Sunday February 13, 2011 17:31
Custom Forex Indicators
Posted by Pro Trader as Technical Indicators
There is a great deal of traders who do not go in for drawing trend lines and defining support and resistance levels any more as they have already understood what the big picture is all about: drawing trend lines and identifying certain levels involves a great bunch of subjectivity which may prove to be extremely dangerous when the markets are tightening on us. Moreover, they want to develop their own working forex trading strategy which is based on facts, razor sharp entry points and objective valuing. If you want to get rid of the subjective lines on your graph then try some custom forex indicators and tune them to your liking.
All the traders who make excessive profits in the world of forex with this approach to the markets are always a bit ahead of the other players. They know something which is blurred or completely unknown to the majority of forex market participants, yet. They have a secret which they are not willing to share with the masses. Many times I have seen with my own two eyes that these underlying traders seem to have a secret weapon which is nothing else but a properly set-up custom forex indicator.
Many technical trend traders do not accept the fact that there is life beyond trend lines and trading patterns. Although, as the automated forex trading systems and algorithmic trading mechanisms gain more strength, popularity and importance trading as such is down to mathematical equations and to the series of 0’s and 1’s. In fact, as we all know forex trading and technical analysis in general is about self-fulfilling prophecy, meaning that the more people believe that the price should be moving in a certain direction then it is more likely that prices will finally move accordingly.
As a consequence of the logic above we can admit that in case you can manage to develop a custom forex indicator which is capable of monitoring the market and also capable of giving you the right entry points for trading (based on volatility, money flow, trend indications, volume etc) then you may have a competitive edge that can make you extra profits for the time being. The market is in constant motion so you should regularly check then double-check these custom forex indicators and you should always tune them to the current market operations.
Custom forex indicators will give you the chance to succeed in this respect. All the better if you can program your own indicator based on your ideas and your experience. This is the only way how you can ensure that you will feel comfortable with your new trading companion. custom forex indicators can be very beneficial if you can manage to carefully select the one that you can get fully acquainted with and if you do not get lost in the massive flood of alternatives. Keep yourself focused and search for the one indicator that can be implemented into your very own trading system where your very own rules prevail.
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