29/06/2023
Are Indicators Any Good?
Some questions many newbies ask include:
"which indicator(s) should I use?"
"How do I combine indicators?"
"Which indicator is the best one?"
In fact, the last one (and its many variants) is a popular keyword phrase on Google and other search engines. But, as they progress in their Fx journey, they are disappointed to learn that most indicators they know "don't work"—well, at least not how they were intended to. And so, they ask, "Are indicators any good?"
There are many that'll swear that indicators are completely useless. All you need, they'd say, is price action, listen to the price!
Well, that's not altogether true.
Yes, you need to learn price action. You must know what the price and the markets are doing. You must learn market structure. You must be able to identify a trending and a sideways market.
But....
That doesn't negate the place of indicators.
If you find the right indicators and use them correctly, it will provide a big boost to your trading by:
Increasing your confidence after analyzing with price action
Improve your entry targets
Improve your exit conditions
So
Indicators aren't all that bad.
However. See that picture. That'll cause you paralysis. Never use more than 2 or 3 indicators on a chart.
