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You should also make a list of exactly what you want your system to tell
you. do you want it to give you specific entry
prices? Tell where to exit a trade? Give you a stop as well as a money
management system that will fit within your
trading system? The system should contain a minimum number of indicators.
The indicators should not be based upon the
same data. It should be controlled by price criteria. this is my opinion
only. Ira.
and if you want my opinion ... forget indicators as price action discounts
everything!! learn to interpret price action. why have an indicator
interpret for you? this is a thinking man's game. think for yourself!
don't let indicators think for you. you have hundreds of indicators today
which didn't exist years ago. then why aren't more traders doing better than
the traders of the past? because most traders don't want to learn ...
because most traders are not passionate about what they do ... because most
traders are only after the money, and they are not in pursuit of excellence.
most traders just want some indicator to tell them buy, sell, buy, sell.
well if that's the case then give your money to a fund manager and he'll do
the same for you without you having to wake up at 5 am everyday (i live in
PST). forget indicators. most indicators only tell you what has already
taken place, and then it's too late. leading indicators tell you what may
take place, and that is dangerous as it leaves you with an opinion ... which
i don't think a trader should ever have. however, price action tells you
what is taking place here and now. so i will leave you with that ... price
ation discounts everything!! learn to understand price action and how to
read charts. this is the art, discipline and psychological aspect of
trading. most only master the science of trading. -sonny sarkissian-
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