My favorite software and/or what I don’t like.
Jan 15, 2017 12:44:17 GMT -5
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Post by traderAllen on Jan 15, 2017 12:44:17 GMT -5
The question is what is my favorite software and/or what I don’t like. The first thing to understand is that my view comes from my trading application which is that of a home-based retail trader. So we’ll start with what software I like. “I like” is defined as something I do not like to trade without. Topping the list would have to be ninja trader, it is affordable and customizable for just about anything needed by the home-based trader. I’m not a big fan of indicators therefore is no surprise that my remaining pics would be more of utility type add-ons. The fact that part of my trading is in Forex means I cannot do without Ninza bid/ask display on my trading charts. I need to be able to see the spread at all times in Forex. Next would be the daily open high low indicator the ninja trader default is fine however there are some with a few more bells and whistles that would be okay, I prefer the default. This is because part of my methodology and reason for being profitable is my belief and less is more, the human mind can only interpret so much to data at a time. Therefore anything not deemed value-added is completely stripped from the trading chart. OHC allows me to quickly determine how the markets have been trading from the time the markets opened to the time I open a trading chart. DOM I sometimes use but is not necessary. Chart trader is usually fine and some really scalping for a point or two on the future side. Also in futures I like to have internals tick and trin and sometimes the A&D line.
As far as what do I not like, I hate to say anything because it brings out the trolls. So I’ll leave it to this, if you want to be a profitable trader you need to think clearly, and efficiently. The best way to do this is to clear off the charts of anything that is not necessary. If you must look at any type of indicator to make your decision you are losing focus on what is important and that is price action. The best indicators you have on your chart are the ones you draw yourself so that they go into your memory, support and resistance, swing counts, notes about market reaction. So you don’t have to rethink them when it comes time to pull the trigger.
As far as what do I not like, I hate to say anything because it brings out the trolls. So I’ll leave it to this, if you want to be a profitable trader you need to think clearly, and efficiently. The best way to do this is to clear off the charts of anything that is not necessary. If you must look at any type of indicator to make your decision you are losing focus on what is important and that is price action. The best indicators you have on your chart are the ones you draw yourself so that they go into your memory, support and resistance, swing counts, notes about market reaction. So you don’t have to rethink them when it comes time to pull the trigger.