I was referring to a commercial indicator, If you didn't realize that. I understand price is an important part of trading. I've rephrased the question..
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There are something like 10,000 indicators on futures.io (formerly BMT).
Anyone that has been around long enough will tell you, none of them will make you profitable. Chasing after indicators is a waste of time. Indicators are tools, nothing more.
You can eat your lunch without a fork. But the fork makes it a bit easier. Trading is the same. You have to be profitable on your own. Indicators will maybe make it easier, but most people make the mistake of chasing indicators and never learn to trade.
It's all covered a hundred times over in this thread:
I'm creating this thread with the purpose of a 'catch all' for any trading related question that futures.io (formerly BMT) members want to ask, but don't want to create a new thread for -- or find an existing thread to reply to.
Big Mike, you're totally wrong..... Indicators can make a ton of money. Especially for the people selling them all over the net!
For the traders though almost all the indicators that exist are some derivatives of MA's, CCI/RSI/MACD things that have stood the test of time. Take a look at ATM, that is as good as an incredible number of commercial packages. Then there is the Wizard, also a ton of utility there and great for sorting out market noise.
Perry's method actually is great but all those lines make me confused, but a great webinar regardless. Some of the things on that webinar are basic good knowledge. In the end many of them are going to come down to find the major trend on a bigger timeframe, find a fractal on a smaller one, place your buy/sell above/below that and give the trade enough room to breath. Put your stop where you don't have more than 2-4% risk, heck there is a fantastic supertrend here too that you can use for stops.
Then finally my favorite, ichimoku, a system unto itself and basically free on almost every platform, some basic vids from my favorite ichi youtuber here
I'd say your best investment is going elite here and clicking on the links above.
AnaDailyVwap/PivotPoints/OHL along with GomMP are worth buckets of Gold and are free here at futures.io (formerly BMT).
Indicators are the like gauges of a car, you can easily operate it without them, but they will give you an idea of how the machine is working (ala the Context). Novice traders look for setups where professional traders look for context. I want tools that will give me a better understanding of context and allow me to make an educated opinion about the market. Then my job is to take a small amount of capital and test that opinion. If it is wrong, I cut it and move to the next idea, if I am right I try to milk it for as much as possible. Rinse and repeat.
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These days it pretty much Turms out That the indicator best for my trading is..
Not having any on my Chart
(Although i got a 21 ema on it - stole that one from the Price Action guys )
Dont know how far you've come as a trader but I suggest if you can't be profitable on your own without fancy indicator stuff, you shouldn't bother looking for them.
Why?
Because you will never really learn the basic concepts that are used in each and every strategy/indicator package
And more importantly you will not understand how and why this indicator works and ultimately be dependent on the person who made it ie that it works flawlessly, that you have access to it etc etc
But what if that guy along with that indicator just vanished? There you are, back at zero.
And for me, trading is all about freedom of choice and independence. Not given that way imo.
All the best
Scalpingtrader
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