If you’ve taken the time to read this article, you should know that I strongly believe that there is not a single “best forex indicator”. I believe that traders and beginners should just find the indicator that works for them. Once they have found it, this indicator will suffice for them for a life time and they won’t have to ever change.
That said I know that this isn’t an easy statement to read. If you are a beginner, you could very well tell me “well, cheers for that but I don’t know anything about trading so how will I find the indicator that suits me?” Touché!
This article will aim at answering this question for beginners like you, beginners who have no idea where or what to look for.
|Did you know? My Trading Hub provides free domains for its members to start online trading journals. Have a look!|
The best forex indicator for beginners
This article is a reflection of my own private opinion, as are all of my other articles. You are free to disagree and I don’t pretend to hold the single truth (see introduction of this article). I believe that our Breakout Strategy is the best strategy for beginners.
The Breakout Strategy is a strategy that revolves around using fractal breaks. The fractal channel indicator would therefore become, in my eyes, the best forex indicator for beginners. Here’s why.
The fractal channel is a visual indicator. While some indicators are built around a formula (for instance EMAs), the fractal channel is just a visual representation of what the price is doing. It’s simply connecting the fractal swings to each other creating a channel. That’s all. No formula, no crazy maths or numbers behind it, simple drawings.
Aside from the fact that I believe our strategy to be absolutely brilliant (it’s my personal favourite, as you’ve probably guessed), it’s also very profitable and very easy to understand.
The fractal channel indicator will give the beginners a great understanding of what is currently going on in the market, levels to be on the lookout for, and at the same time it won’t clog the chart with tons of data and information. It’s the perfect indicator.
Again, this is my personal opinion. Take it or leave it. If you were to come up to me in the street and ask me to teach you one strategy, I would probably call you a weirdo first for randomly stopping me in the street, but right after I would teach you our price action breakout strategy.
Alright so what’s your plan now, you my dear beginner? First of all, go through our free forex training course if you haven’t yet. Once that’s done, go through our strategies. To make me happy, start with the breakout strategy.
Once you’ve gone through each strategy, practice them for one or two weeks each on a demo account. You can open a demo account using this link right here.
Take note of each trade you place and at the end of each testing period take note of how you feel about the strategy. Answer questions like “do I understand what’s going on?” “Does it feel natural?” “Could I explain why I enter there and close my trade there to a random stranger?” “Do I understand why this works?” and so on.
Once you’ve done that for each strategy, you should have a good idea of which one you like. Hopefully you’ll now have a favourite strategy and will be ready to start kicking some market butts. If you are still not satisfied, you can always contact us and we’ll try to figure something out for you.