There are numerous indicators available on your trading platform and selecting which one to use can be a big headache for most new traders. Therefore I decided to write this post to share with you how to select the trading indicators that you required.
First of all, let me go through the importance of trading with indicators. With the help of indicators, we are able to identify the best time to enter and exit our trade. With the help of indicators, we are able to tell the current trend of the market as well as where the strong level of supports and resistances are.
However to choose the forex indicators that you can use in your trading, you need to first understand which types of traders you are as well as the type of strategy you are going to use in your trading.
Types of Traders
- Market Scalper
- Day Trader
- Position Trader
Types of Strategy
So which type are you?
Secondly, how many indicators do you need?
Personally, I feel that simplicity is the best. Therefore I never have more than 3 indicators on any one of my trading plan. Do note that it will be very confusing if you have too many of them on your chart.
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