I’m Arvind from Chennai, founder of Forexnext.com / Learnforextrading.in. I have 11 years experience in trading market.
Lately I do all of my trading by watching price action, which does not require indicators.
However, since I am a super genius (translation: super lazy), I wrote an indicator to tell me when I should take interest in the price action. Heck, I even wrote software that lets me place trades, and then manages the trades for me while I goof off. Finally, I reached the epitome of laziness and wrote software that watches for price action, then places and manages trades, all while I watch my favorite shows on Suntv & Vijay TV 😆😆😆
So yeah, to answer your question, it’s totally possible to trade forex and earn consistent profits without indicators. But there’s no reason to do so when you have automation tools like the ones I use.
Indicators can become very confusing and I think this is because most new traders see ‘gurus’ using indicators all over the place when they first become interested in trading. Now I’m not saying that trading with indicators doesn’t work because I know traders that do and they make consistent profits as well. I’m simply saying indicators aren’t a necessity like some people are lead to believe.
I also think its an aspect of trading that is easy to market to people wanting an easy answer. I see a lot of indicators advertised with bold quotes about how much money they will make you if you buy it and this ultimately gives indicators a bit of a bad stigma.
However, if they are used in a proven, well tested strategy with clear rules and proper risk management parameters, there’s nothing wrong with including indicators in any trading strategy.
Interestingly I think some people reading this will have a distorted view of what ‘consistent profits’ look like and I again think that comes from these clever marketeers giving new traders unreal expectations. Consistent profits doesn’t mean every trade is a profitable one and I think when new traders have a bit of a losing streak they lose confidence in the strategy they are using. Then as a by-product, lose confidence in the indicators. Once they have gone through this whole process a couple of times, it’s easy to see why some traders think indicators are completely useless.