What indicators should I use to trade FOREX?

Question

I mostly know Bollinger Band and MACD but are there any others I should or need to learn. my win/loss ratio just on those two alone is 235/15 however, I still feel I need to learn at least one more indicator before getting started on a real account... What do you suggest?

Answer 1

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Answer 2

Although paper trading is good practice..... it's never a good predictor on how you'll do with real money. Especially in FX.

Have you learned candlesticks? Do you use multiple time frames for leads, entries and EXITS? Do you understand that money management (stops, position sizing etc.) are more important than picking an entry point.

Here's one good place to hear how other traders operate;

http://www.traderinterviews.com/

Your question suggests that you're about to lose your money very quickly. Read at least 6 - 8 books on Technical Analysis, trading psychology etc.  Don't be in a rush to  lose your money.

Answer 3

Relying only 2 indicators for your trade can be risky, why not incoperating some moving averages, you should learn more about it before starting a real account.

I know you are just starting out, why not learn some indicators that some EA use. Some expert advisors do really well, you can find one that is proven profitable, and learn from it.

I suggest learning more about Forex Funnel, it includes a custom indicator which they called goldminer.

You can learn so much from an EA, its like you are looking over the shoulder of an expert.

Just something to think about...

You could learn more about Forex Funnel and read the reviews of a real user here;

http://forexfunnel--review.blogspot.com

Answer 4

Just concentrate on correct entry/exit points and you would win all races. These points can be achieved by using indicators like MA, MACD, Oscillators, RI or BBands. These all will show the same result but i think one should concentrate more on mastering one rather than learning all techniques. Get mastered on any 1-2 techniques for becoming a master trader.

My personal favorite are RSI and MACD though my dealer Finexo provides huge range of indicators and studies.

Answer 5

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Answer 6

One thing you need to understand is that all indicators essentially tell you the same thing.

What I suggest is to watch market movement and at the same time digest what is going on in those two currencies and see how it reacts. Also like someone mentioned before, candlestick patterns is the language of the markets. They are basically telling you what is going on for each of those sessions.

Chart time will make or break you. Put in the time, use some intelligence, and you'll find what you need to make money in forex or any other market.