How many indicators do you need?

bigdolly

2nd Lieutenant
Messages
1,004
i always get lost when there is to much going on in the charts but that being said what do you think your top must have indicator would be?
The best indicator for me is RSI but I also use MACD with various settings to understand how the noise can be best filtered.
 
Messages
198
I can't talk, my charts look just as bad if in fact it is a bad thing:D

I think trading with or without indicators is a personal preference there is no right or wrong, it all boils down to one thing for all traders and that is making money how you do it is totally up to the individual

Whatever tickles your fancy I say!
yep i agree totally. i know some almost pro traders who trade without indicators, but personally i keep it simple with RSI and or MACD
 

bigdolly

2nd Lieutenant
Messages
1,004
yep i agree totally. i know some almost pro traders who trade without indicators, but personally i keep it simple with RSI and or MACD
Price action is a very powerful tool but it can easily mislead you because freedom of interpretation is a fertile ground for mistakes.
 

fxoday

Master Sergeant
Messages
297
The best indicator for me is RSI but I also use MACD with various settings to understand how the noise can be best filtered.
This tool is a very good combination between RSI to look for overbought and oversold level and MACD also has multifunction to looking support resistance and looking for divergence, compared with stochastic RSI has smoother signal
 

7Bulletin

Sergeant
Messages
136
Indicators are good, but they don't overshadow analytical thinking. Frankly, every broker first of all should be guided with own mind and only then with indicators, osciallators and other stuff. However, there are so much cases when they're profitable, especially when market is stable :) But if you feel that you aren't sure about indicator, then listen to you own brains :)
 

bigdolly

2nd Lieutenant
Messages
1,004
Indicators are good, but they don't overshadow analytical thinking. Frankly, every broker first of all should be guided with own mind and only then with indicators, osciallators and other stuff. However, there are so much cases when they're profitable, especially when market is stable :) But if you feel that you aren't sure about indicator, then listen to you own brains :)

Using too many lines or indicators really complicates reading of the message that price tells you. That's why we have restrict our toolkit to 2-3 tools and information they represent should get our secondary attention.
 

fxoday

Master Sergeant
Messages
297
Some trader might use combination of triple indicator in one chart platform, like as use RSI, Stochastic and MACD, they use more than one indicator because want to get best signal trading when all indicator already confirmed
 

sebking1986

Recruit
Messages
194
I use a 50 EMA and after that look to price action and fibs to trade. Works for me and I don't see a reason to clutter my charts with more.
 

momo3HC

Master Sergeant
Messages
430
Do NOT overuse indicators. No more than 3 may be on a single chart and if you want to use more just switch them on a weekly or daily basis but not all of them at the same time.
 
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