Most effective indicators?
Most effective indicators?
What are the top effective combinators for good entry and exits with little loss and that can give good ROI.
I know that there are definitely no “best” indicators for all markets, but you could as well share how you have been going along with your trades and how we can learn from it easily. I am open to suggestions and corrections as well, I don’t want to use too much, because I have found too much of them on Trading view already.
Apart from Trendlines, others are lagging indicators and lagging indicators have any of toying with one’s emotions. They’re lagging because they react after price has left a zone in live trades and only look good and perfect in hindsight. Trendlines or any other lines like S&R (Support & Resistance) or Pivot Points give better assessment than MAs et al. By the way, I like what LuxAlgo has been able to do and is still doing with indicators. That dude is good.
However, whatever indicators we use; we should realize that there’s no holy grail in trading. No indicator or strategy is 100% accurate. If one gets any that’s even 80% accurate, then one has a killer weapon in trading, so to say.
The simplest, most widely used and easy to apply for beginners are the RSI moving average (MA) and Fibonacci levels. Mastering these basics will enable you to learn the basics of analysis, especially long-term analysis, and with days and experience you can customize the appropriate indicators for daily analysis or alternative currency trading.
I also recommend that you read @ImThour[1] posts. His posts indicate a person who loves to spread knowledge and has a lot of neutrality, so you will learn a lot from them.
Try and use the indicators one by one and see how they are. But at least you can use two indicators at a time. One which can be primary like MA, EMA or BB while the second can be secondary like RSI or any oscillatory indicator. The third indicators which some traders may not consider but I have it which is trading volume.
One thing about indicators is that they can help but they make trading to be like gambling if you do not use good strategies with it like not going above 1 to 2.5x leverage and others. Leverage for instance, increasing the leverage is very dangerous and can result to huge loss. No indicator is completely accurate because nobody can predict 100% of what would happen in the future. Indicators can help you to like 60% but the 40% inaccuracy is enough for traders to lose than make profit. You need to apply other strategies to have a profitable trading pattern.
Always know that trading is very risky. Use the amount of money that you can afford to lose to trade.