I am new to forex. I am looking for a good trading strategy for demo trading.
Which indicator is the best to get started with?
In Marketplace and Codeshare on this website there are a lot of free indicators and there are many videos on YouTube that show different indicators and combinations of indicators and how you can use them. I suggest you not start spending money on indicators that promise quick riches but take time to see how these indicators compare on a DEMO account. Besides indicators, you need to find out what kind of trader you are and find a system that you believe in and helps you make trading decisions. This takes time and doesn't usually come quickly.
In the Articles section you will find description of the indicators and how they can be used. You can search for the indicator name and find a lot of information.
very rightly said by maggi,dont get into the traps of these indicators and EA,they will one day fool you.
instead try using your own brain,make your own strategy,it is difficult but not impossible,go on read on different strategies and indicators,they all are available for free.
use it on demo,and then start trading
as most of the learned and successful traders would guide you for this only.everything else is rubbish,dont follow anyones trading idea,it wouldn't work for you,try to work out your own.
I have made my own,it had taken 6 months to find out,and still not sure,but had backtested it,and found positive.thus,believe it will work
I THINK you can try :
1- start with ICHIMOKU and the standard indicator ( rsi , cci, atr ) AND the " FIBONACHI "
2- currency pair relative strength - main subject is the base point
3- then you will be ready to see the price-action
I can;t seem to remove the alerts on mt4. \i was told to go to the Terminal and a page to create would appear- \I couldn't see it
Press Ctrl+o then tab Events and disable alerts.
Simple trend indicators with a price line chart with a trend indicator and slop line to confirm.
A Renko price chart.
What works for you depends on what kind of trader you are.