QUOTE(carrer @ Oct 14 2015, 10:58 PM)
Firstly, price is the most leading and probably the best indicator in forex (in futures we have orderflow as the leading indicator). Therefore I don't use any other indicators.
Some traders trade price actions, some support and resistance, some patterns, etc.
It's not wrong to use an indicator(s) however you have to make sure that you have a statistical edge. The only way to test if it has a statistical edge is to backtest your indicator (manually or automated). If it has a positive expectancy after about 500 trades then you are good to go.
But again, indicators are prone to curve-fitting. It may work now, this year, this month, but probably not the next.
Regarding books, I don't think anyone would want to reveal their edges publicly. Take a look at The Turtles System, it might not be working anymore but worth a read.
Thanks a lot Carrer for your guide and advice.Some traders trade price actions, some support and resistance, some patterns, etc.
It's not wrong to use an indicator(s) however you have to make sure that you have a statistical edge. The only way to test if it has a statistical edge is to backtest your indicator (manually or automated). If it has a positive expectancy after about 500 trades then you are good to go.
But again, indicators are prone to curve-fitting. It may work now, this year, this month, but probably not the next.
Regarding books, I don't think anyone would want to reveal their edges publicly. Take a look at The Turtles System, it might not be working anymore but worth a read.
Really appreciate your precious time and efforts.
Oct 14 2015, 11:07 PM

Quote
0.0209sec
0.44
7 queries
GZIP Disabled