"truth About Indicators" - page 4
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if only that were true Oilfx. The truth is entry or exit does not determin whether you are winner or loser at the end of the day. Your risk to reward ratio does imo.
Trading off PA willy nilly can be just as dangerous as trading off a stochastic crossover unless you understand the numbers behind it.
i wish to know from the experts what type of indicator to be used for taking decision basing on 15 minute chart. any good software giving buy and sell signal on a 15 minute chart is most desirable.
Indicators work........
Hey guys anyone heard of this Forex Illusion?
Forex Illusion EA work on metatrader 4 and support all brokers that work with this platform.
In this thread I will talk about why indicators should not be used to base trades on. I will discuss the reasons that they are not a reliable trading tool. I tried every indicator out there. When I threw them all out the window and focused on price action, that is when my trading turned around. I now get over 10% per month consistently, and I have done so for the last 4 months. Trading systems based on indicators alone is how con artists extract money from wannabe traders. This is not an opinion, it is a fact. Believe it or learn it the hard way like I did. This is not to say that indicators have no value. They are wonderful for quickly summarizing what has happened in the past. I use MA's just for that purpose. But all my entries and exits are based soley on price action tempered by fundamentals. I'd also like to add that elliot waves are one of the biggest jokes (or slaps in the face, depends on your preference) to ever be brought into technical analysis.I have not yet been able to identify a clear cycle in any type of instrument i tested, currency, stock etc. this can be easily assessed by calculating and plotting a power spectrum via either fourier transforms, wavelets or other methods.i pretty much get almost flat power spectrum graphs for anything i tested, which means no clearly indentifiable cycle.of course, this would require some DSP knowledge, something which i have to assume most traders don't have, otherwise there wouldn't be so much fuss about technical indicators which are mostly digital filters of different sorts that many either don't know how to use properly, or that are completely worthless to begin with and not worth bothering with.I really wish people would stop being lazy and instead of either choosing to blindly fall into the trap of a skilled conference presenter or continue to whine about how an indicator does not "work", they'd start studying some real science, like math, statistics and apply that to trading.
agreed
I completely agree what u said. price action and candlestick reversal patterns
are more than enough to beat the market.
Well, I read most of the posts in this thread and I want to believe that most of the posters were giving their personal experiences about the use of indicators. Inidcators may work for some but generally, indicators are lagging, no matter the type of indicator it is. In fact there are now zero lag indicators but beleive me, they fail miserably too.
Even if one uses indicators, it is advisable to combine that with price action. Relying on indicators 100% is surely calling for disaster.
Relying on indicators 100% is surely calling for disaster.
I have perfectly good systems that are 100% reliant on simple indicators
Furthermore, the results are statistically significant, which is a great deal more than you can say for simple price action signals.