Point & Figure Charts - Forex MT4 Indicators

Can the simplest forex indicators make you a millionaire?

This was a question on Quora I have recently answered for and thought some of you here might find it useful.
So I insert it here:
Do you want to be a millionaire trading Forex with indicators? Well, of course, you do...why would you post this question to Quora otherwise?
The REAL question is – how do you do it?
There are countless different technical indicators out there, so where do you start? Where do you focus your valuable time and money?
Let's understand first what Forex indicators are. In essence, they are tools that turn the already available price data into something else. You've read it right. They don't provide any new information you couldn't get simply by looking at the chart.
But there are still people who get amazing results with indicators. Have they invented a secret tool that actually moves the needle?
I'm not Tyrion Lannister to tell this to you, but it's probably not the case. As far as I know, there tends to be one reason why somebody is crushing it with technical indicators while others don't.
And it has nothing to do with the indicator or indicators being used.
So what I am talking about?
It's the personality of the trader that matters. Just think about it:
Indicator-based trading is more objective than price action trading. You can argue about whether a chart pattern is present, but there's no argument about an indicator's direction.
I really don't want to get into the age-old debate of which one is better because the answer varies from person to person. The point is that you have to find out which works for you.
It's not a complicated process, although requires a lot of time. Can you guess what it is? I know you can, it's called testing.
If I told you to start boxing because it works for Mike Tyson, chances are you would laugh at me. Then, in the same way, don't put money into random indicator just because somebody allegedly makes millions using it.
That somebody might has a large trading capital, a perseverant attitude, years of experience and a system you will never able to follow because it goes against everything you are comfortable with.
You have to test different indicators as well as price action techniques. By doing so, you will know which approach best suits you. Also, you will naturally figure out which of the specific indicators, chart patterns, candlestick patterns, etc., performed the best.
You can use free tools like MetaTrader's strategy tester feature or TradingView's market replay. Also, you can invest in backtesting software such as ForexTester.
Have a nice day!
submitted by marcellpetras to Forex [link] [comments]

How to use Point and Figure Charts (Point and Figure ... Better Know An Indicator: Point And Figure Charts - YouTube Chart Professor: Point and Figure Charts Ignore the Noise ... Point & Figure Charting - Projecting Cause and Effect ... Forex Profit Strategy earns 5% using Point and Figure chart. Point and Figure charts - YouTube Learn Point & Figure charts and know how to trade them ...

Point & Figure Charting reduces the importance of time on a chart and instead focuses on price movements. Point & Figure charts are made up of X's and O's, X's being new highs and O's being new lows. There are two inputs to a Point & Figure chart: Box Size: The size of movement required to add an "X" or an "O". For example, a stock at a price ... They are comparable to Point and Figure charts except that each new brick is plotted in a new separate column. So what’s the difference? A new brick is created once the minimum price movement required for a new brick to be plotted is met. Because the plotting of a new brick doesn’t depend on time, the time axis is drawn in a non‐linear fashion. As soon as price completes one brick ... Analyzing: With Forex Tester 2, the user can import the currencies and time frames from his historical data. This will generate a chart at the start of the analysis. It can also analyze profits and loss tendencies of his trade. Strategies: It offers the possibility to test strategies whether manually, automatically or both. The user can enter strategies and let the program do the rest. It will ... Brief history about Point and Figure Charts. The Point and Figure chart are said to be over a 100 years old. There are no clear details on the origin of the Point and Figure charts or who invented the Point and Figure charts, but a certain author Hoyle was the first to mention Point and Figure charts in his book, The Game in Wall Street, published in 1898. Point & Figure Charts – indicateur de MetaTrader 4 est un Metatrader 4 (MT4) indicateur et l'essence de l'indicateur de forex est de transformer les données de l'histoire accumulée. Point & Figure Charts – indicateur de MetaTrader 4 prévoit la possibilité de détecter les différentes particularités et modèles dans la dynamique des prix qui sont invisibles à l'oeil nu. Forex Indicator PIVOT POINT Support / Resistance for MT4 , MetaTrader 4 Platform Indicator " Pivot Point SR " is very powerful auxiliary indicator for Price Action trading Pivot Levels are calculated as an average of significant prices from the performance of a market in the prior trading period Pivot Levels itself represent a levels of highest resistance or support, depending on the overall ... I first became interested in Point and Figure trading two decades ago when I was trading equities. Prior to the advent of the personal computer it was necessary to create and maintain P&F charts by hand using graph paper but this work required very little time each day. I had good success and was pleased with the method.

[index] [22906] [10246] [15946] [28161] [29268] [4039] [18711] [18440] [26136] [23380]

How to use Point and Figure Charts (Point and Figure ...

Here we use Point and Figure Charting to project cause and effect movements higher and lower on the AUD-USD forex chart. https://ypinvestors.com/ Learn the basics of Point and Figure Charting from YP Investors and become a more educated investor. Tutorial video for any level of... More Trading Tips for Stock Traders at: http://www.TradingTips.com If you're not already familiar with Point and Figure charts, then prepare to have your min... Know how P&F charts are constructed and how to trade basic patterns. A Video by Prashant Shah. -----... BTC Tipjar 12EAXwhbT6JaC2DvGY875SWFMtrzJi8vF1 Follow me on Twitter! https://twitter.com/CarpeNoctom Referral Links Trezor Hardware Wallet - https://buytrezor... By use of live videos at http://www.ForexinSeattle.com we help students learn how to earn 5% with their money on a daily basis. Using a unique Forex profit s... The Chart Professor is back so we can dive further into the stock charts you need to understand and analyze to make smart investment decisions. This week Bru...