Replies to post #135161 on Simple's Green Room

[pennies2007]

I've learned over the years Kirby that less is more when it comes to charting and indicators. The more you become a student of pure price action, the less you need the indicators.

One of the key problems with indicators is that retail traders as a whole get too attached to them and try to use them as signals to tell them when to enter or exit a trade. I'd recommend keeping them to a minimum.

Once you become a student of pure price action, you'll find that you really don't need much in the way of indicators. I've often found that pro traders, for example, will using something basic like an RSI or MACD but not much else. They're focused on levels of support, resistance, volume, etc., to give them signals for trades.

I've seen many charts, including some of my earlier ones, that were so cluttered with indicators that it was difficult to even see the candles on the chart. When you get to that point, it's time to clean house and start over again.

If you choose to use a particular indicator to assist in trading, I'd recommend you pick one, maybe 2 at most, and learn them inside and out. Use them as an assistant only and focus mostly on the price action and you'll be far ahead of the curve.