Hi everyone. some of us beginners are still struggling to develop in the forum. Can anyone please he me understand which indicators are built into MT4 that beginners should learn first?
A humble inquiry
- Thread starter danjaaliyufx
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hey dan...... metatrader has more than enough indicators built in for us to trade successfully...... but even the best indicators can get caught off guard with some news flash......
it seems to help me by focusing first on the ones that make common sense.....
using the trend type indicators as example, by common sense i mean if the eurusd 10 and 20 moving averages are falling on all time frames, do you really want to be buy.......
or if using the oscillator type indicators, if the stochastic is rising on all timeframes, is it wise to sell.....
even using the smallest contract size, if the 1 minute stochastic is falling and your buying, you might go hundreds or thousands in the hole......
to me, buying when the moving averages are moving up, the stochastic is moving up, rsi and/or qqe are moving up, makes more common sense......
trade small and use common sense......h
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I would suggest learning price action first and foremost, in particular, Japanese candlesticks for one particular market. Understand what the Open High Low Close patterns suggest amongst single/multi-candle setups then contrast that against different market backdrops i.e. trending or range-bound markets. You will start to hopefully get a "feel" for the market and pick up on "patterns" or "trends" that you will then, and only then, introduce indicators afterwards to vindicate your hypothesis. Remember, indicators are derivatives of the price action and as such, should be looked at after analysis of price action has been completed and not the other way around. If you wish to study indicators, Edwards and Magee "Technical Analysis of Stock Trends" is a good start because grasping the mathematics of the underlying indicator (not really hard tbh) is super important to understand not only what it does, but when it's best applied. E.g. RSI is best in a range-bound environment, moving averages in a trending one, etc.
