I’ve said it before and I’ll say it again – There is no Holy Grail indicator that will turn a bad trader into a good one. Please write a trading plan, backtest your plan, and then paper-trade until you achieve your desired win/loss ratio and profit goals. Only then should you commit real capital. There is a reason why 90% of all traders fail within the first year: It is the belief that you don’t need any of the aforementioned steps to become a good trader.
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Awesome!
Very well put T.S. – Just as in any High Priority endeavor one embarks upon throughout their journey through life, one “Must” be thoroughly educated and skilled with that particular knowledge, in order to become consistently successful.
Wishful thinking, positive affirmations as well as a lick and a prayer will not see you through the obstacles we all face on a daily basis in our own lives.
Simply, put in that context, it really puts the markets in an alter perspective to understand and engage with them on equal ground.
I tell people “all the time” – There are no shortcuts in life!
What comes back to you, is the energy and efforts of your intent and the direct projections of what you cast… on a much grander scale.
There is no substitute for Excellence!
The Best of Knowledge to All!
Peace -
Bill
I think EVERYONE goes through the stages of looking for that one single indicator that works for them in all market conditions. I did it, others did/do it.
That’s why for me, I’m down to nothing more than a lineaer regression channel (visually shows trend and s/r levels) and the Fish for indications of overbought/oversold. Maybe a BB now and then, but that’s it. No MACD, no MA, no CCI, etc. Very simple chart.
Now, 2 years into futures trading, I am only trading on what the price is doing, and not when “WidgetX crosses LineY and BlinkyZ flashes a sell”
I’m a visual person who likes to keep it very very simple, avoid “analysis paralysis” (what you get with watching too many indicators) and not be overtrading.
As a result, I am not overtrading, can enter a trade with much more confidence of profitability, and am not jumping in and out of the market all the time.
Well put gentlemen. The last thing I want to do is feed someone’s “Phase III” as John Carter puts it, but I do want people to try different things and find what works for them (and without paying $$$$ for someone’s “Holy-Grail” indicator).
Eric — there will always be folks looking for Phase III ‘stuff’ and the search for the Holy Grail is not confined to Judeo-Christian quests. That’s the cycle of trading.
Bottom ine is you need to use what YOU think is best for YOU. Trying to imitate someone else’s methods might work, but it might not…..if you are happy with 20 indicators and are making good money, that’s awesome and good for you. If you only like 2-3 indicators, great. If you use none, that’s great too.
Each to their own. Is why I hate discussing my trading technique / charts / style with people — you set yourself up for drama and all sorts of crap from folks who think your setup “sucks” and “won’t work” ….. chances are they are the ones still looking for the Holy Grail.
I’ve played with tons of indicators – out of curiosity mostly, and maybe learned something from them now and then. But in the end, I had to find my own path to trading and use whatever indicator(s) or chart(s) I felt comfortable with and that worked well for me and my trading personality.
That’s the nasty secret nobody wants you to really, truly understand.
AMEN brotha.
I agree with what has been said above, it dose certainly help to paper trade a while first as a learning tool but on mental levels there can never be any substitute for Cash trading..
Lumps will come and Lumps will keep coming from time to time you just need to have good money management skills..
Indicators wont make the trader but good ones you understand can well will make a difference!
There are some indicators closer to the grail of perfection then others but there is not nor will there ever be just one that is the holy grail!