No indicator can make that self-assessment for you and build it into your trade plan. You need to know what your strengths/weaknesses are as a trader so that your plan is based on your strengths and has safeguards around your weaknesses. You need to know when your trading style is likely to work and when it's a day to stay out. If you want to succeed, you need a trading plan that is based on time of day, type of instrument, timeframe, price action, etc. If you cannot identify what price is doing in a general sense, you cannot select the best strategy or indicator to confirm your trade decisions.Īlso, no indicator can make a trading plan for you. If you want to day trade successfully, you need to learn about price action.įor example, if the market is in a hard trend, a reversal strategy probably isn't your best choice. No strategy works on every time frame or every market condition. A good indicator confirms a decision to enter/exit a trade but shouldn't make those decisions for you. I don't mean to sound unsupportive, but you're in for a world of hurt if you think you can slap a couple indicators on a chart and become a successful trader.
