What's the Best Forex Indicator? Your Own Eyes

Tuesday, March 1, 2011

Have you been on a forex forum lately?  If you have, then I am sure you probably have seen the endless amount of threads dedicated to the subject of indicators.  They'll talk about the new indicators, generic indicators, (moving averages, stochastics,etc..)  proprietary indicators, expensive indicators, etc....  They all want to know which is the best one?  I have a different question.  My question is does anybody talk about trading> anymore?

Think about why all these traders are seemingly infatuated with forex indicators.  It's because it does all the work for them.  It allows a trader to trade basically on autopilot (for a lack of better word). It allows a trader to just slap on a couple of formulas on a chart (which are lagging by the way) and all of a sudden they don't have to think about the market, because their indicators will tell them exactly when to buy or sell. Oh.....isn't that just fine and dandy.

Let me ask you a question. If the forex market can be traded so mechanically like this, why couldn't a child trade it? After all, the only thing they have to do is wait for their indicators to align.

Real trading requires both discretion and analysis from a trader.  The real way to look at a chart isn't when it's filled with indicators, its when it's completely bare. Looking at a simple bar chart will provide all the information you will need from a technical standpoint. All you have to do is open your eyes and pay attention.


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