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Indicators

Discussion in 'Beginners Bootcamp' started by nayani, Feb 22, 2010.

  1. nayani

    nayani Private

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    Before entering into trade,i will follow these 3 indicators like MACD,Bollinger Bands and RSI and simulatenously follows fundamental analysis.
    I will check news in forexfactory,Marketwatch,Boolmberg,CNBC.
    My question:
    Is there any other indicators which are best other than MACD,Bollinger.....

    Please Suggest me
     
  2. Stony

    Stony Sergeant

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    Hi nayani,

    forget fundamental analysis and news, except that you should be flat at news times. Start out with your indicators, and first of all, look at the price itself for identifying trends, resistance and support levels.
     
  3. nayani

    nayani Private

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    Hai Stony,

    I am doing live forex trading from last 6months.....I am getting little profits.My assesment towards graphs r going right.

    Please suggest me how to improve my skills.....
     
  4. nayani

    nayani Private

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    Hai Stony,

    By seeing which charts(eg:30min,1hour,2hour,etc) we have to identify trends........
    Before entering into trade i will analyze by seeing 1hour,30mins,15mins,5min charts and 1min chart too...
     
  5. Stony

    Stony Sergeant

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    Sorry, I can´t give you detailed advice. I suggest thorough reading of books, forums, blogs etc. dealing with forex.
     
  6. Forexwatchman

    Forexwatchman Sergeant

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    It sounds like you have a serious attitude towards your forex trading, but you are overwhelming yourself with all your technical indicators and probably going into 'analysis paralysis' as I like to call it. Keep in mind that the simpler the strategy, the better it will be. Initially that may seem counter intuitive but it's a lesson you need to learn sooner rather than latter. The indicators you mentioned are good ones, that's why they got to be so popular. So the question you need to be addressing is not which ones work best, but which ones you like best, since it's you who has to apply them towards your trading decisions. I would recommend choosing only one leading indicator and one lagging indicator and getting to know how they work seperately and together, and then stick to support/resistance and trendlines for the rest.

    Unlike what Stony said, you must pay attention to the fundamental forces that drive currency pairs. That's not nearly as hard or boring as it might seem, just make yourself aware of what the major economic reports that are coming out for the next day are and at what times. The rest you can digest after you get more comfortable. Also don't analysis so many timeframes, that's not telling you anything. You should stick to this rule, have two timeframes that are 3 to 4 increments apart. Use the bigger timeframe for the major trend/range and the smaller one for choosing your entries. For example, if you like trading the 1 hr chart, then use the 15 min chart for entry. Or if you prefer the 15 minute chart, use the 5 min for entry. Any timeframes that are close together don't give you a broad enough level of difference to determine anything useful from them(e.i. the 30 min compared to the 1 hr).

    A few more words of wisdom here. Be aware that you need to take baby steps first and be successful at them before you go on to greater things, so don't be disappointed with how long it takes you to become disciplined or to find your personalized system. If 90% of people fail at this forex thing, then you know it's going to be hard. Have a game plan, write it down, stick to it until you find something that works better and then adapt it, keep a trade journal to do this, and don't give up. Good luck to you!
     
  7. nayani

    nayani Private

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    thank you very much Forexwatchman
     

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