Forexwatchman
Sergeant
- Messages
- 198
As I go about the process of restudying and reevaluating the multitude of indicators that are available to the average trader in order to develop my trading strategy, I would love some input from the more experienced crowd in order to streamline my process. I don't want to get so bogged down by the overburdening amount of info out there, and I also don't want to overlook anything. So here's how I'm going about it, and I welcome any recommendations.
1) Discover who are the leading forex traders both past and present and get a brief idea of their methodology, performance, and any free advice they offer. My idea here is that with any field of study there are always the experts who have done most everything I am attempting to do now already once before, thus I should narrow my field of vision by vicariously learning from their experiences in the market. Any names that I should look up?
2) Scan the field of credible advice and opinion by visiting reputable broker and news sites to see what indicators they hold in common. I want to steer clear of opinion forums and solicitations for products as much as possible. My idea here is that I should be able to discover the most common indicators that these organizations use that I can then study more in depth as well as cutting my field of options down from 101 to maybe 5 or 10 big ones. Most likely I will find on my list support/resistance, MACD and MA, RSI, Oscillators. Also, I do know that the two major types of indicators are the leading and the lagging indicators and that the trick is to discover the right balance of the two.
3) Once I complete 2, examine for myself through past and present market performance the indicators that I determine to work best most of the time and how they work together. Ideally I come up with 2 maybe three that when all 3 line up, I can assume a high probability of success in placing that trade. I know this will be a work in progress for quite some time because its not that simple, but its a start and I aim to constantly revise anything I come up with from my study here.
4) I can't leave out the impact of the news on the market, so I'll research that as well.
So that's where I'm heading. By the way if you're interested check out my older thread entitled MY Own Forex Journey and leave me your feedback there as well. Good luck to all!
1) Discover who are the leading forex traders both past and present and get a brief idea of their methodology, performance, and any free advice they offer. My idea here is that with any field of study there are always the experts who have done most everything I am attempting to do now already once before, thus I should narrow my field of vision by vicariously learning from their experiences in the market. Any names that I should look up?
2) Scan the field of credible advice and opinion by visiting reputable broker and news sites to see what indicators they hold in common. I want to steer clear of opinion forums and solicitations for products as much as possible. My idea here is that I should be able to discover the most common indicators that these organizations use that I can then study more in depth as well as cutting my field of options down from 101 to maybe 5 or 10 big ones. Most likely I will find on my list support/resistance, MACD and MA, RSI, Oscillators. Also, I do know that the two major types of indicators are the leading and the lagging indicators and that the trick is to discover the right balance of the two.
3) Once I complete 2, examine for myself through past and present market performance the indicators that I determine to work best most of the time and how they work together. Ideally I come up with 2 maybe three that when all 3 line up, I can assume a high probability of success in placing that trade. I know this will be a work in progress for quite some time because its not that simple, but its a start and I aim to constantly revise anything I come up with from my study here.
4) I can't leave out the impact of the news on the market, so I'll research that as well.
So that's where I'm heading. By the way if you're interested check out my older thread entitled MY Own Forex Journey and leave me your feedback there as well. Good luck to all!
