Big Mike's Trading Blog

Looking back, it is easy for me to now say that indicators are more of a hindrance than a blessing.  For new traders indicators are the devil.  They are like an addictive drug, you can never get enough.  Worse, they are teaching you all the wrong things about trading.  They are teaching you to rely on a squiggly line on a chart instead of learning to read true price action and understand what is driving the move.

If you are experienced and profitable trader, then indicators are useful tools.  But if you "grow up" on indicators, the lessons you thought you learned are almost all entirely wrong and need to be completely un-learned so you can make room for price action.  Indicator-less trading with nothing more than trend lines and support and resistance lines that you've manually plotted on your chart.

Whether you agree or disagree is not important.  There is much to be learned by viewing and understanding both sides of the argument, and few would dispute that Al Brooks is the definitive source for bar-by-bar pure price action analysis.



There is a great discussion going on the forum about Al Brooks and many other highly recommended authros and books that focus on trading without indicators.  Come check it out, and join in the discussion -- but only if you want to improve your trading.

Link:
http://forum.bigmiketrading.com/general-discussion/734-book-discussion-reading-price-charts-bar-bar.html

Mike