Originally Posted by David Waring

Hi RogueTrader,

Glad to hear from you and glad to give my two cents on this as I hope others will as well.



There is a good discussion covering the above question here:

What Are the Best Indicators For Trading?

In addition to that information I always encourage traders to learn about each of the major indicators for themselves so they have an understanding of what each tells you about the market and therefore when each is appropriate to use. For example some indicators are designed to tell you when the market is trending and some indicators are designed to tell you when it is due for a pullback. Most of the major indicators are covered in module 3 of our basics of trading course.



Yes this is correct some traders do not use indicators in their trading. The first thing that I think it is important for new traders to understand is that there is not one correct formula for profitable trading. There is a book called Market Wizards, in which the author travels the United States interviewing some of the world's top traders. Throughout all his interviews he said that the thing that he found that all of these traders (most of whom had very different strategies) had common, was that they developed a strategy that worked for them.

Because of this I always suggest to new traders that it is best to learn a little bit about the different aspects about technical analysis (indicators, chart patterns, trendlines etc) and a little about fundamental analysis (economic indicators, central banks, stock valuation etc). Once you understand a little bit of all the major stuff that different traders use, then you can pick and choose what you feel will work best for you.

A good quote from Bruce Lee that one of our members Pan always likes to give regarding this is:

"research your own experience, absorb what is useful,reject what is useless and add what is uniquely yours." bruce lee

Any thoughts on what I have said here?

Best Regards,
Dave