Indicator for a novice trader
Despite the availability of modern Internet trading, stock trading continues to be a rather difficult task.
And most beginners who try to open their first trades using only their assumptions and intuition are quickly convinced of this.
After unsuccessful attempts, the understanding comes that in order to make a profit, you need to learn to predict the trend and you won’t be able to guess it. An excellent assistant in this matter are indicators from the trader’s trading platform.
True, it is quite difficult for a beginner to understand all the variety of graphical constructions that these indicators add to the chart, and it is even more difficult to make the right decision on opening a new transaction.
The main principle when choosing your first indicator is the simplicity of its use; during my time working in Forex, I also developed my own list of favorite tools:
Stochastic Oscillator – we can say that this indicator was one of my first installed on the chart of a currency pair:
I liked not only the ease of use, but also the effectiveness of the signals it provided; most of the trades opened with its help turned out to be profitable.
Well, another important point is that Stochastic is already installed by default in the metatrader trading platform. The description of the indicator and the principles of its operation are described in detail here - https://time-forex.com/indikators/indikator-stohastik
Ultra wizard – this indicator is recognized as one of the best technical tools for determining a trend:
It is based on several popular indicators, which significantly increases its accuracy in determining the direction of the trend.
The results of the scripts are displayed in a visual form directly on the chart of the currency pair. True, in order to understand the principles of operation of the Ultra wizard indicator, you will need to read a short instruction - https://time-forex.com/indikators/ultra-wizard
Zoomer Pro can be called another ready-made solution that even a novice trader can use:
The Zoomer Pro indicator is based on a moving average, but unlike the standard Moving Average indicator, it is more visualized.
Therefore, the trader can only observe the color of the rectangles on the chart of the currency pair; the indicator itself and instructions for it can be found on the page - https://time-forex.com/indikators/zoomer-pro
You should not be afraid to use technical analysis indicators in your work; at the moment you can find a lot of scripts, the work of which can be easily understood even by a beginner in the Forex market.