Saturday, June 24, 2017

Forex Trading Indicator Selection Tips

April 5, 2013 by  
Filed under Fx Indicator


There are numerous indicators available on your trading platform and selecting which one to use can be a big headache for most new traders. Therefore I decided to write this post to share with you how to select the trading indicators that you required.

First of all, let me go through the importance of trading with indicators. With the help of indicators, we are able to identify the best time to enter and exit our trade. With the help of indicators, we are able to tell the current trend of the market as well as where the strong level of supports and resistances are.

However to choose the forex indicators that you can use in your trading, you need to first understand which types of traders you are as well as the type of strategy you are going to use in your trading.

Types of Traders

  • Market Scalper
  • Day Trader
  • Position Trader

Types of Strategy

So which type are you?

Secondly, how many indicators do you need?

Personally, I feel that simplicity is the best. Therefore I never have more than 3 indicators on any one of my trading plan. Do note that it will be very confusing if you have too many of them on your chart.

To find out which types of indicators suit your trading style and strategy, do watch the videos below.

Click Here to watch the 1 Hour Preview To my Forex Street University Course

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Comments

3 Responses to “Forex Trading Indicator Selection Tips”
  1. Micheal says:

    Your lessons are so straight forward and simple. I have found the training I have been looking for. By the way I am In the Island of Jamaica. My son calls me all the time and cries telling me he misses me a lot, because where I work is over a 100 miles away from him and I only get to see him once or twice a month,and it hurts my heart, but I have a surprise for him thanks to you because I plan to stop working as a security guard by December and start day trading fulltime.

    • Kelvin says:

      Hi Micheal

      I am glad that my lessons are useful for you. You can do it if you persevere and spend time to practice what you have learned here.

  2. Dhananjay B says:

    Thank you for your videos it is very helpful.

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