Custom Indicator - which one?

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Hi everybody!
I am new in Forex trading and wonder which one custom indicator to use . Please share your experience!
 
Personally, I don't think there is just "one" indicator that works. A system will be made up of a combination. There are hundreds of published strategies all claiming varying degrees of success. IMHO not only do you need a combination of indicators, you need a combination of strategies too. What's good about MQ4 is if you can code it, you can quickly seperate the wheat from the chaff.
Happy hunting
V
 
M
> which one custom indicator to use
I will second Viffers comment - there simply isnt (just) one..
They have different jobs to do & will work better or worse on different pairs & timeframes

Not being aware of the underlying situation. i.e. the higher timeframes, action on related pairs, news events, etc

For your chosen pair you need to know what the active hours are for it
To using ranging indicators (eg Stochastics) or a trending indis (eg Moving Averages) as appropriate
If the market is trending, use a divergence indicator to reveal a reversal risk (eg RSI or CCI)
Be aware of the 'lines in the sand', i.e. the significant support, resistance or Large Round Numbers - where the Pivot, R1, R2, S1, S2 is each day on a pair?

You've got to pick one pair as the eventual trade pair and also be aware of related pairs, eg if you want to trade EURUSD, be aware of USDCHF (usually going in the opposite direction)

Good Luck - you'll need it - or total dogged determination and the ability to learn & adapt...
-BB-
 
malincho99:
Hi everybody!
I am new in Forex trading and wonder which one custom indicator to use . Please share your experience!


Hi there, There are lots of resources out there that will help us, dont limit yourself into one reference only, I suggest that you find a site that will help you come up with a good strategy that is free of charge. Makemoneycurrencytradingdotcodotuk is good as they run a live portfolio so you can actually see if their strategies are making profit live. They send out a daily email each day with the trades.

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