Best Forex Indicators
This week I got a few emails and though I did not want to post today as I want to watch the red sox beating the rockies,but I just can not help myself.
I was asked what is the worst indicator in forex trading.
It was a hard question but to be honest , all indicators are useful to a point and all indicators work if you are looking for something in particular. If you are a trader, you must be looking for something in particular. Let me give you an example, I am a man and I have been told that women love good things.However I learnt not all women love roses. Some love red roses others white roses. If I want to be hated by a woman , get her a rose or flower she does not like.If you want to be broke , then get a trading indicator at the wrong time.
Trading is a game and a very serious game that can make you broke.Take it as a business and you will not be disappointed.. If you use trending indicators during news releases, you will regret it. If you use scalping indicators during a trend, you might never trade again.
The biggest problem as a trader is trying to figure out if the market is trending or choppy. Your bigger problem is getting an education to learn what the difference is. There are many tools you can use. One of them is seasonal trading, another is fundamental trading, another is technical trading but the most important is your mind.
A traders mind should understand that trading gurus are a dime a dozen and trading gurus believe in the forex holy grail.The trading holy grail might exist but since I have not seen it, I can only do myself a favor by learning and reading as much as I can.
Get yourself in a position where you can look at a forex chart and know that the market is choppy. Get yourself in a position where you hear that payrolls are down this month and instead of selling you buy because yesterday you heard that new home sales went up. In other words get yourself in a position to succeed. The best indicator is yourself and your education.
My worst forex indicators are listed below.
1. Forex Volume Indicators
If there is no central market in forex so how can anyone know the volume? For me anyone who talks about candlesticks which are volume indicators is a forex guru, who will fleece me.There is simply no volume in forex as there is no central market so each and every indicator that uses volume is null and void.
2. Back tested Forex System
If you back test any forex system with esignal , the results are perfect, try that on Amibroker you will be very surprised then add your own broker , you will be broke.Since forex does not have a central market, what the hell are you back testing? Have you ever bought a forex metatrader system that worked 80% of the time, put it on your charts and failed miserably? The answer is very simple,it has nothing to do with your system. Every forex broker has their own data and they can do anything with it. Your metatrader system is built on strategy trader however you will trade it on North finance. It will fail miserably all the time. Though you bought a good metatrader system, your broker prices will be different and believe me brokers are not your friend.
3. Forex Gurus
There are many forex gurus I have heard off but there is only one that I trust. His name is ‘The Oracle of Omaha ‘ who predicted 2yrs ago the fall of the dollar. There are some who I will not name here but you know them but there is one who is very notorious .Forex bastards are a scam . I need to add the period. These guys have started some 3 other websites including forex secret society and they claim to have insider information. First of all having insider information is illegal and ask Martha Stewart about that fact. But the things that annoys me is seeing them trading 10 second charts. Really? That’s all I’ve got to say about that.
4. You will be a Forex Millionaire
All I’ve got to say about that is , YEAH RIGHT!
Ladies and gentlemen forex trading is not 4xmade easy , it is hard and just like any other business you have to work hard. When I started trading 7yrs ago we used to be a group of 10 ,only 2 of us are still trading. Think about that.Don’t go into forex trading with hype, take it like any other business. It will be hard, it will be tough but only the tough will remain and it is a a wonderful actually the best internet business you will ever have.
[...] unknown wrote an interesting post today onHere’s a quick excerpt This week I got a few emails and though I did not want to post today as I want to watch the red sox beating the rockies,but I just can not help myself. I was asked what is the worst indicator in forex trading. It was a hard question but to be honest , all indicators are useful to a point and all indicators work if you are looking for [...]
hi i am just about to start trading with north finance i have been running a demo of $1,000 also on fxdd,fibo and alpari all on metatrader4 but with what u said that northfinance is not good i have been using a robot but i do not really know where to start my trading i would have prefered fxdd but they are not under any regulation by my findings that forex firms in u.s must re capitalise by 21st december.pls advise me the broker that uses metatrader that i can use among northfinance,fxdd,fibo,alpari or any good broker that uses metatrader i do not want to loose money.
Actually insider trading in Forex is not regulated…therefore it is not illegal as of yet.
@Jeff
That is exactly what I mean that new traders should be very careful about forex gurus or forex bastards with insider information.
Insider trading refers to having inside information about key information that will move the market.
forex is moved mainly by interest rate changes.
I really would like you to tell me where you are getting the information that a particular interest rate is going to change and by how much because I would make a killing in these markets before I am arrested.
By reading this blog, a trader who has just started trading can get the correct path through these Best forex indicators.
Nice article, but some info even useful
This is some of the honest truth about the Forex market. Forex is a great opportunity to make tons of money but at the same time it can make you broke! You surely have to know what you are doing. Also, Volume indicators are useless and so is back testing. I learned this from experience. Thanks for the information.
The things that you say in your article are just the truth, I learn that the backtest is one of the worst things to consider when you’re trying to buy a robot, the newbies get excited to see how much money they could earn.
And the “forex gurus” say that the answer is : buy his product.
If newbies knew this information, a lot of people will save money, instead of lossing it, thanks for share this tips
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