Thanks cunparis and sharky, good advice. Tbh not at a crossroads yet. But might be interesting to post a chart.....I have a fair number of standard indicators on my charts...some even I dont refer to anymore yet am averse to removing then...(like an old friend I guess). Mainly, look for divergences with macd with confirmation from time and/or support/resistance.
Could you demonstrate this? Could you come up with an indicator combination and that enters and exits at similar bars to those shown in the examples on the website? I'm betting it's not easy and even if one could I bet it would take hours and hours. What I'm saying is even if this isn't the holy grail of indicators, it could still have value. If it would take me 20 hours to develop the same thing then might as well buy it.
I'm not recommending it because I think one can be successful with price and volume and just a couple indicators. My train trading system for ES has only 1 price indicator. I've compared it to using stochastics and I got similar results. I could probably trade it with stochastics, macd, rsi, or anything else.
Whenever I post a chart of my trades, people are able to find reasons that I shouldn't have taken some of them. For me it's not the trades I missed that hurt me, it's the trades I took that I shouldn't have. I posted a chart in Jeff's thread and showed him a trade and he pointed out that it was a test of the low and not a good point to go short. So now I'm looking out for that.
In the beginning I didn't post charts cause I thought I had an edge in my indicator combinations and settings. Now I realize that I could explain what I do to everyone and give them my charts and they wouldn't be able to duplicate my results. The reason is there is a lot more to it than indicators. You have to know how to use them, when, and most importantly when not.
Your description sounds like a good approach to me. I love divergences.
Also one final thing, I took a break from my regular ES trading because I lost my mojo. After 2 months of being consistently profitable I was losing money. I'm still figuring out what went wrong but I think a lot of it has to do with the summer months being lower volume and more volatile. And the second reason is I stopped analyzing all my trades every night. So I plan to start again on sim after labor day. So if you've been doing bad lately don't beat yourself up, it could just be the summer or it could be something you changed. Like if you're doing well you stop doing something thinking it's no longer necessary and it turns out that was the reason for your success.
Yeah, if it's been working so well and "is now available for traders," then why isn't the author simply keeping it to himself and making his own bank on it? Shouldn't have to worry about getting $325 from trader(s) for it.
I know more than one successful trader who sells indicators. There are lots of reasons why they might want to sell it:
Another source of income
Want to help other traders
Like making a product
Could be a hobby
Could get feedback on it from clients
In my experience, just an indicator alone isn't enough to be profitable. You have to learn how to trade. The indicator is just a tool.
Bottom line: You don't need to purchase any indicators to be successful. But if you want you can purchase a specific indicator if it fills your need and saves you time of having to develop it yourself. But it's not ok to buy it thinking it'll make you profitable without hard work.
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