i studied technical indicators to learn technical analysis , but there are just too many technical indicators out there to track like ADX, DMA , Bollinger ,MACD ,RSI etc .. i do realize we need to use them in conjunction to make a safe and profitable trade , but can you tell which are the indicators i MUST watch out for while making a buy/sell trade for intraday /positional trade. i might be indirectly asking you to suggest me a safe strategy to trade :) But please do share if there are some popular strategies you guys use ,.. so that i can benefit.
I don’t think a general strategy can be suggested to all traders :). I mean each individual has his own risk taking capability. Also, you cannot use a strategy blindly without back-testing, yourself.
Hmmm… also you can learn basics of TA in http://zerodha.com/varsity/module/technical-analysis/, pretty nice tool. Once you get basics of it, you can build a strategy and also can get it coded.
“Too many cooks, spoil the soup”
So, too many indicators, spoil the trade. Just see what exactly you want (outcome) and choose only 2 or 3 indicators, to suit your trading style, risk appetite and money management techniques.
Nice that you have got into 'Analysis Paralysis'. As you might be knowing, the indicators fall into either Leading indicator bucket or Lagging indicator bucket. First, try to map the indicators to which bucket they fall. Then, avoid using multiple indicators falling into the same bucket at a time. In an iterative and incremental way of experimenting indicators you can get used to the indicators over a considerable period of time.
Safe strategy that you are asking cannot be attained just using the indicators, but also money management practices. Any Popular strategy that you are expecting would loose its probability of winning, as more and more people keep using it, unless it is applied to a very liquid security.
As an alternative way, try to align the knowledge of indicators into 'John Murphy's Ten Laws of Technical Trading'.
all the above answers are 200% true…never fall into analysis paralysis…
"Reasonable Indicators" are the ones that suit your need. Refer below for various indicators and select that best suit you