Forex industry is believed to be a magical world where newbies fantasize about earning millions of dollars and that too without putting in much effort. But, the reality is you cannot expect to earn even a penny if you’re not capable of performing in-depth market research on the basis of which you can take a profitable trading decision.
I started working as a full-time trader back in 2010. From a clueless, unmindful novice to a profit-making, successful trader, my journey is nothing but a tale full of miseries and achievements. Similar to any other trader, I had to struggle really hard to turn my losses into substantial profits. I tried numerous resources and forex tools during this span including forex indicators that showed me direction and helped me grow as a more professional and informed trader.
In this post, I’ll let other traders know how forex indicators helped me earn more than $30,000 from forex business. Excited? Let’s explore…
I Tried 100 Indicators, Very Few Were Good
You must be wondering why there is availability of so many indicators in forex? Well, the answer is quite obvious. Not all traders are alike. This is why, different traders prefer different indicators for their analysis that best fits their trading strategy.
I tried more than 100 indicators and realized that very few were actually good. Yes, I wasted lots of my time on testing different options and you can obviously save your time and energy by putting in some time into research to pick the right set of indicators for your trades.
Keep in mind, the selection of indicator mainly depends on your trading strategy. For instance, if you’re a day trader, you’ll need a different set of indicators than scalpers. Make sure to check out different forex indicator reviews to make a knowledgeable decision.
But In Trying All These Indicators I Learned to Trade
Although, I sometimes feel I should have invested more time to narrow down my search, but the fact is in trying all these indicators I eventually learned to trade. Different indicators gave me clear idea of how market trends work, how price fluctuations can be determined and which particular stage is perfect to actually trade currency pairs. Honestly, all this information wouldn’t have been possible without trying out different indicators.
Now I Trade and Use Indicators Alongside for Success
The 9 years duration was enough time to select the perfect set of indicators for my trading strategy. Thanks to MACD and oscillators, I’ve finally managed to earn over $30,000 from the forex business and guess what? Statistics are continuously improving…
I still take time out to experiment with other indicators to see what they have in store for me.
The only permanent thing in the world of forex is ‘change’. Without right tools and resources, it would be extremely difficult for you to predict the flow or take the right decisions. This is why, it’s important to take hint from these indicators to know more about the market movements so that you can take your decision accordingly.