Nowadays, you can see a lot of advertisements on secret forex indicators that help you to turn 100$ to 10,000$ in a few days.
Do you think is it really possible to become Millionaire using the secret forex indicator?
Let’s see the real truth behind the secret forex trading indicators.
Most of the traders are indicator-traders. Very few of us are trading depend on the naked chart without any indicators. Naked Market analysis is possible through price action strategies.
Forex indicators provide some colourful indications or signals to help the trader for taking decisions for entering and exiting the trade.
People who trade depend on indicators feel comfortable and safe because they trade completely depend on the indicator signals not depend on the market conditions.
Whatever happens in the market, the forex indicator will hide the real nature of the market because indicators are a programmed language containing a set of algorithms and rules for showing the indication of a buy-sell signal in the chart.
Indicators work mostly depend on the time, volume, volatility, pip movement, time frame comparisons, candlesticks open and closing price, mathematical algorithms, formula, trading system, buyers and sellers volume, etc. All these are the major information required for creating a forex trading indicator.
The indicator is like a programmed bot. There are pre-programmed rules and formula for executing buy-sell indication in the chart. If the market moves depend on specific rules, then the forex indicator will show you “buy-sell indication” on the chart.
The forex signal software will recommend you to buy or sell the trade with fixed take profit or stop loss in the market. In reality, this kind of fixed trading systems doesn’t work because the forex market doesn’t move fixed pips every day. Each day market price will make different distance movement in the charts.
Having fixed stop loss and take profit looks good for mathematical calculation of your profits/losses. But in reality, this trade system fails harder continuously during the trend movement.
Do you think Indicator is going to give you success in trading?
If you say “YES”, you are wrong.
The answer is “NO”
Because the forex indicator will show you buy or sell signal depends on the developer’s Own Strategy, not depend on the market conditions and nature.
Following the indicator is like believing on other trader’s opinion
Yes, Exactly. If you want to follow other trader opinions depend on their own strategies and rules. you can use the indicator.
However, Indicator will not help you to make profit consistently because it’s a programmed software without having the ability to understand the market nature and economic news impacts.
There are millions of indicator in the forex market, but each of the indicators shows different buy or sell signal. Either you used a free or paid indicator, If you compare one indicator with another indicator you can see the opposite signal in the currency pairs chart.
You may waste a lot of money to find a good indicator in the forex market.
Always backtest your indicator or use Demo account on your broker to test the indicator trading strategy.
Remember that Indicator = Following other trader opinions.
Instead of analyzing on your own, if you follow other people opinion, you may lose more money on the market without any reasons.
There is no Top secret forex indicator in the world.
If someone says anything as a “Secret forex indicator” to become successful in trading, always backtest the indicator by yourself, don’t just trust the result shown on their live accounts or website.
Beware of forex indicators scam!
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I like what you just said, it shows that you and I we thinking same thing about the market and trading
Wow, very interesting, would love more information.