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Old 09-04-2006, 03:59 PM
luke24.5 luke24.5 is offline
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RE: Indicators

All indicators that I know of lag the market. They measure what has happened over a specific time period. Some people can trade using them and make money. However, I think it best to observe the market with one's own eyes and learn to read orderflow. Of course you'll have to invest some money in datafeed, charting and a good simulator. But the money you invest will most assuredly be less than you would lose by trading real money not knowing what you're doing.

My suggest reading: 1. Support and Resistance simplified by Thomsett,
2. Mind Over Markets, Dalton, Jones & Dalton.
Also, any of the classic work by Schabacher, Wycoff, Edwards & Magee etc you will find helpful.

After you grasp the fundamentals of how the market auctions through market profile and understand the basics of S/R, then practice on the simulators. If you can't make money consistently on a Simulator, you certainly can't trading real money. The key is to trade the sim as if it is real money. Never allow yourself to make exceptions. In this way you train your emotions too.

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