Checking Out Other Indicators
February 19th, 2012
Once you get to know your trading platform a bit, you can start to look through all the indicators that come programmed in it just to get an idea of what is out there. Quite a few of them are varying settings and colors of indicators that have been created time and time again. Daytrading is one art that can be perfected by finding the right fit for you. You may find the need to tweak some of the settings to get the indicator to your satisfaction and to accommodate other indicators you may be using.
Now, this may be something you want to do after you’ve mastered the markets and creating some of your own, personalized, day trading strategies. Something you do in your spare time with back testing to see how the indicators line up when it comes to a live market. Just be sure you set up a completely separate chart to play and learn with.
If you happen to be a novice and just learning how to day trade, then it may be best to wait on anything like this so that you don’t confuse a strategy that you are developing with a solid foundation that has proven and documented success. Unless you are pure genius with an IQ through the roof (which you very well may be) it may seem as though you have found yourself smack dab in the middle of a rocket science convention carrying a paper airplane, if you catch my drift.
So, yes- get to know your platform, search around and check out the indicators that are out there and maybe even set up a “play” chart to see what some of these look like and do. But, by all means, do what you came to do, which is learn how to trade and make some profits before you try to develop your own charting system.