We all have different views on trading with Forex indicators and Price Action. I can’t easily understand whether I will trade with indicators or trade with price action. Would it be better to trade with indicators or would it be better to trade with price action?
Difference Between Forex Price Action and Mt4 Indicators for Beginners
What are the advantages and disadvantages? It will be good or bad to trade by combining the two! I will discuss it in detail today.
How to trade with indicators?
When we start trading, it becomes very difficult to trade just by looking at the fresh chart. we can’t understand anything by looking at the market beginning of a trading journey. then try to understand the mt4 indicators. We start trading with that indicator. Start trading without learning to use the indicators properly. As a result, we face a loss. If you can use the indicator correctly and find out how the indicator works and when it doesn’t work, then you can make a lot of profit with this indicator from this Forex market.
What are the benefits of trading with indicators?
- You will find many free indicators on MetaTrader 4 and 5 platforms.
- That indicator is very easy to use.
- Using indicators you can easily create a profitable trading strategy.
- You can easily understand the market movement with indicators.
- You can benefit from the Forex market only if you work and learn only two or three indicators well.
- If you have a good trading strategy, you can make an indicator with a programmer for that trading strategy.
- many traders in the world are constantly gaining in the Forex market just by trading with indicators.
- You can get many profitable trading strategies made with indicators for free on different websites and forums.
- You will find many paid indicators that you can buy and use if you want.
Some of the disadvantages of trading with indicators are as follows:
- If you don’t know the correct use of the indicator, you face a big loss.
- If the indicator used in your mt chart together, the chart is not well understood.
- Indicators may not work in all pairs.
- If you do not use the indicator in the correct time frame, you are likely to lose.
- Paid indicators that work but are very expensive and there are many problems.
- You can also buy paid indicators then If the Indicator doesn’t work you can’t do anything.
What are the benefits of trading with Forex Price Action?
- In price action trading you need to trade on a fresh chart which will help you understand the market easily.
- In Price Action Trading you can gain a long-time forex market.
- Most professional traders trade-in price action.
- Price action trading has a lot of confidence in the trading system so the profit is high.
- In price action trading, candle pattern and support resistance are traded.
- The chart is much better understood. Stop Loss hits much less.
What are the disadvantages of Price Action trading:
- It becomes very difficult for new traders to make a profit by trading with price action at the beginning.
- It takes a lot of time to learn to trade with price action.
- It can take you from 6 months to 3 years to learn price action trading.
- Make it very difficult to remember the candlestick pattern and other things.
Trading with a combination of price action and indicators:
Price action trading is the use of one or two indicators with a fresh chart to trade price action. Price action trading understands a lot about trading just by looking at the chart. I like to trade by combining price action and indicators. Let’s try to understand the market trend by drawing support resistance and trend lines in daily and weekly charts.
If I see that there is a possibility of sell trade in the charts in price action, then I trade sells through the sell indicator in the H1 chart. This makes my trading system work better and increases my confidence many times to open a trade.