Wednesday, 2 August 2017
Technical Indicators: 3 Tips To Use Them Right
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success tips
No matter if you are an expert trader or a total beginner, eventually everybody finds out that trading analysis is divided in two categories: fundamental and technical.
While there would always be extremists saying that one is better than other, successful traders have all agreed that a combination of both is the best solution to keep your account growing.
This is not the first (or the last) time we would be speaking about trading analysis. We just thought it was the right time to clarify the basis of how to correctly use technical analysis.
1 - Don’t base your strategy only in technical analysis
I know… A bit of a controversy here, right? But it’s true. You shouldn’t base your trading strategy only in what graphics show here and there, because in that case you would be limiting your vision to a very, very, very tight range.
The idea is to find opportunities everywhere. Plus, markets are highly influenced by investors psychology, which is not always well represented by trading indicators.
2 - Treat technical analysis seriously, it’s not a hobby
There are many people out there thinking that trading analysis is some sort of hobby, just look at any forum and you’ll see what we are talking about.
The fact is that way of working won’t take you or your capital any further. Why? Because trading is all about a methodical, consistent and accurate approach that leaves emotions aside and limits human mistakes as much possible.
3 - Use multiple indicators simultaneously
The goal is to prove you wrong, and if you can’t do it then you’ve got a case. By using one single magic indicators, you are heading to bankrupt without noticing. As we said before, you should be open minded and don’t trust single formulas of success. Depending on the assets you are trading, find at least three indicators to create a consensus.
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There is a great difference with the essence of Technical Indicators and the uncertainties of Forex. HND Assignment The indicators are there to guide or help you to an extent to forecast price movements or price actions in relation to the occasional spikes due to world events/central banking policy like you mentioned.
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