In this Forex venture, there is a very common thing- ‘paralysis by analysis.’ This is when a trader has an overwhelming amount of information. They stack up their trading charts and eventually reach a stage of discombobulation when they cannot make up the decision to trade or not. To some extent, this is something which happens to every trader. They want the fruit of the market but make the path to attain it deliberately difficult. Experts - to eradicate this paralysis, opine making use of Forex lines indicator which is simpler and more meaningful.
A good chart set-up may not be ACTUALLY USEFUL!
There is no need to make your charts beautiful with plenty of attractive layouts, trend lines and support and resistance indicators.
Example- You use a 20 period RSI presenting you a trade indication which you would usually take up! But then you take up a 100 Day Moving Average and which opposes what this indicator states. Further confusion arises, when in that same chart you also make use of a Parabolic Sar along with a candlestick pattern.
The fact is, there are no issues with your chart set-up. But it won’t serve any good to you as you are not able to make Hay when the sun does shine in this market. Rather you have a situation which leads to complete pandemonium and unclear trading decisions.
Be Simple - You will become rich eventually!
Strategies/trading charts which are the simplest to read, are usually the ones which give traders the most % of successful trades. So rather than using too many, use a few Forex lines indicator to spot Resistance and Support points. Simply ignore all other not-so-important variables and get back to Price Action.
A Good Option for MT4 Users:
PerfecTrend Lines indicator for Forex is very simple to use and needs very little knowledge and practice. The mechanism of this indicator is very lucid. If a Blue signal comes up on your trading screen, you enter into a Buy position. And when a red sign comes about, you without any element of hesitation simply push the Sell option.
This indicator is also universal and functions with any given market and time frame as well. Some comments as per those who have done Forex lines indicator download and used it.
• It is very simple to set up and prevents you from carrying out all complex market analysis work.
• Easy spotting of trade entry and exits and clear depiction of market aspects help you trade confidently and win.
• It helps you know which direction the trend is moving and chances of its continual or reversal. It functions in real-time, and henceforth you will never be late in spotting your important trades.
Do care to test it out:
Simply open a practice account on your MT4 platform and download this impressive and simple Forex lines indicator. Trading with it will surely bring in the profits which you have been looking for. So without any further delay, start practicing with this line indicator straight-away!
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.