Forex Indicators are generally defined as tools used to forecast prices in the Forex market. Because Forex indicators bring the promise of simplifying or demystifying the complexity of the Forex market, most retail traders are urgently looking for the best Forex indicators to use.
Your job as a Forex Trader is to identify opportunities in the market and take advantage of them, Forex indicators promise to make that process easier, or even in some situations, they promise to take over the entire job.
This means that you can plug and play an indicator, and let it do its job while you focus on other things, while that sounds all good, the truth is that, retail Forex indicators are not nearly as good as their creators would want you to believe. Watch the video below to get more details about this.
The more you keep searching for the best forex indicators, the more time you waste, and the further away you get from your goals of becoming a successful Forex trader.
Why Forex Indicators Might Ruin You
The best forex indicators you might find as a retail trader are going to be losing you money in the long run for the following reasons:
- They are not optimized for all market conditions
- They take too many trades
- They risk too much of your capital
- The trading strategy of the indicator might not suit your individual style
- They are most likely poorly coded strategies
The Best Forex Indicators
Think about it for a moment, the Forex market is a multi-trillion-dollar market, getting even 0.00001% of that each year is a lot of money, if there is an indicator out there that can do that, it certainly not publicly available to retail forex traders.
There are no best Forex indicators, understand this, the earlier you do, the better, you can focus your energy on actually learning and becoming a better trader, other than relying on some indicators, signals, or robots.
There are no successful Forex traders out there searching for the best forex indicators, if you keep searching for that, you are just looking for a shortcut, that doesn’t exist.
What’s worse? You might just lose your time and money on fake indicators, which would further blow your account anyway.
Alternatives to Forex Indicators
If you have followed our training for a while, from our free Forex trading course to the advanced forex education course, and the One on One Forex Mentorship, you come to a very simple realization that we do not, use Forex Indicators, we have done more search for the best forex indicators in our early days as new forex traders than you could ever imagine.
In all our search, one simple truth came out, if we want to do this right? we ought to be willing to pay the price to become successful.
We would recommend you take your time, and learn to trade Forex profitably, it might take a lot of years if you go learning solo, but there are tons of resources available to you to learn from, right here on this website, take advantage of the opportunity, and master your skillset as a successful trader today.
Learn to interpret price yourself, learn to understand price action, support and resistance levels, trends, etc. Learn to understand market manipulations, learn to adapt market sessions to your advantage, learn to manage your risk, and most importantly, learn to control your emotions to become a successful Forex trader.
None of these things are achievable with a robot, but with a little hard work, I don’t see why you can’t become a successful forex trader. I challenge you to stop looking for Forex indicators, and sit down and actually learn things that would improve your trading experience as a whole.