New to forex

[Pharaoh]

Additionally, some indicators may turn into self-fulfilling prophesies. If EVERYONE thinks that price will bounce off a Fib support level, stops and pending orders will be created that make it more likely to happen than if no one slaps up a Fib indicator on their chart.

 

[Rambo35]

Additionally, some indicators may turn into self-fulfilling prophesies. If EVERYONE thinks that price will bounce off a Fib support level, stops and pending orders will be created that make it more likely to happen than if no one slaps up a Fib indicator on their chart.

I agree. What many fail to realize is that trading is an art form and not science. Just because an indicator reaches a level does not mean it will reverse course so traders need to understand the indicator and what it tells them.

 

[itkraze]

Indicator will only tell you what has been going on in past and it will not tell you what will happen next. It is you who have to decide that what shape market gonna take and plan your trades so that you end up in smile.

 

[FringFX]

Indicator will only tell you what has been going on in past and it will not tell you what will happen next. It is you who have to decide that what shape market gonna take and plan your trades so that you end up in smile.

it seems you haven't put indicators into good use. Depending on how you use them, they CAN tell you what WILL happen next.

One man's trash is another's treasure.

Generalization sucks: there are always exceptions.

 

[brendyfx]

Indicator will only tell you what has been going on in past and it will not tell you what will happen next. It is you who have to decide that what shape market gonna take and plan your trades so that you end up in smile.

Agree to some extent. But we cannot ignore indicators.

They are very useful if you have the right ones and know the limitations.

 

[FringFX]

Agree to some extent. But we cannot ignore indicators.
They are very useful if you have the right ones and know the limitations.

that's the key word: Limitations.

 

[ishan agarwal]

Consider opening a demo account with a reputable Forex broker. Demo accounts allow you to practice trading in a risk-free environment using virtual funds. It's an excellent way to familiarize yourself with the platform, test different strategies, and gain confidence before risking real money.
Before diving into live trading, create a well-defined trading plan. This plan should include your trading goals, risk tolerance, preferred trading style (such as day trading or swing trading), and specific strategies you intend to use. A trading plan helps you stay focused and disciplined, preventing impulsive decisions based on emotions.

 

[kabir anand]

One of the key things to keep in mind as a new trader is the importance of risk management. Develop a trading plan that includes a solid risk management strategy to help protect your capital and minimize potential losses.