We have a question from one of our fellow traders asking me to recommend the best forex indicator to use.
Below is the question:
Please give advise on the best indicator and how to make profit without any loss?
For the first question regarding the best forex indicator to use, I shall recommend you the indicator that I personally think is the best to use.
The indicator that I find the best to use is the MACD indicator. This is an indicator that has many features and different ways of using. In addition, I have also done some fine tuning with the settings which makes it better.
With the MACD indicator, you can use it to tell the direction of the trend, the strength of the trend as well as identify when the price is going to reverse.
You can read more about this indicator from the posts that I have written some times back.
As for your second question on how to make profit without any loss. I must tell you frankly that it is impossible. If you have the mentality of wanting to find a strategy or indicator that can help you to make money without any loss, I will suggest you to stay away from trading.
There is no way anyone can win 100% of the time in trading. Losing is simply part of the game. As long as you can win 7 out of 10 trades, you are considered a good trader. If you see any advertisement telling you that the strategy taught by them wins 100% of the time, they are bound to be a marketer and not real trader.
To make money in forex, you do not need to win 100% of the time, you just need to have a strategy that has a risk reward ratio of at least 1:2 and winning percentage of at least 65%.
I must take this chance to tell all of you reading my blog to stop searching for strategy that wins 100% of the time as you will find that you achieve nothing in the end. Be realistic, find a strategy that wins 60 to 70% of the time and has good risk reward ratio. Practice it on a demo account for at least 3 months until you have consistent profits. Then you move to trade live account with your hard earned money.
I hope that I have answered your question and if you have anything to add, do feel free to give your comments below.