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[QUOTE="Stan NordFX, post: 63132, member: 23437"] [b]Indicators[/b] This is a separate area, the essence of which is a mathematical way of averaging and converting the price into different graphs (rarely tables), allowing to cut off the superfluous and highlight the most important characteristics, and therefore more convenient for analysis and forecasting. This can be work according to given formulas with trading volumes, volatility, speed and acceleration of price changes and, of course, trends. There are a lot of variations of indicators, and there are both basic, time-tested and custom ones. Basic or standard indicators are usually called those that are included in the trading terminal toolkit by default. There are more than 50 of them in MetaTrader 4. A number of them are based on the aforementioned mathematical models of graphic analysis. Custom indicators can be either completely original developments or a modification of standard ones. There are thousands of them at the moment, and many new ones appear every day, which can be purchased or downloaded for free online and integrated into your personal MT4 terminal. They are divided by their function and purpose: [LIST] [*]Trending (Moving Average, ADX, Bollindger Bands); [*]Oscillators (Stochastic, RSI, RVI, MACD); [*]Volumes. [/LIST] The first huge category serves the trader in order to highlight the trend, its strength and direction, predict changes, cut off noise. The second group shows the overbought and oversold market, giving entry and exit points (for opening and closing trades). Volumes demonstrate the involvement of players and their money supply in the market. This is a kind of way to see what capital is behind the selected movement of an asset. All trading add-ons underlying the indicators are the transformation of mathematical formulas. [b]Patterns[/b] Patterns are graphic patterns that are often repeated in the market, the appearance of which, according to long-term observations, can lead to one or another price movement. These are patterns of formation of bars or candles , their combinations, which are cyclical and in most cases lead to a pre-known scenario. The concepts of "Japanese candle" and "candle models" on Forex are discussed in a separate article in more detail. Here we note that in practice all models are divided into: [LIST] [*]Reversal Pattern; [*]Uncertainty Pattern; [*]Trend Continuation Pattern. [/LIST] Each of them can lead to a specific scenario. However, one should not take any of them as an axiom. The efficiency changes in the conditions of the selected time frame, currency pair and type of trading asset. This is why each pattern is tested before being used in real trading conditions. Popular candlestick patterns: hammer, hanging man, harami, doji, falling star, absorption. Graphic shapes: wedge, rectangle, double top, head and shoulders, cup, flag, pennant. [b]The Main Purpose of the Study and Use[/b] The mistake of beginners is that they try to absorb as much knowledge, and then use all of it in practice. In fact, it is impossible to do that, because it can lead to a “brain explosion”. Mutually exclusive conditions constantly arise in the market. For example, the trend line indicates a dominant up market, and the candlestick formation indicates an imminent reversal. We see a downward trend on the M30 timeframe, while on H4, it, on the contrary, is pointing upwards, and the oscillator is in a neutral position at the same time. What is the priority? The main task of technical analysis is to give the conditions on the basis of which you will create a trading strategy. A trading strategy is a set of rules and conditions that can include the readings of one or several indicators, analysis of patterns, and the construction of your own chart patterns on different time frames. A fundamental analysis of macroeconomic statistics and political events can be added there. And the more of these rules you put into your strategy, the worse it will be... the harder it will be for you to analyze the situation and make trading decisions. There is this proverb — “All in good fun.” The complication of a trading strategy makes it impossible to apply it, even if you create a trading robot instead of your own brain and use all the capabilities of your computer. A trading robot or a trading advisor is a computer program that will automatically implement the trading strategy embedded in it according to a given algorithm. The advantages are obvious: the program trades 24 hours a day, seven days a week, does not give in to panic or the excitement inherent in humans, and operates within a strictly specified algorithm. There are tens of thousands of trading advisors for MT4 . And now it is easier to buy a ready-made or even download one for free on the Internet than to invent your own with the help of a programmer. Most of the ideas that come to mind for a novice trader have long been implemented. However, keep in mind that an expensive advisor is not necessarily a good one, and a free one is not necessarily a bad one. Quite often the opposite is true. [b]How to Learn to Make money[/b] The best way to learn is to use good literature. The main condition is to read the books of real traders. We can recommend the following fundamental textbooks among the huge number of repetitive editions: [LIST] [*]Jack Schwager “Technical Analysis. Full course”; [*]Thomas DeMark "Technical Analysis - The New Science"; [*]Steve Nison “Japanese Candles: A Graphic Analysis of Financial Markets.” [/LIST] Also note that the broker NordFX has created a special section "Education" on its website, where you can gather a lot of information necessary for both beginners and experienced traders. All this useful knowledge is presented not only in the form of dozens of books and articles, but also in the video format. To consolidate your knowledge, you should definitely go from a theoretical plane to a practical one. The demo account NordFX will help you with this, on which you can, absolutely risk-free, gain real experience trading virtual money. #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market [/QUOTE]
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