Hello everyone, I am new here, I have been trading for about a year now and I am trying to become better at what I do. I have been using a few indicators and oscillators (mostly: MACD, Vortex and RSI) , I would like to now which strategies and tools do you people most like to use / had the most success with and why.
Most people do not know how to take signals from indicators. Most people prefer to "invent" instead of make use of better tools. Most people do not see a connection between an entry tool and the corresponding exit tool. Most people think they have to use time as a vaiable in markets. Most people only use the dependent variable for thinking they can make money. A lot of academics have condemned their wromgly constructed patterns. Most traders creat beliefs around common myths and they get the concequences of their beliefs. If anyone even posts any tools, then the readers will wreck the tools mentally and they will have no use. So once people begin to do the above, there is no way they can find of use any important tools. Tools cannot be made to work when the mind is permanently cluttered up.
I agree. It depends on the trading instrument and the time frames. For example, ES is a congested or mean reverting market. Tools that indicate reversal such as overbought/oversold, regular divergence, multiple divergence, etc., may be more useful. Crude oil is a running market. Technical indicators that confirm trend continuation such as EMA crossover, the Floor Trader Method 9/18 EMA, reverse divergence, etc., may be more helpful. Knowledge does not equal to experience. Even though the best tools are available, we still need to practice, practice and practice .......... Just my two cents.
IMHO, if the parameters of your indicators, including most of what available out there, are near reflection of the market's cycle duration, you shall find consistent patterns or regularities in the indicators.
The most import tool is having high self-awareness. So the most important tool is the mind. If you have low self-awareness, you will know because you will soon start talking about discipline, lack of, or the need for it. Then it becomes a struggle. Because struggle is the human condition, I must be on the right path, it's normal isn't it. High self-awareness, detachment, no struggle. Highly self-aware people will have no idea about what I'm talking about.
Great point, does this go hand in hand with asking why is this happening or this doesn't make sense? When I'm on I don't care why or how it just is what it is.