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Great response to the launch of my first DVD, Trading As An Art. This DVD is loaded with content and live trades. To learn more about it and see a few clips click here
This was a question asked on Quora “What Is The Best Day Trading Indicator ?” Below is my answer.See the original answer here and follow me on Quora here
Q:What Is The Best Day Trading Indicator
A: When I first started trading 15 years ago this is exactly what I was looking for THAT indicator, you know the one that worked, the one as soon as you saw it you pressed the buy button and boom, cash in pocket! Too bad I spent 4 years and 200,000 dollars realizing it doesn’t exist.What I did learn its not the indicator its the indicator in the hands of the trader. What maybe gold to one trader may not make a bit of sense to another,
Technical analysis and indicators are strategy specific to the trader. For example I like to use the RSI ( Relative Strength Indicator on an intra day 5 minute chart) to determine overbought/oversold conditions. The RSI gives me the confidence to go against the grain and helps me pinpoint good entry prices in euphoric/panic stocks. Is it perfect-nope, but it works 70% of the time and thats all I can ask for. The thing is this is the ONLY time I use the RSI indicator. If I am trading another strategy like a breakout or momentum trade the RSI means little in my decision making. The RSI indicator is specific to that strategy and thats it.
Here is a live trade video on the rsi working in real time
Here is what you need to remember the most about indicators and such. Indicators help us pinpoint areas in which we are able to pull the trigger on a trade, they help us manage trades and trade risk and allow us to build a process that puts the odds in our favor. If you are in the early stages of your trading career it can be very easy to use too many indicators which leads to ” paralysis by analysis” a state of over-analyzing or over-thinking a situation to where no decision or action is never taken ,so try to keep the indicators to a minimum.
It will take time as it does with all traders to develop your niche and find the perfect balance of trade signals. I agree 100% with George that YOU are the best indicator. Your intuition and your ability to educate yourself and continually grow will be the deciding factor of your success, not an indicator Through practice and diligence you will find the right foundation to become successful
Hope this helps
Doug
The Lincoln List
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