Which indicators should a Forex trader use - with Andrew Mitchem | Forex
Information | Currency | Markets | Fx | Video | Assets | Lesson | Trading
http://theforextradingcoach.com - Which indicators should a Forex trader use - with Andrew Mitchem 00:29 – Selecting which indicators to use 01:02 - To the novice trader, the array of indicators is fascinating 01:48 – Leads to complete confusion and analysis paralysis 02:10 – The important thing is the price 02:40 – Don’t clutter your screen 03:05 – 95% of all Forex traders don’t make money 03:55 – Look at the strength or weakness of each currency 04:25 - No one system suits everyone 05:03 – Get out of your trading rut 05:55 – Everyone wants to be consistently profitable
Comments
-
Hi there Andrew and great video again! Would like to ask you a "personal" question. Which are your most preferred timeframes to trade? Not trying to copy that, just would like to know what's the reasoning behind that/those selected timeframes you like. That´s it and thanks for your videos, they've helped a lot. See ya!
-
a strategy that i like to follow, that has brought me much success, is when price moves far away from a moving average, 21 exponential, 50 simple, 200 simple..
i know with pretty much 100% certainty, that price will return sooner or later, to retest those moving averages & bounce off once again or pass through..
i like to use them to predict consolidation periods, usually if price is between the 50 day & 200 day .. 50 day moving slightly down, 200 day moving slightly up, its a squeeze, price consolidates, until some kind of break out happens, back to the 21 exponential..
the further apart the moving averages are & stacked on top of each other, the more price movement there will be..
basically from what i have tested, the 21 exponential, 50 day & 200 day, act like magnets for price, it is a 100%, guaranteed certainty, that price will touch ones of those sooner or later.. -
PA is king is what they say but in the end we all need to come up with something that suits our style. One can't just simply take someone's system and expect to make money just because this system works for someone else.
-
the fibonacci retracment is effective indicator, 90%+ times it touches the 61.8% area. looking forward to creating and coming up with my own strategy with this tool. I would definitely recommend using it. Thanks Andrew, that was a really honest reply to the question asked. very helpful reply
None of these teachers ever show their real accounts, many have long stopped trading or trade small positions, because they make their money from selling books or seminars.