Trading Without Indicators

[Magician]

Hi can anyone recommend a book deals with trading Fx without indicators.

There is an ebook about trend line strategy, but reviews are not to be found, unless you count that
"low return rates on the e-book, so it must be good"
thas isn't a review..

I trade (demo)without any indicators, I use Trend lines, SAR, Fib, and the odd chart pattern, and a rough idea of candle recognition.

Thank You
Kind Regards
Gary

[Enivid]

Trade Your Way to Financial Freedom by Van K. Tharp.

[cheeseweasel]

Originally Posted by Enivid

Trade Your Way to Financial Freedom by Van K. Tharp.

Tharp's book is fantastic.

You might also want to consider Pring on Price Patterns if you're interested in learning to trade without indicators. It's focus is price patterns (of course!).

[cheeseweasel]

Oh, another book you might want to try is Master the Markets by Tom Williams - it's about trading using Volume Spread Analysis (VSA).

VSA uses just volume and price, so no indicators there either.

[Enivid]

Originally Posted by cheeseweasel

Oh, another book you might want to try is Master the Markets by Tom Williams - it's about trading using Volume Spread Analysis (VSA).

VSA uses just volume and price, so no indicators there either.

The problem is that in Forex it's impossible to know the real market volumes...

[cheeseweasel]

Originally Posted by Enivid

The problem is that in Forex it's impossible to know the real market volumes...

I've read a fair bit about this because I've seen it raised a number of times as an issue with VSA in forex.

(Just for the record, I don't trade VSA (yet), I'm just trying to learn the basics for now - price action and support and resistance for now)

From what I understand, you're right in that most brokers will only provide their own internal volume, which to me seems pretty useless.

You can pay for data - I keep hearing people use e-signal which includes data from many banks, and hundreds of brokers, and so will be far better than some mom and pop's MT4 broker.

There are other options too, but if people are interested, they can research themselves because I'm by no means an authority on this. Just pointing out some of the stuff I've read.

A lot of people trade VSA in forex successfully, so it has to be possible.

[Devonte]

I think it would be very difficult to trade with out indicators as there are so many systems deals in Forex that now you can't move back to the earlier versions of Forex trade and keep up the pace of the market.I think it is rather impossible.

[frankpure]

Originally Posted by Devonte

I think it would be very difficult to trade with out indicators as there are so many systems deals in Forex that now you can't move back to the earlier versions of Forex trade and keep up the pace of the market.I think it is rather impossible.

yes, it is hard to trade without indicator. but my two years experience told me that it is better to use only one indicator to trade. you can keep up the pace of the market by reading your indicator if you can keep using your only indicator.

[Magician]

Originally Posted by Devonte

I think it would be very difficult to trade with out indicators as there are so many systems deals in Forex that now you can't move back to the earlier versions of Forex trade and keep up the pace of the market.I think it is rather impossible.

I cant help being impressed by people, regarding Forex and learning all those indicators,
It's bad enough, trying to learn continuation patterns, reversal patterns, trending or non trending markets, I have trouble with the Flag-Pole and the flag, as for the saucer formation, how on earth can you see it let alone trade it.
I use MA,
Fib's I am just beginning to grasp, at the moment
I love using them to give me a possible exit target, and looking to see where those huge mother of a candles are going to possibly stop, fib's impress me
Watching just price on a chart (candle) using trend-lines, SAR, I can see where there is a high probability in price moving either in one direction or the other, my problem is getting in at the correct time, sometimes I have large draw-downs, then the price moves in the direction you found to be the higher probability.
My plan is to learn price, learn patterns, learn MA, Fib's, SAR, and by the time I have learned a little I hope to see better entry/exit.
I cant learn more than that, if you add the various indicators, and how they work, these are courses in them selves, for me I keep it very simple, I look forward to using some in the future but right now I simply couldn't take more in, than I am.
Finding Entry and staying in is difficult, I check the chart, I establish the higher probabilities regarding direction, exit, but watching the chart while your trade is on, is like pulling teeth, Demo, and there all 0.01 trades, this way I keep my mind on the trade and not on what I could make if it were real, my target is to get in at the right time, and out at the same, I have been in some good trades, only to watch them go against me, and stopped out, my rule is when I am in, I am in till either I am stopped out or it reaches my target, it's agony to watch this, I have read that each wrong must be viewed as an opportunity to learn, also I find that knowing how much you can lose on a trade before the trade is on helps me a little, ok it's pennies, but that's not the point, if I can get the trade in a box, I know how much I can win/lose, where my entry/exit is and my stop, mentally your prepared, your automatically aware of your R&R
I have created a template for my trades, I print these out, they have the relevant questions regarding the trade, and a section for results and comments, I have tried Dragon software, talking about your trades into a mike, then it's printed out, but listening to myself was a distraction.
I watched an on-line video, Speaker was the Author of the book "Market Wizards" Jack D. Schwager, he has so much to say regarding the exit of a trade, and the importance of it, recommended viewing.
I have also found using Bar Chart can (sometimes)help see a pattern better (for me at least) and the line chart I can find support and resistance easier, this is all newbie talk but it might help other newbies.
I sincerely wish the reader the very best
Regards
Gary

P.S. I have nothing against indicators, and in the future I will use them,( I imagine) just not now.

[JFogel]

Al Brooks has a book, "Reading Bar charts bar by bar" or something that deals mostly with price-action without regard to indicators. He also offers many technical analysis books. They are good introduction books.