reliable, but given all other factors constant, there is some tools more reliable and profitable than others.


Quoting Hedginghog
No "technical tool" is "reliable" or "profitable"

Reliability and profitability (and consistency) are the outcomes of a total trading methodology, which may or may not include the technical tools mentioned in the original question.

Wouldn''t it be nice if more would-be traders would stop searching for the golden indicator or golden "system" (or worse still, the golden EA) and start focussing more on the learning process and hard work required to becoming life long profitable traders.
  • #26
  • Feb 4, 2010 9:16pm Feb 4, 2010 9:16pm
Quoting kk007
I keep recieving comment with the logic that each thing is dependent on another thing. and another thing is dependent on another thing.... finally no conclusion can be made. No. when dicussing a topic, we isolate the issue for discussion.

Yes technical tools ALONE is not profitable or reliable, but given all other factors constant, there is some tools more reliable and profitable than others.
Sorry, I respectfully disagree with you - though I think you may be quite correct on one important point, that being that "no conclusion can be made" from the poll.

I appreciate the good intentions behind the poll, but it should serve as no relevance whatsoever for obtaining any influence over one's trading studies or efforts to improve existing trading performance.

Why? Because all of the indicators you mention are utterly useless unless they are being used within the context of a complete trading methodology, and in other words, to take the tools out of that context is to render them totally irrelevant.

For example, do we assume that the application of a given tool in your poll is appropriate for determining entries, exits, scale-in, scale-out, stop loss, no-trade zones, overall market sentiment, pre-conditions for entry, etc, etc or is its one of the above or none of the above?

You see, a given "technical tool" can be used by a stupid trader to wipe money from their account quite quickly, or it can be used within the context of a total trading methodology by a profitable trader and put to good use (or ignored where it is not useful to them)

My constructive suggestion therefore is to not try to identify what "tools" and "systems" are better than others for profitable trading (the BIG COSTLY TRAPS for many), but to focus on what is the difference in profile and approach between consistently good traders (measured by years) and consistently bad traders, and what steps have those traders taken to get there - what do they know, what do they do, and what do they think, and why - and what are the most common identified elements in these scenarios, (despite the obvious and expected differences within individual stories)... when you work out some of the answers to those questions, you start to work out what is required in order to become a successful.. then the use of your "tools" starts to fall into context, and perhaps you will also realise why your question is not very relevant.

I am not intending to insult you, just offers some words of constructive advice - that's all. All the best in your trading journey.
  • #27
  • Edited 11:04pm Feb 4, 2010 10:54pm | Edited 11:04pm
I am not feeling insulted. You are right that the result cannot be gone that further to provide a complete and profitable method, and this has never been claimed. It can be only a general opinion about which tool are most powerful. Even if 100% saying that S/R is most reliable and profitable, it cannot ensure anyone can use it profitably.

You may be interested in some other questions to answer, but even if you are not interested in the current question, it is ok. But, I am interested.

Quoting Hedginghog
Sorry, I respectfully disagree with you - though I think you may be quite correct on one important point, that being that "no conclusion can be made" from the poll.

I appreciate the good intentions behind the poll, but it should serve as no relevance whatsoever for obtaining any influence over one's trading studies or efforts to improve existing trading performance.

Why? Because all of the indicators you mention are utterly useless unless they are being used within the context of a complete trading methodology, and in other words, to take...
  • #28
  • Mar 18, 2010 8:41am Mar 18, 2010 8:41am
Great! 100 Votes!
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  • #29
  • Mar 18, 2010 9:10am Mar 18, 2010 9:10am
Quoting Hedginghog
No "technical tool" is "reliable" or "profitable"

Reliability and profitability (and consistency) are the outcomes of a total trading methodology, which may or may not include the technical tools mentioned in the original question.

Wouldn''t it be nice if more would-be traders would stop searching for the golden indicator or golden "system" (or worse still, the golden EA) and start focussing more on the learning process and hard work required to becoming life long profitable traders.
you are right.traders will profitable when they will stop searching for the best indicators.and spend their time to learn any one methood and master the methood.yes they need lots of time to learn the trading.they will realise after long time.indicator will works when we combine them with all other factors.
i did not vote because imho none of them will work unless you combine with each other.thats how trading is.
  • #30
  • Mar 18, 2010 9:13am Mar 18, 2010 9:13am
Quoting Hedginghog
a given "technical tool" can be used by a stupid trader to wipe money from their account quite quickly, or it can be used within the context of a total trading methodology by a profitable trader and put to good use (or ignored where it is not useful to them)
Good reply, it seemed a shame to snip it!

My vote would be all/some/none of the listed, depending on who you're asking.
  • #31
  • Mar 18, 2010 9:39am Mar 18, 2010 9:39am
i voted other because you never specify 'common sense'.
The future depends on what we do in the present.
  • #32
  • Mar 18, 2010 8:59pm Mar 18, 2010 8:59pm
Quoting compro99
i voted other because you never specify 'common sense'.
You call 'common sense' a technical tool?
Seem another vote in 'others' can be ignored.
  • #33
  • Apr 3, 2010 11:53am Apr 3, 2010 11:53am
Of course the conclusive answer would be: Price action and Support / Resistance.
  • #34
  • Apr 3, 2010 11:56am Apr 3, 2010 11:56am
The worst one is the entity between the chair and the keyboard.
It will nullify the best technical tool.
  • #35
  • Apr 3, 2010 12:45pm Apr 3, 2010 12:45pm
Hedginghog is 100 percent correct when he says

Quote
No "technical tool" is "reliable" or "profitable"

Reliability and profitability (and consistency) are the outcomes of a total trading methodology, which may or may not include the technical tools mentioned in the original question.

If only it was that easy to just have a technical tool that would just make you profitable. I am amazed that so many people consider themselves profitable. How long are we talking about here anyway- a week- month - year??

I do though like the intentions of the thread but unfortunately i don't feel we will get the answer in a poll.
  • #36
  • Apr 3, 2010 9:03pm Apr 3, 2010 9:03pm
Yes. If you cannot isolate different factors of success and relatively contributions of the factors, you have to draw this conclusion.

Quoting abritton76
Hedginghog is 100 percent correct when he says



If only it was that easy to just have a technical tool that would just make you profitable. I am amazed that so many people consider themselves profitable. How long are we talking about here anyway- a week- month - year??

I do though like the intentions of the thread but unfortunately i don't feel we will get the answer in a poll.
  • #37
  • Apr 13, 2010 5:46am Apr 13, 2010 5:46am
it's better to choose 2-3 tools. Horizontal Support/Resistance, Trend and moving average of course are important for me.
  • #38
  • Last Post: Apr 13, 2010 5:50am Apr 13, 2010 5:50am
Quoting penzevsergey
it's better to choose 2-3 tools. Horizontal Support/Resistance, Trend and moving average of course are important for me.
Yes, the difficulty in this polling is to select the "most". Just like when you are asked to vote for your favorite singer, and you may think it is easier to select a few instead, right? Coz, each top singer has some selling points.
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