In today forex faq, we have 2 questions from our fellow traders one regarding whether the indicators that I am using are standard one or modified one.
Below is the question:
I want to ask, when you use indicators, is the standard one or modified? Thanks.
When trading with indicators, I usually use those standard one and slowly modified the indicators to fine tune my strategy. However I will say that majority of the indicators that I am using are standard ones except for two indicators.
These 2 indicators are my most commonly used indicators and therefore I tend to adjust the setting to give me better entry and exit which will greatly increase my overall winning percentage.
For those of you who are my students of my Forex Street University course, you will learned about these 2 modified indicators and how I uses them. For those of you who are not my students, I will suggest that you make use of these 2 indicators in your trading strategies and do some fine tuning to the settings and you may see some improvement in your trading.
In fact, when you are fine tuning your own strategy, you can start to adjust the setting of any one of the indicators in your strategy to see if it can give you a better trading results.
To check the effectiveness, you can do a back testing for at least 6 months for each adjustment. Although the process is very tedious and time consuming, the final outcome can be very worthy.
I hope that I have answered the above question well and below is the next question.
What is the right time to put in our trade? I’m conscious of it and hate to trade short time again…really takes a lot of time to do winning trade.
From the question above, you are asking me what is the best time to enter a trade and this has to be determine by your trading plan. All profitable trading strategies will come with a set of entry conditions and all you need is to follow it. Since you are asking this question, it seems to me that you are still without a reliable strategy.
To solve the problem you are facing, you can either take a good forex course and learn the strategy in it which will come with a set of entry condition to tell you when is the best time to enter a trade or you can take a general strategy from my blog here and do formulate it yourself by fine tuning the strategy.
I have written a post on how to formulate your own strategy below.
I hope that I have answered your question and do feel free to email me again if you have any problem.