An advice for new comers
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    Registered user jamey's Avatar
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    An advice for new comers

    When I was new trader, just came in forex market. I thought that, indicator can bring profit for me. I search many kind of indicators and use them but no indicator gave me profit. I just waste my two years for find a better indicator but finally I realize that indicator is nothing. Then I start learn price action from many websites and trade in a naked chart. I advice all new comer trader, don't waste your time for finding colorful indicators. Learn price action from first.

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    I am also learning with price action and yeah its really good to do trade with it. But I don't want to blame indicators for people earning, the most important thing is a right trading system, if your trading style and attitude is wrong the how indicators will hel you to make a good analysis buddy, For example if your trading strategy is bad, or your management and psychology is weak the no indicator can save you from losses. Personally I also love price action better than a lot of indicator's use but I still believe that the main causes of losses are our bad management, psychology, etc than indicator's use.

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    Well, indicators are really working for me. Many traders think that indicator would do everything for them, they think that it is holy grail. So, the mindset of indicator is too high with traders, and they will always be disappointed with what indicator gives to them. Also, indicators gives you the best when you use it on either 4 hours, 1 day or 1 week trading chart, if not, you would have issues with it. However, price action trading system is good, and if it is what is working for you, try to keep it.

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    Registered user Sixteen's Avatar
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    Quote Originally Posted by jamey View Post
    When I was new trader, just came in forex market. I thought that, indicator can bring profit for me. I search many kind of indicators and use them but no indicator gave me profit. I just waste my two years for find a better indicator but finally I realize that indicator is nothing. Then I start learn price action from many websites and trade in a naked chart. I advice all new comer trader, don't waste your time for finding colorful indicators. Learn price action from first.
    Of course price action is the key to succeed in this business. With the candle movement you can tell what next could happen and your analysis will be always right all because you know more about price actions in forex. Newbies should avoid any software which would promise them to make fast money as it could be very dangerous. They should put enough time to learn and develop great means of trade as it is important to see them develop.

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    Quote Originally Posted by Earnperfect View Post
    I am also learning with price action and yeah its really good to do trade with it. But I don't want to blame indicators for people earning, the most important thing is a right trading system.
    You are very correct sir, nothing is bad with the use of indicators, it depends on how the trading knows the use of the indicators and the way the traders are making good trading management with their trade. And with my own trading experience, the use of the indicators are still working for me more than the use of the price action system.

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    [lang=id]well. this is a journey for the traders who dig themselves to get the suit and right track for trading, some used indicators and some leaved it, yes, me too, i got the same experiences was like you, but i did not want to say that indicators are nothing, because all the thing here depends to them who use or understand it, or if not, there are some ways out to help them for managing this business
    sometimes i used indicators for trading, but sometimes i just made clear my chart and just candlestick as my best indicators for trading[/lang]

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    Registered user Sixteen's Avatar
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    Newbies must learn to take money management serious. Every newbie in forex have to work very hard because hardwork pays and you got to make it here once you put in enough time to learn good. Forex is a good business and here we should learn to always protect our funds. Newbies must do all they can to practice with the demo account so that they can be able to develop good skills and strategy which they can use to make it for themselves.

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    Registered user techboy's Avatar
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    Quote Originally Posted by cozard007 View Post
    You are very correct sir, nothing is bad with the use of indicators, it depends on how the trading knows the use of the indicators and the way the traders are making good trading management with their trade. And with my own trading experience, the use of the indicators are still working for me more than the use of the price action system.
    Indicators will only help traders to be a consistent and discipline in their actions, but it must also be tweak so that it will perform at its best and give at least more good trading signal, but again price move in random and it cannot be predicted accurately, its about how we designed a good risk reward ratio and risk management approach that will make us profitable traders.

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

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    Quote Originally Posted by techboy View Post
    Indicators will only help traders to be a consistent and discipline in their actions, but it must also be tweak so that it will perform at its best and give at least more good trading signal, but again price move in random and it cannot be predicted accurately, its about how we designed a good risk reward ratio and risk management approach that will make us profitable traders.
    That is very correct. Indicators are here only to help us to trade. And that doesn't say that indicators are here to make the judgement to trade as well. At least, it will help us to know what kind of trend is going on in the market and somehow we will understand at least what the market is thinking with the indicators. While it can't be perfect, we can make risk management depending on that as well.

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    Quote Originally Posted by jamey View Post
    Learn price action from first.
    I so much agree with this, newbies should ensure learning some good trading approach and price action is the best to me, but then before they can make good money from forex trading they ought to be patient, thus after learning price action, they could as well make use of any good indicator, in as much as they have accepted loss and know that there is no holy grail and no fast way of making money.,

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