Ep 100: Simplifying Trading Indicators (ADX, MACD, Bollinger Bands, RSI)
★ SUMMARY ★
In today’s episode, we’ll talk about simplifying some trading indicators, such as the ADX, MACD, Bollinger Bands, RSI, as well as some other regular indicators.
Back when I started trading a long time ago, I fell in love with indicators, it was like a romantic relationship. That’s what indicators become to a lot of traders. They get overly excited about them. I used to put too much emphasis and attention on them, and a lot of times, this ends up not being a good thing.
Instead, you should focus on price, volume, and of course, behavior. Those are the key and more important things that I look at.
If you’ve been studying charts for a while, you can get the same things that you would get from an indicator by analyzing the chart yourself. And I’ll prove it to you in this episode.
Look at the bigger picture, and keep things simple when you’re trading and investing. I know when you’re first getting started, you’re probably looking for that magic thing to help you make money fast, but really there isn’t such thing. It’ all about finding a strategy that works for you.
Indicators are something that you only should glance at, you don’t want to be looking constantly at them and make full trading decisions based on them. Instead, you can use indicators for confirming what you already know based on price, volume, and behavior. And you want to choose only one or two indicators that you’re comfortable with.
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