The indicators are useful in trading but not the overall game in forex trading. In the end, the market is what it is. The indicators are just tools to help you understand what is going on in the market and make better decisions.
I don’t trust indicators completely. I prefer analysing charts myself, it improves my understanding of the market. However, having 2 or 3 indicators is good for confirmation. Also, I equally rely on fundamental analysis and always stay up to date with all the events happening in the market. Helps me predict the movement better.
UweMoench posted: Indicators are useful but not the whole thing. Only charts are also very important. There is much more thing than indicator. It is the mind. Sometimes you just know it's going to work. With time you get an understanding of trading. That understanding is beyond everything.
I always try to lower lot and trade in low spread pairs are also crafts of risk management techniques. Ultimately I helps me derive a good amount of profit.
I use indicators but I depend on them only to a certain extent. We cannot rely on indicators all the time in forex. Still, I think using indicators are pretty helpful to plan our entry and exit points for trades based on trends. MACD is one of the most helpful indicators based on my experience.
Every pair has a distinct movement pattern and characteristics. Although it may seem at times that they are all moving in the same direction, each pair has a unique pricing pattern and chart. If a trader can understand that it becomes more easier for him to make money.
That’s true! The only thing you can fully trust is market analysis. Indicators do make it easier for us to decide upon entry and exit levels. But using too many indicators or relying too much on them would only make trading harder for us!
Indicators are there to guide us but just using a bunch of indicators won’t guarantee profits when we trade. There will be a need for market analysis from time to time. You can also see some forex traders who are totally against use of indicators and prefer to look at charts for every decision. But I personally think that indicators like RSI would be quite helpful for beginners.
Yeah I agree. Indicators are useful but full dependence on them is a stupidity. Most traders should be familiar with forex indicators as they are crucial trading tools. However, your skills, knowledge, experience, and efficiency is what matters the most.