BeginnerAlert Indicator For MT5
The BeginnerAlert Indicator For MT5 is developed to help novice traders to detect the direction of the trend and possible support and resistance levels. This indicator even gives alerts via MT5 pop, email and push notifications. With the alerting feature you will get notified in real-time and do not need to watch the screens all day.
The BeginnerAlert Indicator For MT5 was developed by Nikolay Kositsin. This is a special kind of indicator that indicates the extreme point of the market. Those who are an experiment with the trading industry, know the extreme points are often considered as the support and resistance levels.
These are the key places where the price of a certain instrument tends to reverse its direction. The BeginnerAlert indicator creates the perfect signal for the retail traders at the important support and resistance which gives the investors a unique opportunity to evaluate their stance on a certain trade.
People who have been trading for the high-frequency firms use the BeginnerAlert indicator extensively as it filters out the bad signals. In fact, by knowing its perfect use, you can improve your performance within a short time. The purple dots are formed at the resistance zone and the blue dots are formed at the support zone.
Note that these dots are not showing any absolute level which can guarantee you profitable trades. Losing trades will still be in the game but those who are keen on their risk management policy can easily avoid big losses and earn a decent amount of money without having major problems.
Trading ideas with the BeginnerAlert Indicator For MT5
The trading edge is responsible for making a profit in the Forex market. People who have a strong trading edge, tend to do well even at the complex state of the market. But if you intend to trade with the BeginnerAlert indicator with a weak trading edge, be prepared to lose most of the trades.
To improve your trade execution, you have to depend on a simple system that will improve your trade execution process to a great extent. Instead of focusing on the colored dots, focus on the SR levels. Develop a robust trading method that can spot the perfect buying and selling zone. To improve the success rate, you can start depending on a higher time frame.
The minute time frame doesn’t give accurate data to the retail traders. The BeginnerAlert indicator will print frequent colored dots in the minute time frame and it will be hard to find a trade with a high RR ratio. It might take a while to get used to the higher time frame trading method but once you manage to master it, you will be able to take full advantage of the BeginnerAlert indicator. It’s time to know about the colored dots and the trade execution process with the help of the BeginnerAlert indicator.
BeginnerAlert Indicator For MT5 - Buy Entries
A strong demand level is a place where we should be searching for the buying signal. The traders usually depend on the price bullish bar or candlesticks at the support zone. But this method can greatly vary depending on your skills and the type of edge you are using. Generally speaking, the indicator-based trading method is not that perfect.
The indicators data should be taken after you have located your desired long trade setup. With your existing trading method, try to find the perfect buying signal at the support level. Analyze the RR ratio for the trades. If it is less than 1:4, you should not entertain your trade idea. Once you have assessed the RR ratio, look for the blue dot below the bullish trade setup.
If the blue dot is present, you do have a great opportunity to make money by executing long in the trading instrument. But don’t increase the risk just because you are using the BeginnerAlert. The indicator reading should be considered as your confidence level booster. As you take the trades with the purple dot above the resistance zone, you are sure that you are selling at an important zone.
BeginnerAlert Indicator For MT5 - Sell Entries
The sell entries are taken just like the long order. Instead of looking for the trade setup at the support, we will be using the supply zone. In easier terms, look for the short signal at the resistance level. But the hardest part is the find a valid resistance which can hold the bulls and get the bears into action.
You can do that by choosing a higher time frame. Some of you might be looking to sell at the break of the support, They should consider the news data as the support levels are taken out as a result of a major news release. As you find the bearish trade setup, have a look at the colored dots. The BeginnerAlert indicator should impose a magenta color dot at the resistance zone.
The dot shows the sellers are getting into action. By taking the short trade at the resistance zone with the magenta-colored dot, you can make a decent profit without having major trouble. Once you have finalized the trade setups by evaluating the reading from the BeginnerAlert, you can have your short trade and earn money.
BeginnerAlert Indicator For MT5 - Conclusion
Every trader needs to focus on their discipline. Avoiding the common rules and trying to boost the profit potential by increasing the risk can put your career at great risk. To ensure the safety of the capital, a trader should always look for a safe approach.
Even though the BeginnerAlert indicator can filter the bad trades very easily, you must feel comfortable with your risk factors. Let’s say, you have risked 5% of your account balance. So, if you lose 5 trades in a row after using the BeginnerAlert, you will be down by 25%. Recovering from such a big loss can be a very challenging task. But if you risk only 2% of the account balance, you will lose 10% of the equity. And recovering 10% of your balance is possible when you take the trades with a strategic approach.
Stop focusing on the aggressive method and try to boost your trading technique in the demo environment. Emphasize the demo environment and practice a lot. Take the reading from BeginnerAlert as blessings. But never get dependent on the readings of the BeginnerAlert indicator. Becoming too much biased with the indicator reading can slow down the progress and make things worse. Find the perfect balance and take the trades with caution.