General indicater is usefull for forex trading

[raghuvir vala]

indicater is usefull for forex trading my freind told me that only naked chart is usefull forex trading price action is more profitable than indicater please reply

 

[rohitapps47]

yes bro i think combination of both will give you edge in market,also other factor like news also important because sometimes such news event like nfp will cause you stop out even price action or indicator on same side.

 

[munyac7]

Can l use the same indicator for firex trading in volatilies indicea and in boom and crush

 

[WealthandWisdom]

I really just comes down to your own personal preference in my opinion. They both take time. It takes time to learn to read charts, it takes time to learn and find indicators worth using.

 

[WealthandWisdom]

Plus I've seen people who are "naked chart traders" use Fibonacci every now and then. Ultimately you just have to test and see what works for you. I've also seen people with Autotrading EA's stop their bot from closing a trade. They stop the bot from closing a trade because they saw more profit available. They were reading the chart.

Ultimately in my opinion, you have 3 ways to trade. (Being very General)

1.) Manual - Naked Charts / Price Action
2.) Semi Manual - Indicators and Non - Auto-Trading Ea's (Or Maybe a EA gets you in a trade and you manage/close it)
3.) Auto-Trading - Completely hand off. (Maybe you turn the bot off, If a major even happens. Ie Carona Virus)


Random Scenario: What If you trade charts naked. But you have a Robot that you've back tested and you
know is reliable. That robot trades a specific session you can't because your sleep.

To end my long rant. I'll quote a youtube video I watched. " You're job is not to make money. The market makes money. You job is to protect your money. Your job is not to lose money"

 

[Duke98]

indicater is usefull for forex trading my freind told me that only naked chart is usefull forex trading price action is more profitable than indicater please reply

Using indicator for forex trading has its own pros and cons.
If you don't know how to use an indicator it will eventually lead to losses instead of profits. Hence, it's always better to test the indicator on demo for weeks before using it on real account. Also, backtesting on different charts might give you an overview of how the indicator performs.
N.B.- Backtests doesn't necessarily mean that the future results will be the same as the indicator performed in backtests. Therefore, practising on demo is highly recommended.

 

[WealthandWisdom]

@Duke98 I completely agree with you on this.