Hi Black Swan - I suppose the majority of us learned complex and layered TA with indicators before we realised it wasn't at all necessary. OK, maybe some of it is useful, assuming the 80:20 rule. But un-learning things is exhausting, lengthy and costly. When most of us find trading as an activity, we are full of conventional attitudes, that reward increases with effort, that time equals effort, that more knowledge gives better decision-making, that a very rewarding activity must be very demanding in terms of time and effort. None of this is right in this field.
Let me put forward the suggestion that it is possible to be profitable trading maximum one market (as long as you can go both directions), trading on maximum one entry signal only, using maximum 2 chart set-ups and maximum 2 indicators.
And my serious advice is never ever listen to daily market summaries.
Too complicated to start your trading with... I recommend you CHOOSE ONE of them techniques and focus on it and master it on a few markets... Each technique requires experience, tweaking and market context, if you do them all you won't give youself enough time to perfect any of them and ultimately will lose to those individuals who have specialised in them.
Overcomplicating your trading through having lots of methods when your just starting out won't increasing your progression... If you focused on one strategy, perfecting it and becoming a master of it, analysing each trade after. By the end of the month you will have a very nice strategy you will have for ever.
By doing 8, you will be left at the end of the month slightly confused and have done a bit of gambling because Hey, i can do what i want if i write loads of stuff
I can believe that. But then maybe they rely on other market analysis? Or maybe they follow 'gut feeling'? The point I was trying to make (and maybe I got it wrong) is that one strategy can be made up of more than one indicator, surely? For example, trading over a 20MA to me, is an indicator, not a strategy. But trading over a 20MA + RSI 50% level + trendline break, etc etc is a combination of indicators making up a strategy especially if combined with carefully chosen fundamentals and other market internals like order flow, etc. I don't have level 2 so I actually wouldn't know about order flow, but perhaps it's just a matter of interpretation?