Are there any hidden or magical theories to win every trade?
Every person has his hidden technique to trade and that technique he will never reveal! Hehehe, I am asking you that which magical formula you have? Unfortunately, there is no hidden technique to become consistently profitable in every trade. If you had that magical trading technique you never surf on tradingview.com, yeah, why you surf here? You have that technique that will give you 100% accuracy, but believe me, there is not! Everything is open and nothing is hidden.
Which indicator is good and which indicator do you use?
The most asked question ever! Mostly I don’t use an indicator. Because it gives everything late, we often call it a lagging indicator. Indicators are like clock it will keep changing. But more often it depends on your trading style that indicators are suitable for you or not! If you are a necked price action trader or Elliott wave analyst you don’t need to check indicators, not even for confirmation. I was using indicators for confirmation, but they were changing my bias and trading decision that’s why I stopped checking indicators. I have one very successful indicator which is my trained eye, I used to identify reversal, and it may be more accurate than other indicators.
I am not agreed with your answer madam! Likewise, I am getting good profit with indicator, why you are criticizing indicator?
I already maintained that it depends on your style, there are lots of people who spend money on buying indicators, but they are still unsuccessful even with paid indicators. Maybe your trading style is profitable with indicators, neither I am criticizing nor I stopped you to use indicators. If you are very familiar with that indicator, and you are getting profit then you must stick with those indicators which will good for you! And the person who is not getting enough returns with indicators, they have 2 ways,
1. Choose an indicator that is suitable for you then back test consistently. Don’t mix up more than 3 indicators because it will be confusing to take a trade decision. Add solid risk management (you have two techniques (1.) Risk per trade (2.) percentage of the portfolio)
2. If your mind has decided the indicator don’t work, use price action and become naked(Is the term of technical analysis)traders who don’t use the indicator, but they follow price and volume and momentum manually.
Can you tell me the best setting for indicators?
Well, there is no magical setting that will give you 100% accuracy, if you are using RSI you will find that you are getting very good buying signals on bank nifty and nifty but if you will apply it on stocks, or forex market it will be useless. I don’t prefer to find new settings because a new setting will affect your trading decision.
How can I trade without indicators?
Indicators are not everything! You can also use,
Chart patterns,
Candlestick patterns,
Elliott wave theory,
Harmonic pattern,
Price action
Gann Theory
Dow Theory
Fibonacci & geometry tools (fan, arc, channel, etc.)
You can choose any as your primary trading theory. Mostly I use Elliott wave theory as my primary tool.
Can we combine 2 or more theories to get good results?
Yes, you can! For example, if you are using price action + Elliott wave + time cycle analysis, you can easily find where the excess can be formed. An excess will tell you that this corrective wave is to complete. And time cycle will guide you that when the new impulsive wave is going to start! Sounds easy but it will take very hard practice. Probably yes, we have to convert our knowledge into action which needs regular practice. Regular practice helps us to build a good habit. And also don’t try to use all the theory otherwise you will never become a master in any strategy.
I am taking profit without putting SL, is it good?
Maybe you are used to, but I strictly follow risk: reward ratio. And as per my trading, SL is a must in every trade. My favorite r: r is 1:3, 1:5, and 1:7. I just stick with it. If you are putting SL your risk is calculated and without SL you are risking all capital.
How can I learn to trade?
If you want to learn any theories and techniques you can read books. It will help you to gain knowledge for trading. There is a lot of famous and back tested book.
If you want to learn to trade just apply your knowledge to a demo account if you are not comfortable with a real account. Mistakes will guide you to success.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------
if you have any questions you can ask me in the comments I will upload in Part 2.
Every person has his hidden technique to trade and that technique he will never reveal! Hehehe, I am asking you that which magical formula you have? Unfortunately, there is no hidden technique to become consistently profitable in every trade. If you had that magical trading technique you never surf on tradingview.com, yeah, why you surf here? You have that technique that will give you 100% accuracy, but believe me, there is not! Everything is open and nothing is hidden.
Which indicator is good and which indicator do you use?
The most asked question ever! Mostly I don’t use an indicator. Because it gives everything late, we often call it a lagging indicator. Indicators are like clock it will keep changing. But more often it depends on your trading style that indicators are suitable for you or not! If you are a necked price action trader or Elliott wave analyst you don’t need to check indicators, not even for confirmation. I was using indicators for confirmation, but they were changing my bias and trading decision that’s why I stopped checking indicators. I have one very successful indicator which is my trained eye, I used to identify reversal, and it may be more accurate than other indicators.
I am not agreed with your answer madam! Likewise, I am getting good profit with indicator, why you are criticizing indicator?
I already maintained that it depends on your style, there are lots of people who spend money on buying indicators, but they are still unsuccessful even with paid indicators. Maybe your trading style is profitable with indicators, neither I am criticizing nor I stopped you to use indicators. If you are very familiar with that indicator, and you are getting profit then you must stick with those indicators which will good for you! And the person who is not getting enough returns with indicators, they have 2 ways,
1. Choose an indicator that is suitable for you then back test consistently. Don’t mix up more than 3 indicators because it will be confusing to take a trade decision. Add solid risk management (you have two techniques (1.) Risk per trade (2.) percentage of the portfolio)
2. If your mind has decided the indicator don’t work, use price action and become naked(Is the term of technical analysis)traders who don’t use the indicator, but they follow price and volume and momentum manually.
Can you tell me the best setting for indicators?
Well, there is no magical setting that will give you 100% accuracy, if you are using RSI you will find that you are getting very good buying signals on bank nifty and nifty but if you will apply it on stocks, or forex market it will be useless. I don’t prefer to find new settings because a new setting will affect your trading decision.
How can I trade without indicators?
Indicators are not everything! You can also use,
Chart patterns,
Candlestick patterns,
Elliott wave theory,
Harmonic pattern,
Price action
Gann Theory
Dow Theory
Fibonacci & geometry tools (fan, arc, channel, etc.)
You can choose any as your primary trading theory. Mostly I use Elliott wave theory as my primary tool.
Can we combine 2 or more theories to get good results?
Yes, you can! For example, if you are using price action + Elliott wave + time cycle analysis, you can easily find where the excess can be formed. An excess will tell you that this corrective wave is to complete. And time cycle will guide you that when the new impulsive wave is going to start! Sounds easy but it will take very hard practice. Probably yes, we have to convert our knowledge into action which needs regular practice. Regular practice helps us to build a good habit. And also don’t try to use all the theory otherwise you will never become a master in any strategy.
I am taking profit without putting SL, is it good?
Maybe you are used to, but I strictly follow risk: reward ratio. And as per my trading, SL is a must in every trade. My favorite r: r is 1:3, 1:5, and 1:7. I just stick with it. If you are putting SL your risk is calculated and without SL you are risking all capital.
How can I learn to trade?
If you want to learn any theories and techniques you can read books. It will help you to gain knowledge for trading. There is a lot of famous and back tested book.
If you want to learn to trade just apply your knowledge to a demo account if you are not comfortable with a real account. Mistakes will guide you to success.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------
if you have any questions you can ask me in the comments I will upload in Part 2.