How many theories and (or) indicators do you need?

Twin butterfly

Active Trader
Apr 11, 2016
366
7
29
35
Every trader has his own likes and dislikes according to his trading style. Few traders use so many indicator for single trade while few has powerful mind to get right trade with one or two indicators only.
 

Gerrard Hank

Trader
Nov 3, 2016
31
2
16
48
We have 4 easy to use indicators, but I have become familiar with using two, which I use in identifying trading entry and exit points. I use Parabolic SAR and MACD. Once you are trading a live account a simple plan with simple rules will be your best ally.
 

Winjak

Active Trader
Sep 22, 2016
57
9
29
48
Jakarta
Every trader has his own likes and dislikes according to his trading style. Few traders use so many indicator for single trade while few has powerful mind to get right trade with one or two indicators only.
In fact, you don't need too much indicators if you can cope with finding s&r levels and getting in the trend
 

Twin butterfly

Active Trader
Apr 11, 2016
366
7
29
35
Every trader has different mind, as i said in my post. As one like to have S & R levels while other having price action with moving averages...
 

Mohdfx

Active Trader
Sep 22, 2016
53
5
29
29
Kuala Lumpur
I agree, but if there is a chance to combine them to achieve better results.. Why not to do it?
Maybe it is a question of comfortability? I rarely use moving averages, but use other indicators. No, it's not what you could think about. I know how they work, but I like other indicators more :D Though , I use MA too if I need it badly
 

Twin butterfly

Active Trader
Apr 11, 2016
366
7
29
35
I agree, but if there is a chance to combine them to achieve better results.. Why not to do it?
That also depends on traders mind, If they think it is right and good for trading they will do. Not every trader accept new strategy easily until they see in demo for more results.
 
  • 👍
Reactions: Winjak

{0v0}

Trader
Dec 12, 2016
20
8
19
EU
My first post here.
I trade on a discretionary basis based firstly on my reading of price movements and secondly using only a couple of MA's on multiple TFs to confirm my opinions before entering a position.

I guess in my early years I used far too many indicators and soon realised that (too) often there is at least one signal that disagrees with the others. So i have gradually pared them away until I settled on the minimum possible.

Being a short term trader, the only consideration I give to fundamentals is the timing and nature of various data releases, speeches, announcements, etc. I believe the majority reaction to these releases as manifest in the subsequent price movement is far more reliable than my own analysis could ever hope to be. Therefore I just try to interpret the price and not the clever stuff :)
 
  • 👍
Reactions: Enivid

Martin Gaptil

Trader
Mar 5, 2017
58
10
9
47
I need only Moving Average and RSI trading tool in my live trading chart, and my trading strength is my news trading knowledge! Basically, RSI trading tool helps to know market momentum and I get dynamic support and resistant levels by MA trading indicator! Interestingly, during high voltage news, I get swing points of market from MA!
 

Michelle Yeoh

Trader
Jul 9, 2017
83
10
9
45
I am with the same trading strategy and plan! I seem, PA trading is much workable than indicator based trading! BY the way, there is nothing like 100% in Forex business.
 

willpower

Trader
Sep 3, 2015
16
1
14
34
I am currently using only RSI on daily time frames and believe me it has done wonders with my trading. Now I feel very less pressure and can anticipate a clear move of market to take entry and exits.
 

Ronald Kuper

Trader
Dec 7, 2017
9
1
9
35
Portugal
It is best to be able and know how to use different strategies. But in order to become a professional, you need to take 2-3 indicators as a basis and this will be enough.
 
Dec 9, 2017
12
3
3
38
I only use price action for my analysis. My charts are clean. Only some support and resistance line. Yes I use only one indicator that is Volume. Actually every person is different. So we can't say what is right or what is wrong. It's all about what works for you.
 
  • 👍
Reactions: Kevin Murdok

Ary Barroso

Active Trader
Jul 9, 2017
908
71
39
35
I spend a lot of analytical work before the opening of transactions, because I try to share my knowledge on the forums. The basis of the analysis I use the theory of Elliott. But I never guided by only one confirmation of the forecast. I believe that the way to forecast accuracy is through the correct combination of strategies and indicators. So often I use trend theory, candlestick patterns, Stochastic, Moving Average, Fibonacci.
How do you think? If you combine, how many and what methods you combine?
I will be glad to know your opinion.

Den

Not at all, because I know the reality! But till now I need to use EMA, since sometimes it works. But, my major is Price Action trading knowledge.
 

AlexOZ

Trader
Apr 22, 2023
59
9
14
72
I rarely combine two or more technical indicators to confirm a trading signal. Most of the indicators are based on the same price data - adding them together does not increase accuracy but instead adds lag to the combined signals.
Years later :) But I agree and valuable to acknowledge. Traders should at least have a basic understanding of the calculations behind indicators. Then they know if five indicators are actually saying the same thing five times. Not a confirmation