Do Forex Indicators work?


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Do Forex Indicators work? And What Is The Best One

 

Indicators are the all-important tool you need in order to profit from the forex market or they are just a change in perspective after all, it is just another way of interpreting price so what more can it show you that you can’t already see, and can use them really make you more money if so which indicators should you be using

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What do I mean when I say an Indicator? well I’m going to assume at this juncture that you are trading using met trader 4 mt4 platform now if now I can tell that it is the world’s most popular retail trading platform at where it’s widely available and free on most bigger platforms

 

And it’s very powerful and it’s particularly very powerful for those of you that are trading the market in an automated way reason being is it has an editor that you can take advantage of as long as course as programming is your thing however if you are like me and it certainly is not my thing then the great news is someone else in most cases has done all the heavy lifting for you in creating these indicators that we need now within metatrader4 mt4 you will find a lot of indicators that have been pre-coded

 

Now these come as standard that makes our life a lot easier as traders because you can simply add these indicators to the chart Bob’s your uncle and away you go, come over are these actual indicators any good how can you as a trader quantify it’s used in the complex world of strategy building after all, doesn’t indicator mean that you are going to become an expert trader overnight, gosh I wish that was the case make all our lives a lot easier of what I think the short answer is no it’s not going to do that for you and the reason being is because there is no real one indicator

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Now traditionally and according to Wilder our site is considered overbought when price is above 70 or so and over so let’s buy it when price moves below 30, let’s not hang on a second what does that actually mean, peer allies the issue with indicators now be honest with yourself here when I ask you this question have you ever found yourself using an indicator with little to no understanding of what’s going on under the bonnet

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If so don’t worry you are certainly not alone relative strength index like any other indicator is in tune with the price it’s price the here and now and doesn’t provide you with information about the future instead as the name suggest it indicates to you the trader what price is doing over and beyond it’s just simply moving up and down so in the case of a relative strength index this tool enables you understanding of the momentum in price by measuring the speed and change or movement over time


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