I visited lot of forums and groups. Most trading forums just discussing about programming these Holy Grail Indicators. Why don't traders discuss other aspects which help to improve trading for new comers? I belive, trading requires more than just a set of indicators. Trading takes time to develop your skill, patience to wait for your setup, and effective money management techniques. Indicators are just a set of tools that a trader uses to get the job done.
If you are an expereinced trader and trading successfully,discuss other aspects to help new comers. Remember Price is the only leading indicator. Everything else just follows. Wish you all good trading.
Price is everything, Indicators are just for confirmation
If you can identify the price structure or behavior and apply the principle of trading concept like higher/low and lower/high and most importantly your need to have a bias of Seller or Buyer ,,,then you can be successful trader.
the spot rate are just the fishes in the sea -- a metaphor , of course
it is a long way to get yourself acquire the knowledge, sometime, I really want to get a course (tuition course) organisd and let paid students to learn
take your time , by the way, just like TEST in medical school, for fair purpose, it is all TRUE (up) , False (down) or don't know question type, but it is real harsh
You only need three pieces of information to be successful.
1. Is there volatility in the market.
2. Direction price is moving.
3 (probably a sub of #2) the momentum behind the direction.
Secondly, you need confirmation on at least 2 time frames, I use three for conservative purposes but when I trade I use most of my account equity because they are very solid trades.
Emotional discipline is the last key to the puzzle.
You can put a 3 period Moving average with a 3 Shift on a 1,5 and 15 minute window and use a stochastic 5/3/3 and be very successful.
I am far from experienced, but to offer an answer to your question newbies CANT BE TOLD (I put that in caps because there are 2 "cant be tolds").
First the obvious, they see a hundred pip move multiply it by 3 contracts, do that every day for for a year and be a millionaire, easiest job ever. If you start talking risk, MM, psychology, etc you are just an idiot who complicates simple maths.
Everyone learns in their own time and you cant tell someone something until they are ready to be told and if they dont even know there is a problem how can you give them an answer, you just end up being a know it all smart ***.
Second is, some questions cant be answered by anyone else except the individual. Indicators give us a basic trading plan where we are able to realize our own shortcomings, like why do I try and pick and choose trades instead of taking all the trades, why do I revenge trade after losses, why do I fear losses, why do I change plans or try to improve indies all the time, why am i losing money. No expert trader can answer these questions for us, only we can answer these when we learn our strengths and weaknesses
I think people just talk indies because it is a way of helping others without offending their egos and it lets them learn in their own time.
All the best,
Right on, Whale.
Thanks for the heads up Thruline.
I wonder how many people will see that post and never get it... Never dig into what was said and keep spending money on things that end up making their bank accounts smaller instead of bigger.
Anyway, thanks again for the heads up.
So true. I was one of those people for a long, long time (every now and then I still am!). Sometimes you gotta learn it the hard way. 'There's no substitute for waiting on the quality set-ups' would be my two cents.
o'k...Great!...price is leading...now what?
You wait for the quality set ups and trade in the direction price is moving.This is a no brainer of price action.
what is quality setup?...