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Originally Posted by sfxtrader
There is NO indicator that can EVER match wits with a trader who is familiar with price action and money management, both of which take years to master. I wasted sooo many years searching in vain for an indicator to make me profitable. NO SUCH THING EXISTS. Can someone prove to me that an indicator can make a trader profitable? I think not. Every "magical" indicator I've seen purported to be the next big thing on these boards has turned out to be bunk. MM is the key, coupled with very basic knowledge of S/R and price dynamics. One must consider the proper time of day to trade as well. That's it. That's all you need. Simple price charts. Nothing more.
Please prove me wrong, as I'd love nothing more than to throw an indicator on my charts with a few simple rules and make a fortune. 
-SFXTRADER |
Hi,
I slightly disagree. You are right about proper MM but itz not just price action which can make u successful. There are thousands and thousands of ways of making money in forex. Its just finding the one which suits u and then applying it with proper MM and sound discipline. Finding a system isnt difficult, but applying it with discipline is. Mastering Price Action is just another way of trading forex. Itz not the ONLY way. You should study a little about Ken Wood (woodie). That man uses only one damn indicator to trade and that too without price bars on his charts. So, a master trader trading for more than 15 yrs without knowing price action...amazing.. rite..?
What I have come to realise (my thoughts, ofcourse), that most of the system presented here fail not because they are bad systems. Therez just one reason that we dont let our profits run and dont cut our losses short and this is because we need a superb win-loss ratio, like 70 - 80%. But what I hve learned from so many successful traders is that 95% of the profit comes from only 5% of the trades and that is only possible if we let our profits run and cut our losses short.
These are only my views. Regards.