I have heard that many traders are not using any indicators when trading forex ,
anyone knows which method they use and links to the methods if possible?
Thanks.

Of course they are using indicator... maybe just 1 or 2.
According to my style trading.
I just recommend fibonacci with Pivot attached.
Its enough to start trading with nice result.
PM me your contact if you need some assist or mentoring on this.

Price action and momentum.

Originally Posted by oxonbeef

Price action and momentum.

Gotta agree with this for me. Altho i do like the old MACD also. Need to find what works for you and keep it simple. Ive seen charts that look like someones been sick on them there were so much crap added.

i m just forget to add.. the urgent one... VOLUME..
other indicator look like repaint especialy on market news release

yes, I trade without indicators. I only use bars chart. Search for "price action" or "naked trading".

I am new to forex and currently looking for excellent indicators that i can use.

No matter what is your indicator buds... you have to find your trading that meet your risk management.. Dont get your hand burn by repaint indicator

Indicators lag and the volume that you see is not real.
Also dont just be stupid enough to place your stops on fibos, most people seems to misunderstand the real edge that fibos give you. The market wont just pivot off a value because its a golden ratio...however there is a lot of people who places their stops there and gets swiped all the time.
Look into how fibos allow you to positionate yourself...if you dont believe me i couldnt care less

In an overbought/oversold market MACD goes tits up. Volume alone can't be very useful, however using the MFI can go a long way.

The traders who don't use indicators and say "just bar/candlesticks" are lying; they're making a moving average through them and basing it on that. I.e. closes at a low, they'll open to sell etc.

But you'd be stupid to trade without looking for primary & secondary support & resistance lines anyway.

Fib lines are a flawed concept, but they DO work. So many peopple use them that it becomes a fact.

The traders who actually use no indicators ARE using indicitors, but they're using fundamentals not technicals. You'll always make money playing fundamentals, but unless you're a bank or have HUGE ammounts of capital, be prepared to get whipsawed constantly, for HUGE spreads and massive slippage. I've seen 80+ pip slippage before in some cases.

To be a profitable trader you need to know the inner workings of both. Be prepared to read 5000+ pages of the most dry reading material you've ever known.

Look, when it comes to forex there aren't any easy ways to do it. You need to invest real money, no demo account crap. Trust me, even if it's only $200-$500, you'll get a hell of a buzz and quickly realise your weak points. I traded for *years* on a demo making consistant profits, but as soon as i switched to a real account, it was a whole different ball game. No excuses, NOTHING will prepare you. Not even trading other peoples money etc.

Expect to spent about 3 years of looking at charts, investing about $6k~ (which you'll lose) and trying probably 50 or so "tried and tested strategies" (which won't work). You need you own style and your own way of working.

When i was big into forex i was making a very lucrative income, however 3 months later the credit cruch hit, markets went to shit and my strategy failed miserably. Lost it all. I was doing it for fun and it wasn't about the money so i didn't mind.

Maybe i'll get back into it in a couple of years.

Look, when it comes to forex there aren't any easy ways to do it. You need to invest real money, no demo account crap. Trust me, even if it's only $200-$500, you'll get a hell of a buzz and quickly realise your weak points. I traded for *years* on a demo making consistant profits, but as soon as i switched to a real account, it was a whole different ball game. No excuses, NOTHING will prepare you. Not even trading other peoples money etc.

listen to those words!!!

Or you can see it as a gambling game. Don't use any indicators or any thinking. Just use your gut feelings.

:-)
Posted via Mobile Device

There is an awesome method where traders simply use round numbers where the big dogs bark, ie 1.45, 1.5 and so on ...

I used to work as a commodity futures broker, which included some forex clients. Problem is that within the first six months - and usually much sooner - over 90% of newly funded accounts are wiped out. Of the remainder, very few of those accounts make it to the end of the first year, and of those accounts that remain, most don't last through the second year. What remains are successful traders.

Consider this: As an individual Forex trader you are trading against giant, football field size trading rooms filled with some of the smartest people in the world using the most sophisticated trading platforms in the world, with access to information you will never see. These cats do not have to contend with the market spread you trade with, and they can open and close a trade before you can even open an order. These professional traders work for banks, governments, and giant corporations.

Yes, you can make money trading Forex. Quite frankly, for nearly all of us, our time is better spent plodding along building little websites that bring in income month after month. You may lose a few websites along the way, but you will never have the exposure to the risk of financial ruin that is present in the Forex market.

You see, greed and impatience is what takes us out of the Forex and internet marketing games before we have a chance to succeed. Most of us have a far better chance to make money on the web than we ever will with Forex. Just have patience and do the work.

whs1978 - nice post. Thanks.
I know it will take time like more than a year before a trader can be successful in Forex.

Hey you could try to trade with pivot points and scalp some pips around the frankfurt and london open. Thats a way to make some pips with only very few indicators which are not lagging or repainting.

A broker that is good for starting out with is Oanda, they offer micro accounts i.e. you can trade with as little as 1 dollar. So can fund a $200 account or something and start learning with real money. Ive had an account with them for several years and had no problems. For large accounts I would look elsewhere tho such as Interactive Brokers.

i trade with MetaTrader on FXPro. Mainly EURUSD,GBPUSD,GBPJPY, USDJPY

I am using IKOfx ( demo ).

Anyone using FXPrime indicator?
Looks ok and simple to look at , i gain 30 pips yesterday with GBP & Eur.

One more question , what is the meaning of painting or repainting?

Price action....

That is all you need and you will win more then you lose.

Anyone using Ichimoku indicator?
I heard good review about it in Forexfactory forum.

It's a total gamble in my eyes. Different systems
are profitable in different Market conditions, choosing the system is easy but knowing what the Market conditions will be next is just pure guessing. It's when the Market changes from say trending to ranging that your nice little system hands back all your profits and some. This cycle
repeats untill you've lost it all.
Like someone just said, stick to websites, have patience, do the work and you will succeed eventually. Forex is only for the big boys.
Posted via Mobile Device

There are no profitable indicators.

There are no combinations of profitable indicators.

You can program and backtest any indicator or combo you want, and it will lose money over time.

Then, you can flip the signals (reverse "buy" and "sell" signals) and it will still lose money over time (this one will take a while to sink in as to why this is the case).


So yes, the only way to trade profitably is by NOT using indicators. But it takes a year or two of screen time to get to this level.

Here are some trading rules to live by:

1. Anyone selling a trading system is not a profitable trader (think about it... if you can make thousands a day trading why would you need to sell anything for $100-$1,000 per unit? You wouldn't need the income. Not to mention the more people using a system will destroy whatever edge you have in the first place).

2. Anyone selling indicators is not a profitable trader

3. Anyone on the trading forums charging for mentoring is not a profitable trader (the people I could name here...). Be careful, tho, they will use psych games and doublespeak to try to convince you that they are, in fact, profitable (and why you should listen to them) but they will not ever make REAL TIME calls (but you will see tons of after-the-fact charts with perfect entries and exits marked).

4. When in doubt, review rules 1, 2, and 3.

Originally Posted by darkman

One more question , what is the meaning of painting or repainting?

"Repainting" refers to a system changing its signal after the fact.

Once a candle or indicator value shows up on the chart, it should never change.

Suspicious systems will go back and change their historic values to make it look like they gave good calls.

For example, say you're trading the ES and right now price is 1000. Say an uptrend starts and 5 candles later price is at 1008. A system that "repaints" will make it look like it told you to buy back when price was at 1000, even though it didn't actually give you that signal at that time.

Make sense?

Any system or indicator that repaints is a bunch of scammy bullshit. How is a signal that isn't generated in realtime helpful to you? It's not. You don't need a system to tell you that you "should have bought" 5 minutes ago before the big rally. You need a system that DID tell you to buy 5 minutes ago before the big rally.

In other words, a system that "repaints" would be like telling you the winning lottery numbers after the drawing already took place.