The Best Forex Indicator is the TRADERS DYNAMIC INDEX or TDI PRO. This is because It shows Positive and Negative Market Sentiment, Trend Direction, Momentum and Market Strength. It signals Divergence setups.
Gives pop up Alerts … and more! This is an all in one Forex Indicator and every Forex Trader should consider using the TDI Pro.
Indicators are probably the most overused tool beginning traders rely upon in any market. Whether you can make money with them, or not, has probably been the most discussed topic in Forex over all. What does an indicator tell you? Technical indicators are merely graphical aids which are generated through simple, or sometimes complicated arithmetic operations based on data that you already have access to. That is simply the information that is already there, in front of you, in every candlestick.
There are many different indicators for you to choose from. How do you know what indicator to rely on? What I am here to tell you is that there is only ONE thing that matters inside a chart. That is price.. Nothing else, nothing more. The price, the way it moves, the way it reaches the highs and lows, is all there is to know about the market.
Indicators obviously lag, because price cannot predict itself. That makes sense, Right?
If you are reading this article then you have made the wise decision to take your time and learn about Forex price action trading and the power of the numbers built into the MM4X price action software..
You may be asking yourself “What is price action?” and let me tell you. It is the most powerful, yet simplest way to trade the market with success.
It is a form of technical analysis and it uses candle patterns a chart which represents data.
This data shows what the market has been doing for the specified time range. All economic data and global news that affect price in any way will be reflected on the price chart so it eliminates almost any use of following the news.
The main thing that separates price action trading from all other trading strategies is that it uses “clean” or “naked” charts.
There are no indicators or anything confusing on your chart, except the MM4X price action numbers, since all reversal candle patterns develop against the numbers in the MM4x Price Action Software.
The only thing that is there is raw price action displayed as candles against the numbers that contain price action in the Forex.
This makes trading simpler and easier to read, and the numbers warn you a reversal may be near.
Many of the charts today have indicators all over the place with confusing graphs and squiggly lines that make no sense at all to you. Everything that these indicators can do, we can do also just by reading the raw price and the numbers in the MM4X Software
All you need are the candles and the numbers to make every trading decision you will ever make. Along with simple support and resistance lines.
By using price action trading and numbers on clean charts, you are eliminating any distractions and just focusing on the most important part, the price.
As I said before, and I can’t stress enough, raw price action against the numbers displayed on your charts is all you need to trade profitably.
It makes trading easier, simpler and way less confusing. It is also a lot easier on the eyes to look at a nice, clean-looking chart instead of an overcrowded, confusing chart.
In simple terms, price action is a trading technique that allows a trader to read the market and make trading decisions based on the actual price movement on the chart, rather than relying on lagging indicators. Most indicators are derived from the actual prices on the chart, so they are in fact, giving them information on past price movements.
Why would traders want to base their trades on past information, when the most important factor in trading is what prices are doing right now, and what they are most likely to do in the very near future? By using certain strategies, past information can help the trader to learn what prices are most likely going to do in the short term, rather than trying to guess using lagging indicators.