Point and figure chart - MQL5: automated forex trading ...

Can the simplest forex indicators make you a millionaire?

This was a question on Quora I have recently answered for and thought some of you here might find it useful.
So I insert it here:
Do you want to be a millionaire trading Forex with indicators? Well, of course, you do...why would you post this question to Quora otherwise?
The REAL question is – how do you do it?
There are countless different technical indicators out there, so where do you start? Where do you focus your valuable time and money?
Let's understand first what Forex indicators are. In essence, they are tools that turn the already available price data into something else. You've read it right. They don't provide any new information you couldn't get simply by looking at the chart.
But there are still people who get amazing results with indicators. Have they invented a secret tool that actually moves the needle?
I'm not Tyrion Lannister to tell this to you, but it's probably not the case. As far as I know, there tends to be one reason why somebody is crushing it with technical indicators while others don't.
And it has nothing to do with the indicator or indicators being used.
So what I am talking about?
It's the personality of the trader that matters. Just think about it:
Indicator-based trading is more objective than price action trading. You can argue about whether a chart pattern is present, but there's no argument about an indicator's direction.
I really don't want to get into the age-old debate of which one is better because the answer varies from person to person. The point is that you have to find out which works for you.
It's not a complicated process, although requires a lot of time. Can you guess what it is? I know you can, it's called testing.
If I told you to start boxing because it works for Mike Tyson, chances are you would laugh at me. Then, in the same way, don't put money into random indicator just because somebody allegedly makes millions using it.
That somebody might has a large trading capital, a perseverant attitude, years of experience and a system you will never able to follow because it goes against everything you are comfortable with.
You have to test different indicators as well as price action techniques. By doing so, you will know which approach best suits you. Also, you will naturally figure out which of the specific indicators, chart patterns, candlestick patterns, etc., performed the best.
You can use free tools like MetaTrader's strategy tester feature or TradingView's market replay. Also, you can invest in backtesting software such as ForexTester.
Have a nice day!
submitted by marcellpetras to Forex [link] [comments]

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Sierra Chart directly provides real-time forex, CFD (contract for difference), stock and futures data without having to use an external service. Sierra Chart directly provides Historical Daily and detailed Intraday data for stocks, forex, futures and indexes without having to use an external service. Sierra Chart supports many external Data and Trading services providing complete real-time and ... Point and figure is a charting technique used in technical analysis. The chart is displayed in the form of columns consisting of Xs (if the price rises) or Os (if the price falls). The specified upward price movement (for example, every 10 points) is marked by adding X to the column, while the similar downward movement is marked by adding O. I first became interested in Point and Figure trading two decades ago when I was trading equities. Prior to the advent of the personal computer it was necessary to create and maintain P&F charts by hand using graph paper but this work required very little time each day. I had good success and was pleased with the method. If you are not familiar with P&F theory, do a search on the Internet ... A difference is that instead of using intraday high and low extremes like a western Point & Figure Chart, the Japanese Renko Chart uses the close to determine when to lay a new renga (brick). The current closing price is compared with the highest and lowest price of the preceding bar. In an uptrend, when this close goes up above the top of the preceding bar by at least the box size (or a ... Now scroll the TradingView chart back to the point when you want to start backtesting. Add any necessary indicators. Then hit the right arrow on your keyboard to advance the chart candle-by-candle. Enter your trades on the spreadsheet. Once you are done backtesting, you are ready to analyze your results. Refer to the section in this guide on analyzing backtesting results. Automated. If you ... Point & Figure Charts – indicateur de MetaTrader 4 est un Metatrader 4 (MT4) indicateur et l'essence de l'indicateur de forex est de transformer les données de l'histoire accumulée. Point & Figure Charts – indicateur de MetaTrader 4 prévoit la possibilité de détecter les différentes particularités et modèles dans la dynamique des prix qui sont invisibles à l'oeil nu. チャート下にポイント&フィギュアを表示するインジです。 過去にもポイント&フィギュアを表示するインジをご紹介しましたが、 このインジは自動でラインまで引いてくれます。 ポイント&フィギュアは結構マイナーなチャート表記方法ですが、好きな人はいます。 Analyzing: With Forex Tester 2, the user can import the currencies and time frames from his historical data. This will generate a chart at the start of the analysis. It can also analyze profits and loss tendencies of his trade. Strategies: It offers the possibility to test strategies whether manually, automatically or both. The user can enter ... Point & Figure Charting reduces the importance of time on a chart and instead focuses on price movements. Point & Figure charts are made up of X's and O's, X's being new highs and O's being new lows. There are two inputs to a Point & Figure chart: Box Size: The size of movement required to add an "X" or an "O". For example, a stock at a price ... alternatives to soft4x/forex tester on mt4 backtesting but mt4 is so annoying to chart on . Analysis/Discussion. I'm have soft4x to test my swing strategy which relies on ema/trendlines/rsi to make manual trades since I have to chart them pretty often. I could see people using soft4x to chart simple S/R or PA patterns but I cant understand how people backtest on MT4 but for longer term I ...

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Better Know An Indicator: Point And Figure Charts - YouTube

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