I love this thread but i will take the other side we and explain why we do need indicators.
all brokers pro -traders knows that novice traders use them but don't really study them , they know when the MACD for example will cross and they will fake you out
so i think if we can beat them join them and this is what i do.
here is what you need
1. squawk box - when you trade always know what are the big guys are doing , for example i never fade GS moves or #1 guy in the pit , they are the pro why not follow them
2. have your favorite indicator on the chart (i like the D9) , use it for confirmation and divergence
3. know support and resistance levels :fib numbers , open close pivots , this is what the big guys are looking at
4. understand extreme moves for me i use BB to see extremes
from what i learn in the last 4 years the best trades are always when the markets are in extremes
i will not take a trade if its not next to floor trader pivots major S/R or Fib number
when we get to those levels i found out that my indicators are at extremes with divergences and when we get there i listen carefully to the squawk box
and then join the big guys .
anything else is not really working and this "system" works for all the time but i am using indicators.
hope i help some one.
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1. rather watch spongebob than listen to squawk box
2. agree, but don't think D9 is very helpful
3. agree with the levels. but going to tell you what big guys are looking for: it's called order flow. or with other words frontrunning.
4. extreme moves, sure why not. but not with BB
don't want to be rude, but other people are making money too without your system.
1. No STOCK NEWS, TV, INTERNET, NOTHING!
2. Pick one instrument. ES is good or TF, or YM for example.
3. Use ONLY NT's "Basic Entry" for all info for that instrument.
4. For tracking info, pen and paper. That is it. You record whatever you want, but you can only get data from your brain and the Basic Entry Windows.
5. No cheating.
The best indicator that guarantees ZERO lag, is a lot that you own. It's either making you money or losing you money and it's happening fast or slow.
If you stare at just the price and build your own tape manually based on key pricing. you will find it's everything you need to make money consistently.
Do that for one week. I would wager that few if any on this board could do it. They would either cheat, change their mind, or do whatever they could to get out of it.
This is why 5% make money, and 95% lose money.
Do this exercise, then come back and tell me what a joker I am.
All you need to make money in the market is price and a pen & paper. This is not to say you can't improve with other information, or make things worse.
The best indicator is your Profit or Loss at that moment. It will tell you if you are on the right side of the market or not.
I'm not saying your system doesn't work, but it's not for me.
1. Blah! The price will show you faster.
2. Favorite indicator is a live car. It's either green/red with Zero lag.
3. The big guys are looking at inside information and inside the envelopes that you wait for on Weds and Friday mornings. GS for example is looking at what their clients are doing and front running them.
4. I use a pen and paper if I am flat, or I can see the extremes easily because I am either really red or really green. The best part is it's real time and highly accurate.