Using indicators occasionally isn't such a bad idea in general, if one can find indicators that fit their style of trading. The idea is not to use so many indicators that one ends up more confused by their signals than anything else.
Hi Diana, I'm basically just using Support, Resistance and Trend lines. And I look for a few candlestick indications like pin-bars, engulfing, and my own strange combination I've been testing out, (this week, ONLY using my combination and going in direction of trend, I had 6 wins, 2 losses. I also only use 10-20 Pip stop Loss on intraday & caught those two surprises right away for a loss of 14 pips total. 2-4 day trades I may have a little more than 20, BUT the same minimum 1:2 Risk:Reward, usually 1:3)
As I've said, I'm pretty new to Fx, so still finding my way. I just became overwhelmed with all the indicators and different "coaches" using different ones. 4-5 months ago when I started a basics course in trading (stocks) they didn't use many indicators-but the books and people they recommended to learn more DID. I have to admit that with my analytical mind ("anal" being the pertinent root
); and background in research and math-I jumped in with both feet and spent weeks trying to learn and memorize every indicator and variance I could throw together. Lol, I also lost quite a bit from my original paper-trading account! Had NO idea WTF I was doing, but BOY could I make some neat-looking charts!!
Then an old friend introduced me to Forex and threatened to personally come up here, take all the Elliot Wave, Gartley, Chaos Theory, etc books I'd collected and wipe my hard-drives of indicators. Actually, even he uses more indicators than I feel necessary NOW-but it took a few weeks for me to "get the point". He told me to look-up Price Action and directed me to a professional traders site where I've been absolutely mesmerized this past week. I also watched a fascinating video on the history of using these patterns in charts, the rather depressing history of the developers of these patterns & "special indicators", (hint: none of them died rich), and most importantly, the fact that the popularity of using them is fairly recent and coincides with what I call "the invasion of the mlm traders" or "going broke learning the non-existent holy grail". THAT was enough to draw me into the basics-using a few things ONLY for confirmation, (volumes, trend-lines, S & R). We'll see how it goes.
Nothing will substitute for experience, and I have a LONG way to go in that department!
