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.
