What are the best trading tools?

Hello,
I know there are many important things in forex trading like PA, respecting pivots, S & R, formations, candle patterns and much more... However there are many tools like indicators or semi-automatic EA's that could improve the results in trading. And that's the question.

What are the best indicators and best semi-automatic EA's that you ladies and gentelmen are using in your day trading ? Which of them do you like most ?
Which of them are the most accurate and improved your results the most ?

Share your experience~

Support and resistance is all you need.

Anything else is just supplementary to that.

that + trendlines

Screen Time!

money,healthy brains and money

They are important, but i mean rather mechanical tools to improve trading style

Little divergence from today
http://charts.mql5.com/3/357/gbpjpy-...l-services.png

Tools don't improve your trading style or your trading. Or, tools don't make profits.

You don't need tools to make profits.

Try to make profit without tools. That is the beginning.

Sorry, but I have no intention patronizing you, in case you don't like my comment.

Good luck

I didn't say that tools would make profits on their own. But they could make your trading more comfortable, stable and more precise. I didn't use them before, but when i started i have noticed that my trading results are better and i'm more confident in my style.

Regards

even flippin coins requires a coin

Meaning? A coin is not a tool.

If you think you need tools, use them. That is fine with me.
I'm just saying that tools are tools.
When you build a house, it's much easier when you use tools. But you need a floor plan in the first place.
That is what I'm talking about.
In the first post, you sounded like you are building a house to use tools.
Well, it's just me... I won't bother you no more. Sorry...

Of corse "floor plan" is required at first, but i assume that we all are not amateurs in trading and we all have the ones. And that's why this thread started, to exchange experience to improve existing trading styles by some other tools.

Understood. Then, you should've showed your "floor plan" in the first post

In my opinion it is not necessary, because I'm asking about universal additional tools. [For example I'm using semi-automatic EA that set my TP, SL and move my trades to breakeven and this is one of the tools i mean.] However I said in the second post that i'm trading mainly divergences. I can only add that I'm also a scalper.

The saying goes that price can be divergent a lot longer than your account can. Especially if you use them by themselves. Most "tools" have to be coupled with something else. For instance if you are using divergences, you can look for multiples divergences on say two time frames. Personally, I like the Awesome Oscillator for this purpose used in conjunction with constant range bars set to 5. I don't trade unless I see either huge divergence at an S&P area, or at least triple or even quadruple divergence on the same time frame. Above and beyond this, you should look into market structure (S&P) and see how price bounces on them. You can look at Elliot wave theory to get an idea as well to see how price generally behaves. Like I said, Any of these tools by themselves is a bit lacking. But coupling them together can produce a system. The only other tool I would recommend is proper research. Everyone talks about this, but rarely explain it. So here it goes:

Figure out a set of iron clad trading rules. That means no discretionary gut stuff. Make a spreadsheet. If nothing else write columns and rows on paper (how I did it first) and decide on a sample size. If you are day trading (small TFs, no trades lasting longer than a trading session or a day) I would suggest at least 200 trades of back testing. Use F12 on Mt4 to advance the screen one candle at a time. If you are on longer time frames you may not be able to get anymore than say 100, but most folks don't bother doing this many because they are lazy. Do the work. Your backtesting on your system is a tool. It tells you everything from drawdown size, duration, and proper funding for the account and trade size. After you backtest, demo trade and track results for at least a month. This tells you if you can trade real time. When you start using real money, use micros whatever your account size and watch your emotions. The backtesting Not only gives you trust in your system, but it also helps you get practice in spotting setups, but when you live trade you also have to deal with trading emotions. When you start loosing, when do you stop trading? Backtesting tells you when you should stop and evaluate all recently taken trades. Hell, I do that with every trade I take. All this is one step at a time starting with your backtesting and trade rules.
One last tool I will suggest: a trade manager. Helps emotions. Some good ones you can look up here on FF are: THV cavemanager, quik_trail, Multi-purpose trade manager are some and I have tried all of them. They all work and are properly coded with good descriptions for use. I won't trade with out them no matter what system I use. They are all for MT4. However, my last suggestion to you: find and try out a different platform. Doesn't really matter which. Most of them have trade managers and many other tools that are great. For instance: I kinda like Ninjatrader because it comes with a built in trade manager that can manage your trades microscopically any way you want and you don't have to worry about some hack that coded it. It is fully supported by a team of professionals. It also has a great way of back testing multi time frame analysis techniques that is almost impossible in Mt4. Good luck.

Pretorian:

I guess it would make sense to us if you would clarify your question. For instance you are asking for tools.... Well, what task are you looking to make easier? Like if you hated making alerts in Mt4, mechanically there is custom indicator that when applied to a chart will make an alert line so that when price crosses it beeps at you. It is also clickable so as to move it around and setting a simple task. If I had to punch it up using standard mt4 practice, I would pull my hair out.

I use different timeframes on divergences (as i said before), but personally I don't like S&P, i trade mainly currencies. USDJPY, GBPJPY, NZDUSD, AUDUSD. I'm looking on 4 charts with different TF's.

About "proper reserach" - it's very usefull, but i said before, i assume that we have done this part of learning before. However yes, this is how looks like my new-strategy testing.

About trade menager - that's the point! It's the one of the tools i mean. Personally i use trade menager, it helps me the most in scalping, when the moves are short and fast so i shouldn't have to do it manualy every time i open a trade. However i also use it in divergence trading but with another settings.
Moving stop loss at breakeven is (in my opinion) one of the best things in position menagement and it helps to reduce losses extremally well. It improves my winners positions ratio a lot and decrease a loosing positions. It's the best in day trading if you use it wisely.

Pretorian:

Obviously, If you have found a method that works, don't let me dissuade you, but I must confess that most people that are successful that I have met, use S&P with some form of 123 patterns or double tops along with some sort of indicator, besides the indicator they call these things market structure. Double tops and bottoms are my best trades when snuggled in next to a strong s&p. Other forms of s&p can be the "right" settings on some moving averages as well. Since the discussion is on tools, I might suggest this one on that vein. See if you are using a broker with a gmt offset time of 0 and use the FXI pivot indicator from the genesis forum (lots of good tools and info there, but I don't use the system a little too discretionary for me) but I use this in conjunction with quarters theory. Actually nix that I use halfs and wholes on my screen. I'll upload this indicator because I don't know where I found it. It draws lines at the 100 level and 50 levels when set to do so. Use these levels to look for entries and exits with the pivots for your day trading. Half of my trading is looking to see what is in the way of "the meat of the trade" If there is too much "garbage" in the way, I won't trade unless I see price going through them without trouble. IVOE is the trade manager that I currently use. I like it because I can scale out as much as I want as often as I want. It also produces lines where everything is: SL, TP, BE, etc and I can click on the lines and move these to different places. It is very visual and ultimately easy to use. Maybe these might wet your appetite for some useful tools. If not, Tell me the task you are trying to achieve and I'll look in my bank.

Sincerely,

LL

I use different timeframes on divergences (as i said before), but personally I don't like S&P, i trade mainly currencies. USDJPY, GBPJPY, NZDUSD, AUDUSD. I'm looking on 4 charts with different TF's.

HEH-HEH, HA HA HA

I just re-read your message. s&p is short for Support and Resistance techniques. I trade currencies as well. Never touched the e-minies and the like. I laugh because the first time I saw s&p, I made the same conclusion.

Alright, we'll just get to the crux of the matter shall we? I will upload a picture of the screen I have now on the eur/jpy and a trade I took this morning along with a possible trade I am looking at right now. this shall demonstrate some of my tools and some s&p. if you look at bars on the chart they are 5 range bars (another script and tool I use to clear up my view of price action) Looking to the left on a trade I have already concluded you can see I caught a good run this morning. My entry I have already kind of explained; price is under all my lines and we are looking for a resumption of a longer term down trend. Looking particularly at Price Action we have a 123 pattern sell with a break down below support, a bounce back to it as resistance on the white lines in conjunction with the blue pivot lines show one of my more eloquent entries. Now the exit on the other hand shows a bit early as I had to get out of the house an I don't like to leave trades running so instead of going to the dotted green line for a full 60 pip run, I exited the trade early for 43 pips on my last runner. Using Ivoe I exit at my static 15 pip first profit (not shown here) and moved automatically to break even. Then took profit again at the orange pivot line (FXI pivots) and my original intention was to get out my third position at 100 level (dotted green line grid indicator). As you can see price reversed here and changed direction entirely, but I watch closely the pivot lines to see if price bounces against me or continues on through same as the grid lines. I can always stop and reverse if it does show say divergence and a double bottom. All the vertical lines show the different tradeing sessions I care about.

To the right, I have a possible DT, but really.. I think it might continue to r1 day pivot and not allow me to take it and it is too late for a bounce buy. Would have had to catch it earlier. Anyways. Hope this helps.