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Attachments: Why so many indicators, oscillators, and tools on charts
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Why so many indicators, oscillators, and tools on charts

  • #21
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  • Aug 9, 2014 4:24am Aug 9, 2014 4:24am
Quoting Mingary
Absolutely no need for any indicators. Zero, none. I am working on having no chart as well., it's just a distraction.
The most important thing is no broker. They only eat you equity.
  • #22
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  • Aug 9, 2014 4:49am Aug 9, 2014 4:49am
Quoting Special One
{quote} The most important thing is no broker. They only eat you equity.
Your equity is eaten by your trading ... not by the broker.
MT4/MT5 EAs/Indicators/Alerts coder
  • #23
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  • Aug 9, 2014 8:10am Aug 9, 2014 8:10am
ok everyone uses tools- lol
Its how you get an edge


candles and bars are indicators
volume bars are indicators
Supply and Demand zones are tools
Fibs are tools
trend lines are tools
Support and resistances are tools
Moving averages are tools
patterns are tools
Elliott Wave are tools
ETC ETC
Other wise you are just guessing
  • #24
  • Quote
  • Edited 8:58am Aug 9, 2014 8:16am | Edited 8:58am
Quoting EnoFX
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.
LOL - its the Forex for sure (ROFLOL) someone will be running the red lights - loss of people will be- lol
The issue is can I make cash when their crash.
Do I have time- is there the amount of money needed to make the risk worth the bet
this is what tools help us help us with.
  • #25
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  • Aug 9, 2014 8:16am Aug 9, 2014 8:16am
Quoting ShanghaiMoon
{quote} 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.

YEP !!
  • #26
  • Quote
  • Aug 9, 2014 9:08am Aug 9, 2014 9:08am
Indicators, charts and quotes are for chumps! All you reall need to trade is your Lucky penny and the magic 8 ball!
Attached Image
Luck is what happens when preparation meets opportunity
  • #27
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  • Aug 9, 2014 9:29am Aug 9, 2014 9:29am
Quoting ShanghaiMoon
Indicators, charts and quotes are for chumps! All you reall need to trade is your Lucky penny and the magic 8 ball! {image}

why do you need 8 ball keep it simple
just the penny --- lol
  • #28
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  • Aug 9, 2014 9:39am Aug 9, 2014 9:39am
Quoting TEB63
{quote} why do you need 8 ball keep it simple just the penny --- lol
Lol so true!

What was I thinking!?!?
Luck is what happens when preparation meets opportunity
  • #29
  • Quote
  • Aug 9, 2014 10:10am Aug 9, 2014 10:10am
Quoting TEB63
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 {image}...

i join the opinion that too many people put indicators which are not compatible together or have charts unreadable like the one you're showing
BUT it stops there.

I guess you've just opened this thread to reassure yourself by reading some people who will say " all people using indicators are stupid noobs,etc "

that's pretty fun on this forum, if you put one color on your chart , you're directly considered like a noob but if you put your macd or what you want to in grey most of these haters take you more seriously.

That's really idiot ! Everybody knows the utility of colors to study, spot important things,etc but if you want to burn your eyes puting all in black and greys , have fun !

i don't answer to you personally , don't take like a personal attack
  • #30
  • Quote
  • Edited 10:49am Aug 9, 2014 10:23am | Edited 10:49am
Quoting thomasz1
{quote} i join the opinion that too many people put indicators which are not compatible together or have charts unreadable like the one you're showing BUT it stops there. I guess you've just opened this thread to reassure yourself by reading some people who will say " all people using indicators are stupid noobs,etc " that's pretty fun on this forum, if you put one color on your chart , you're directly considered like a noob but if you put your macd or what you want to in grey most of these haters take you more seriously. That's really idiot ! Everybody...

Are you saying I think if people use any tools they are somehow less then those who use none?
Personally I tried "naked trading" it did not work for me. That is me
I use tools - just very few on any chart and only those with very clear reason
- the reason is never to make be feel better but to let understand something I need to understand to trade better
But I think too many tools is too much information that confuses trading
  • #31
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  • Aug 9, 2014 10:54am Aug 9, 2014 10:54am
If you want to know the temperature you need a thermometer, the speed a speedometer and so on...

But first you need to know what you want to know. The lesser the need to know the lesser the tools used. So find out what you need to know then find a suitable tool for that specific purpose. The more the need you may require more tools for the job.

Naked charts with price bars without indicators means the price bars has fully met the traders defined needs to make a trade, there's no further need for indicators.
  • #32
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  • Aug 9, 2014 11:00am Aug 9, 2014 11:00am
Quoting skyway
If you want to know the temperature you need a thermometer, the speed a speedometer and so on... But first you need to know what you want to know. The lesser the need to know the lesser the tools used. So find out what you need to know then find a suitable tool for that specific purpose. The more the need you may require more tools for the job. Naked charts with price bars without indicators means the price bars has fully met the traders defined needs to make a trade, there's no further need for indicators.

yes well put!

but again what I am saying you do not need 4 speedometers and 3 thermometers
in fact one of each is better by far then the 7!!
in fact the 7 will confuse the day and hurt trading
  • #33
  • Quote
  • Aug 9, 2014 11:30am Aug 9, 2014 11:30am
Quoting TEB63
{quote} yes well put! but again what I am saying you do not need 4 speedometers and 3 thermometers in fact one of each is better by far then the 7!! in fact the 7 will confuse the day and hurt trading
thats actually a good point!
I for myself use only a RSI... Not more not less!
I think the most important is "really" understand what the Indicator is telling you! When you can read this and you have the right look on your chart and see what the price is doing, then you really know what is goin on.

One traffic light is more than enough!

And the best indicators a Trader has, are his own eyes !! :nerd:
  • #34
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  • Aug 9, 2014 11:46am Aug 9, 2014 11:46am
Quoting Jeffray
{quote} thats actually a good point! I for myself use only a RSI... Not more not less! I think the most important is "really" understand what the Indicator is telling you! When you can read this and you have the right look on your chart and see what the price is doing, then you really know what is goin on. One traffic light is more than enough! And the best indicators a Trader has, are his own eyes !! :nerd:

I agree the trader is best tool

RSI is great = it was the main tool I used for years - its a great oscillator !

in fact the tool(s) really is of little importance.
RSI or a CCI or a STOCH all say the same thing
why would people have all three on one chart
  • #35
  • Quote
  • Aug 9, 2014 12:13pm Aug 9, 2014 12:13pm
Quoting TEB63
{quote} yes well put! but again what I am saying you do not need 4 speedometers and 3 thermometers in fact one of each is better by far then the 7!! in fact the 7 will confuse the day and hurt trading
here's something I had in my favorites from a long time, I thought this is relevant to the point being discussed here & has helped me a lot in keeping my charts clean. the term "multicollinearity" is a term we traders have to understand and remember while developing a system.......just my 2 cents...

http://stockcharts.com/school/doku.p...ticollinearity
  • #36
  • Quote
  • Aug 9, 2014 12:44pm Aug 9, 2014 12:44pm
Quoting TEB63
the chart above is a real chart people uses I would not know where to begin to look let alone trade {image}

Hello TEB63,

I see you join in 2007, by now year 2014.
You should have know the answer why people put many indicator in their chart...
But it seem you have gone way past the noobs/rookie level that you forgot your own experience why you used to use many indicator just like everyone.

But I shall remind you what you may have forgotten...

TEB63 quote"
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
" end quote

Q1: Do we really need that much?
A1: Definitely Yes. Because do you expect a noob to just trade "naked market or even just a few indicator for 4 year+ and he will just magically become pro".

Yes it's true that pro usually can see the market movement with just "price alone" . But indicator help like smoothing out , and showing you yes that price spike there 30 pip is high volatility (adx indicator).

The logic of having many indicators is for "extra confirmation" . You know that most of the indicator show same similar signal so having many would be redundant. But a noob needed that "safe assurance that other people using indicator seeing the SAME thing".



Q2: the chart above is a real chart people uses I would not know where to begin to look let alone trade
A2: Well obviously you didn't create that system, so you wouldn't know how to use it. What if it's 5 system in 1. In certain market condition range/trend.. the person only focus only a few of the indicator on chart and ignore the rest....

I am 100% sure that person that created the system know EXACTLY what to look for and how to use it . (All though you might think it's wrong way .. but in their mind it's all perfect sense)
  • #37
  • Quote
  • Aug 9, 2014 5:13pm Aug 9, 2014 5:13pm
Quoting mahnooj
{quote} here's something I had in my favorites from a long time, I thought this is relevant to the point being discussed here & has helped me a lot in keeping my charts clean. the term "multicollinearity" is a term we traders have to understand and remember while developing a system.......just my 2 cents... http://stockcharts.com/school/doku.p...ticollinearity
this is really good !!
thanks
  • #38
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  • Aug 9, 2014 6:23pm Aug 9, 2014 6:23pm
First look for indicators that not repaint, those that repaint are everywhere.
Then look for a good repainting one to use together with the non-repainting price and the non-repainting indies.
Although, sometimes price itself does repaint, once you know that, you become a better trader.
To gain experience first trade the M1 with a lot of indicators, then you quickly will get rid of the bad ones.
After a lot of experience with the M1, jump to the M5, you will need less indicators.
And so on, move to the M15, after some months to the H1, and last to the H4 and maybe D.
Weeks and Years I would not do, it would take you a lifetime....
So after you have done that, trade all the timeframes at the same time.
The indicators that are left, are surely good ones, so I would use them for everything.
Naked charts ? I would feel naked.
And yes, with the help of your mind and some good indicators, it's possible to trade really good.
Most indicators tell the same, but some tell something else, most are lagging, some can predict a bit.
If your mind can see the picture clear, whatever 'mix' you make, it's all right ....
  • #39
  • Quote
  • Edited 7:00pm Aug 9, 2014 6:50pm | Edited 7:00pm
Quoting Wulong
First look for indicators that not repaint, those that repaint are everywhere. Then look for a good repainting one to use together with the non-repainting price and the non-repainting indies. Although, sometimes price itself does repaint, once you know that, you become a better trader. To gain experience first trade the M1 with a lot of indicators, then you quickly will get rid of the bad ones. After a lot of experience with the M1, jump to the M5, you will need less indicators. And so on, move to the M15, after some months to the H1, and last to...
LOL
well one min anything in forex is suicidal!!

As for repainting - this is a bit of a misnomer and something misunderstood
none repaint -- the issue is you are looking at them before they close.
once they close they are closed - and will not change - "repaint".

So a day chart that closes at 5pm NY time - the tools will move up and down until 5pm
but at 5pm the tools close and they will not change "will not repaint" .
just like a price bar or candle again at 5pm it closes - it will keep changing until then and a new candle starts.

I would say do the reverse start with week or at least day charts
and when you can trade with them move down
  • #40
  • Quote
  • Aug 9, 2014 7:45pm Aug 9, 2014 7:45pm
If indicator make you money, well done.
If no indicators make you money, well done.

There is no right or wrong answer.
Lately I use a line to join a to b with high success ;-)


Cheers and happy trading to you!
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