Best forex day trader

The MACD, RSI, moving average, Bollinger Bands, stochastics, and the list goes on, but what are the best technical indicators for day trading? Day traders need to act quickly, so trying to monitor too many indicators becomes time consuming, counter productive and is actually likely to deteriorate performance. When best forex day trader trading–whether stocks, forex or futures–keep it simple.

Use only a couple indicators, maximum, or not using any is fine too. Indicators aren’t required for profitable trading. Practice trading based on price action and there is little need for indicators. That said, an indicator does help some people see things that may not be obvious on the price chart. For example, the price is trending higher, but it is losing momentum. Unfortunately, indicators come with their own sets of problems, signaling a reversal too soon or too late. Indicators aren’t inherently bad or good, they are just a tool and therefore whether they are detrimental or helpful depends on how they are used.

Also, indicators may be part of the same “family. While they may appear slightly different, usually just using one is enough. Having all three on your chart isn’t going to improve the odds of your trades, because all these indicators are going to give you pretty much the same information most of the time. MACD can give the same information. 12 and 26-period MAs to your price chart, the MACD indicator and MAs will tell you the same thing. When the MACD crosses above or below the zero the line, that means the 12-period moving average crossed above or below the 26-period.