Indicators are many a traders’ panaceas. If you know how to use them “correctly” your trading surely must take on a new level of accuracy. Countless software developers have spent much time and money on refining the perfect indicator, not to mention that they are making billions from selling them to hopeful traders desperate to find something they have been trained to perceive as tangible to make their trading easier.
If you are a discretionary trader and have been trading for a long time you probably know that your indicators are anything but reliable friends. They are fickle, change their minds often and arrive at the party usually when everyone else is ready to leave.
Alas, your trading mind needs an entourage: It needs to feel safe and it needs the illusion that more is better. There is safety in numbers, hence you think that “confirmation” of your trade gives you a higher probability of the trade succeeding. That is the lore told by many educators out there. It is all humbug designed to make you even more uncertain as your linear mind is already stretched to deal with the information on the screen that is changing every few moments.
Yet what do you do? You get even more indicators, you tweak them, put more lines on your charts, trade multiple time frames all in a bid to gain more information to make you trade with greater accuracy.
This content is restricted to site members. If you are an existing user, please log in. New users may register below for FREE.