Overwhelmed

[glenngie]

Looks like there are so many indicators one could get overwhelmed. Any advice? thanks

[Patch]

glenngie

Welcome, take a breath. You only need a couple indi's. Check BuyZone, 3Semafors, Never Lose Again. via search.

Patch

[glenngie]

thanks for the info. I read the Never Lose Again repost on FXCM DailyFX forum. I did find the Buy Zone and 3 Semfors indicators. Is there a never lose indicator for MT4? Also, I thought I saw a Buy Zone for Dummies section but I didn't see the indicator. To break things down to the simplest from what I understand. Let take GBP/JPY , it's sitting at 142.82 , all indications show a major downtrend now... so for a reversal short position we already have more than 3 hourly candlesticks in a row. So what the Never Lose Again is saying is the next Red candlestick we see a sell is in order at xxx.25, xxx.50, xxx.75 or xxx.00, depending if it still pops up. Is there an indicator that simply says buy or sell after it meets this criteria or am I over simplyfying? thanks in advance!!

[stevegee58]

Don't get hung up on the indicators since you don't really need them. TheRumpledOne says this over and over. Speaking of which, come to his chat room on PalTalk during trading hours. He answers questions and calls attention to setups. Very educational.

[glenngie]

thanks for the chat room advice...if we really don't need indicators there sure are alot of them floating around here!

[stevegee58]

The indicators simply crystallize the trading concepts.

[glenngie]

how would I get the Buyzone for dummies? Is this a donation indicator? thanks!

[xtremeforex]

It is a donational indicator and I think it is worth the donation.

You get like 200 other more indicators that may be useful to your style.

The BuyZone alone has made me lots of profit in DEMO mode, I've tripled my account so far. It is almost depressing that I didn't do this with a LIVE account.

I'm giving myself a few more weeks to see if this indicator ever fails. I mean, this indicator is NOT going to get you a billion pips per trade or day. But it does a very good job of securing 5-15 pips per hour and it is pretty consistent and reliable with very low probability of moving against you.

The BuyZone rules basically only allow you to trade once at the beginning of the hour. This is a good way for the method to keep you disciplined and preventing over-trading.

This is the kind of progress I have been making so far.

On DEMO, I have been making 7 pips per hour x 6 hours/day = 42 pips/day. I have been doing this for 4 days now and have 42 x 4 = 168 pips. With my contract size, that is about 300 pounds in 4 days.

I have not lost a single trade because of the buyzone strategy. I have only lost trades for being impatient and trying nonsensical ideas. All the trades that I have lost are entirely my own fault, not the strategy.