Why so many indicators, oscillators, and tools on charts | Forex Factory

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Why so many indicators, oscillators, and tools on charts

  • #1
  • First Post: Aug 8, 2014 4:15pm Aug 8, 2014 4:15pm
I am not on there so much any more .
but I looked today at many systems and I see on average 4 to 6 indicators and oscillators
and 3 or 4 other tools . some even more
one "simple system: had 11(?!)
when I started I had way to many on my charts as well
but I quickly saw people making money had very few or none on their charts

The reason the pro's could read the market.

So my question Do we really need that much?
to be honest some of charts look more like art then anything else
The best art I have seen is the attachment

what are your thoughts
Attached Image (click to enlarge)
Click to Enlarge Name: stytyrt.PNG Size: 91 KB
  • #2
  • Aug 8, 2014 7:11pm Aug 8, 2014 7:11pm
The important isn't how many indicators are on the chart. As long as the trader is confident with what he is seeing on his chart ...

Some are confident with naked charts ... some with multiple indicators ... If it results in profitable trading, that's what matters!
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Aug 8, 2014 7:30pm Aug 8, 2014 7:30pm
Well I know this is my very first post but I have just seen this thread and wanted to share what I think.
Indicators are all good if you actually know the systematic and equations behind them. Using them with the knowledge by ear is a disaster waiting to happen for any account to blow up I believe. And also my experience so far, too many indicators only confuse you, a trader has to set up his/her own rules and decide which tools work best for his/her trading.
  • #4
  • Aug 8, 2014 8:21pm Aug 8, 2014 8:21pm
Who knows why... Some people need them or at least they think they need them. I absolutely have no need for them and my trading became immensely better with naked charts.
  • #5
  • Aug 8, 2014 8:50pm Aug 8, 2014 8:50pm
I've been through the indicator mill and I can't say I won't use them again but the more I use them the more I see that they have little value in trading. No matter the indicator it is an alternative representation of the past and cannot truly represent the character of price on the chart.
  • #6
  • Aug 8, 2014 8:51pm Aug 8, 2014 8:51pm
what I believe
unless there is a single purpose for a tool there is no need having it on your chart.
having more then one tool to tell the same thing will kill you.
over thinking will kill you

I think the most important thing,
you can not get from one chart - that is being able read the whole market'
  • #7
  • Aug 8, 2014 8:59pm Aug 8, 2014 8:59pm
Quoting TEB63
what I believe unless there is a single purpose for a tool there is no need having it on your chart. having more then one tool to tell the same thing will kill you. over thinking will kill you I think the most important thing, you can not get from one chart - that is being able read the whole market'
It has been said many times but the fact is PRICE on the chart is really all you need.
  • #8
  • Aug 8, 2014 9:09pm Aug 8, 2014 9:09pm
Quoting Winston Reed
{quote} It has been said many times but the fact is PRICE on the chart is really all you need.

I need a little more
not much more
every tool has ONE clear reason to be there
  • #9
  • Aug 8, 2014 9:13pm Aug 8, 2014 9:13pm
Quoting TEB63
{quote} I need a little more not much more every tool has ONE clear reason to be there
Some can become married to their indicator/s'.
  • #10
  • Aug 8, 2014 9:13pm Aug 8, 2014 9:13pm
the chart above is a real chart people uses
I would not know where to begin to look let alone trade
Attached Image (click to enlarge)
Click to Enlarge Name: stytyrt.PNG Size: 91 KB
  • #11
  • Aug 8, 2014 9:15pm Aug 8, 2014 9:15pm
Quoting Winston Reed
{quote} Some can become married to their indicator/s'.
lol well I have very pretty wife....
I know the difference

but I think it good to become good with few tools
  • #12
  • Aug 8, 2014 9:17pm Aug 8, 2014 9:17pm
I'll go out on a limb here. No offense intended especially since I have used indicators. Use of indicators indicates a lack (may be mild or severe) understanding of price and where supply and demand exists.
  • #13
  • Aug 8, 2014 9:19pm Aug 8, 2014 9:19pm
Quoting TEB63
{quote} lol well I have very pretty wife.... I know the difference but I think it good to become good with few tools
Not intending to correlate indicators with one's wife. LOL. I wish you and your wife the best.
  • #14
  • Aug 8, 2014 9:23pm Aug 8, 2014 9:23pm
lol lol all is good
I wish I understood my wife as well as I understand indicators lol

I use indicators to measure not to trade
  • #15
  • Aug 8, 2014 9:29pm Aug 8, 2014 9:29pm
The problem is that way too many traders spend far too much time looking at indicators as opposed to price. Why try to understand the market through a proxy when you can look at the market itself?
  • #16
  • Aug 8, 2014 9:36pm Aug 8, 2014 9:36pm
Quoting EnoFX
The problem is that way too many traders spend far too much time looking at indicators as opposed to price. Why try to understand the market through a proxy when you can look at the market itself?

I am not sure its quite that simple
you have to deal with the market noise MM and news

I use mostly roads when I drive but I do look for signs from time to time lol
  • #17
  • Aug 8, 2014 9:46pm Aug 8, 2014 9:46pm
It can be that simple. I take a look at what's on the road. Just because the light is green doesn't mean you should go through if someone else is running the red light.
  • #18
  • Aug 8, 2014 10:14pm Aug 8, 2014 10:14pm
Quoting TEB63
what I believe unless there is a single purpose for a tool there is no need having it on your chart. having more then one tool to tell the same thing will kill you. over thinking will kill you I think the most important thing, you can not get from one chart - that is being able read the whole market'

i agree with this 100% and see so many trades make this mistake.

like using a TDI with Stochs with an RSI and then a macd too when they all basically look the exact same and tell you the same things, over bought and over sold.

also like some one was saying before above too many people just look at the indicator and not the price along with it. Its like driving on road while only looking at GPS and not the road to see if there is traffic, or other obstructions that could affect the route the gps is telling you to go.
Luck is what happens when preparation meets opportunity
  • #19
  • Aug 9, 2014 1:26am Aug 9, 2014 1:26am
Absolutely no need for any indicators. Zero, none.
I am working on having no chart as well., it's just a distraction.
  • #20
  • Aug 9, 2014 3:06am Aug 9, 2014 3:06am
Quoting Mingary
Absolutely no need for any indicators. Zero, none. I am working on having no chart as well., it's just a distraction.
Having no indicators, yes, having no chart, big mistake.
The road to pipland is arduous and fraught with challenge.
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