Indicators are valuable as long as traders can understand them well. The direction of indicator changes with time with the changing face of the market. It helps in analysis highly and traders are very much un likely to follow the default setting rather they prefer change the setting and check how it works.
In my opinion, technical indicators can be used to simplify the complex data if a trader is having a hard time understanding and interpreting them. It is helpful for new traders and experienced traders alike as it helps them make quick decisions. It is important to use an accurate indicator that gives you relevant information. But they are totally optional and one can choose to not rely on indicators at all for their trades. Having a good amount of knowledge and understanding of the market is much more important than using an indicator. All you need is a good strategy, risk management and analytical skills to make profitable trading decisions yourself.
1) first need to look in forex calendar for big news to not blow account at news. 2) always follow your strategy 3) always follow your money manager risk and not place more orders or bigger orders 4) only in this case indicators can work. Otherwise all indicators built at history that never repeat in now and future... it only helps believe
Indicators are definitely useful. But they are optional. There are several indicators that are lagging, and cannot predict future price moves. That does not make them any less useful, however. There are many who find them useful and there are many who don’t. It totally depends on the trader.
Forex indicators are one of the most significant trading tools that every trader should be familiar with. Indicators are an extremely useful tool for technical analysis. However, the usefulness of a technical trading indicator is determined by how the trader employs it. Using various indicators is a helpful idea that many traders follow. When many indicators with various characteristics are employed, the likelihood of a market movement increases. In my perspective and experience, indicators should be utilised in conjunction with supply and demand theory, price charts, and fundamental analysis.
Everything, after all, has its own significance. I believe we should develop a technique that incorporates charts. Simply analyzing charts without indicators may cause your strategy to fail and result in a significant loss.
It’s better to end the debate whether charts are more useful or indicators, or anything else like signals. No one technical analysis tool is 100 reliable alone. You have to take in account the information provided by other tools. Even if you are primarily following indicators, there is no harm in that, just remember to double check with price actions, and also fundamental analysis. Do not miss out on anything, better to be safe than sorry.
Indicators are useful, but they are not so reliable that you can rely entirely on them. It is recommended for a healthy trading career to gain extensive knowledge and apply your expertise to achieve your trading objectives.
You should not be wholly dependent on any one tool. Neither should you trust indicators blindly, not news. There should be a co-existing balance of research and conclusion that you draw out from technical analysis of indicators, and fundamental analysis of news. Moreover, it is a good practice to follow price action charts as well. They give you a detailed view of how the price chart has been moving.
Indicators are only useful to determine the current market state. They should not be used to determine a future state on their own. The key to being profitable is knowing whether the market is heading in a trending market or a range market. Indicators only tell you if the market is CURRENTLY trending, not if it is heading into a trend or range.
Trust me, i'm a software engineer. I've written scripts to determine probabilities that for example when a head and shoulders pattern forms for example, how often will the market move in one direction. It is also 50% one way, 50% the other meaning it's just noise and has no bias. (no edge).
I have a script running right now on my pc that I have been running for a week now. It's looking for candle stick patterns and the probabilities the market will move in a particular way after the combination of candle stick pattern happens. I find some things that show there is a bias, but guess what, as soon as you put that on an account even though it had an edge over 10 years of data, it stops doing that edge.