How many indicators do you need?

[bigdolly]

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.

 

[Christina Ledger]

I can't talk, my charts look just as bad if in fact it is a bad thing

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]

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]

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]

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]

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.

 

[Christina Ledger]

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.

agreed. i use 1 or 2 usually.

 

[fxoday]

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]

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]

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.