Hey, traders, it’s Marina, the trader chick, and I’ve got a question for you, do you use indicators? How many indicators do you use on your chart, the ground? Because you’ll be surprised how many people use them and how many actually need them. All right, so here we’ve got our trading platform if you haven’t found out what a trading platform is. Check out my video about trading platforms, because if you don’t have your canvas ready, sorry, people, you are not going to be able to trade properly.
So first things first, get that trading platform, get it and get it up. And now let’s figure out about these indicators. So What are indicators? and why do we need indicators? Right. What are day trading indicator for? So let’s just set back a tiny bit before we get anywhere because I hear a lot of people like, oh, I really just like to trade on bare, bare nakedcharts. I just love price action.
Hey, you know what?
I hear you. I love it, too. I’ve been doing that for a long time. Not with real money, though, because the reality is you can’t just enjoy a naked chart. Think of yourself as an archer. And I actually think archery and trading are very similar, especially once we are in a trade. Right. What happens with an archer? They have a very specific place that they are shooting from and shooting to. Right. They know where their arrow is going, and they are going for that bullseye.
But are they walking around aimlessly or are they just walking all over the place on an empty field and deciding, oh, you know what? This looks like a good spot, I think I’m going to shoot my arrow from here. Why? Why would they shoot it from there? What’s the reasoning behind it yet? It sounds completely absurd when you think about Archer doing that.
Yeah, for some reason, traders It’s totally OK saying “hey, you know what, that bar looks really good.”
I think I’m going to enter because it’s going to go. Why would that board go there? What’s the reasoning behind it? Where are you going? What are you getting now? So this is what indicators are for me.
So just a bit of retrace and a little of a story to tell you. When I first began trading, I use almost ten different indicators. My mind was buzzing all the time. I was feeling I was like in paralysis analysis almost all the time.
I don’t know if you guys have ever seen that show. King of Queens, it was a show long ago, is really funny regardless. So there is this one episode where I think the main character’s name is Kevin Smith. Anyways, the main guy. Right, the King of Queens, he bought himself, I think it was like a seventy-two or a 90-inch television screen. And he made this whole TV room downstairs, and he invited all his buddies.
And on top of having this ridiculously insane screen, he also got like DirecTV or some other kind of cable thing that had like a thousand channels. And all he kept on doing with his buddies was flicking the channel like every half a second. And his buddy is like, no, stop, you are going to trigger my epilepsy. You know what, when you got all those indicators blinking and shining and telling you this or telling you that. You know what happened to me, I felt like I was about to trigger an epileptic seizure practically every time.
And if it was in that it was some sort of a seizure because I was constantly running into total trading analysis paralysis. After I had a massive breakdown because I lost all this money because I was just totally out of control. Following the wrong indicators, going for wrong profits. I completely shut down. I stripped my chart, came back, and I only studied the naked chart and I tried to figure out where was the best places for me to enter. And honestly, I was one of those aimless archers that didn’t know where to shoot my arrow from.
And that’s when I decided to study on the most basic universal indicators that is offered with every single charting platform. So you do not need to get any expensive kind of stuff or any charting platform that permits you to have the universal indicators works beautifully. And so I decided my particular chosen indicators are the EMA F4. Sorry, I use them all as either a place to shoot from or to shoot too. So they all have very important roles in my trading at different times.
I never use all three of them at once. I know exactly when to use them all. OK, those are my three. What are EMA Lines? They’re just the exponential moving average lines. So as you can see here, I have three that I use. I use a 20 period, the 52 period, and 135 period. I do not recommend you guys just put up these understandings on the strategy. I will be more than happy to tell you my strategy.
Just email me at thetraderchick.com. You can contact me from there or thetraderchick@Gmail.com as well. So I talk a lot about that, and then I use the MACD’s. I love the MACD. I don’t do anything without the MACD. I find that indicator to be the less lagging indicator of all the indicators that exist. Again, that is my personal choice. You guys decide what you look but decide and stick to it.
Don’t just use it aimlessly like an archer and then decide you don’t want it. I use my EMA lines. That is my standing point to shoot from. Where do you shoot from, and where do you shoot to? If you don’t know those, you could be in a lot of trouble. So here’s a little deeper into my EMA indicators. As I said, I use three the 20 ema period, the 52 ema period and the 130 ema period and the MACD.
I love the MACD. They are so simple. If you look at that dash line, what’s your zero line. Anything way above that, means the market is giving me strength, head up anything below, means the market is giving me strength going down. I do use it with divergences and reversal patterns. If you guys don’t know what reversal patterns divergences are sign up for my free mini course Simplifyingdaytrading.com right now. Because you cannot continue trading if you do not have your basics down.
I don’t care which market you are trading, but you need to know the basic language and MACD. If you don’t know how to find divergences, does it have to be MACD? It could be with any other indicator that you guys are using, you need to know what divergences are. Reversal patterns, support resistance areas are. These are my indicators and I love them dearly. What are your indicators? I would love to know more from you.
Tell me down here below in the comments section, what do you guys use? I want to know and make sure that you subscribe to the channel and sign up simplifyingdaytrading.com and get all the free goodies.