Posts Tagged ‘Forex Best Indicator’
There are numerous indicators from which you can choose any one. You can consider any indicator to be the best indicator for FOREX. But there is only one condition; you should know how to use them. If you know how to use them then only they are useful but if you just sit and watch them making guesses about what signal means then even the best indicator for FOREX is totally useless to you.
Many traders consider a particular indicator to be the best indicator for FOREX just because that indicator is widely used by many other traders and is extremely popular among them but the truth is that there is a variety of indicators and you should consider that one best which you think is most useful to you and is helping you in gaining maximum profit.
There are certain categories of indicators and those categories have sub-categories of many other indicators. The following are the categories from which traders choose an indicator which is actually the sub-category of these indicators and they consider them to be best indicator for FOREX:
• Trend indicators.
• Volatility indicators.
• Volume indicators.
• Cycle indicators.
• Bill William’s indicators.
• MT4 indicators.
• Indicators for Account Monitoring.
According to my research you can’t consider a particular indicator to be the best indicator for FOREX. A trader should make a good set, a good combination of indicators and then trade. This helps the trader to minimize his loss and give more assurance on making maximum profit rather than just relying on a single indicator and considering it to be the best indicator for FOREX.
Now, you must be thinking that how you should make a combination of FOREX indicators which you could consider to be the best combination. Your goal is to pick a set of best indicators. In a very smart way you have to combine indicators, it’s your challenge. This means that indicators present in your combination should not show duplicate signs instead they should confirm each other by showing different type of data regarding market.
It does not help in trading better if two o more indicators of your combination display identical information about prices. And one can’t call it ‘signal confirmation’ as many traders do so because it could be the same type of data in reality so it should be called ‘duplication’.
Too many indicators should not be chosen from the same category I mentioned above because then there is a high chance that you’ll pick those who have similar studies.
So if you really think that there is a single best indicator for FOREX then forget it and face the reality that you should have a good combination of indicators.