I’ve been trying different indicators, but it’s hard to know which ones are reliable. Some seem to work one day and fail the next.
Anyone had success with specific indicators when starting out? I’m curious about what worked for others in their early trading days.
Tried a bunch of indicators. Bollinger Bands worked best for me. Made $450 last week just trading breakouts. Keep it simple though.
Started out with simple stuff like moving averages and RSI too. They’re decent for getting a feel of the market.
But honestly, price action is where it’s at. Learned that the hard way after blowing up a few accounts chasing perfect indicator setups.
Now I mostly watch support and resistance levels. Way more reliable than any fancy indicator, especially for quick trades.
Man, I remember obsessing over indicators when I started. Blew half my account on a “foolproof” MACD strategy.
These days, I keep it basic. Price action, support/resistance, and volume are my go-tos.
Last month, I caught a sweet breakout on GBP/JPY just watching price push through a key level. No fancy indicators needed.
Still get that adrenaline rush on every trade though!
Effective indicators for beginners:
• Moving averages - trend direction
• RSI - overbought/oversold
• Volume - confirm price moves
Focus on price action and support/resistance. Backtest strategies before live trading. Risk management crucial.
Look, indicators can be helpful but don’t get too caught up in them. When I started, I kept things simple with just moving averages and RSI. They’re easy to understand and can give you a decent feel for trends and overbought/oversold conditions.
But here’s the thing: no indicator works all the time. The real key is learning to read price action and understanding market sentiment. Start with basic support and resistance levels. Watch how price reacts at these points. That’ll teach you more than chasing the perfect indicator setup.
Remember, indicators lag behind price. They’re tools, not crystal balls. Focus on managing your risk and developing a solid trading plan. That’s what’ll keep you in the game long-term.