On YouTube I came across the recent video published by Mr. Bindra (Whom I personally inspire much about motivational videos and Case studies). But whatever he told in his video is Going out of my mind. And as a Newbie its literally very confusing if you go through his concept, and hard to digest whatever he is trying to say.
What actually Mr. Bindra told was to See RSI indicator before trading in stocks, (till here I completely agree with him)
But he told to enter a stock when its RSI is @60 I.e. near to Overbought zone and @40 for vice versa I.e. to sell near to oversold zone.
But whatever I learned from other sources I see that whenever the stock is Oversold, look for some buying opportunities, and vice versa, and here I’m from 6 months in market (Still newbie ) and i believe in this theory, I.e. contradicting to what Mr. Bindra told.
So what the experts think over here in this forum, your views are extremely important.
In my humble opinion all these 1000 indicators are just for making you look cool while some one take a photo of you while you are trading. As far as day trading is concerned you do not need any of these indicators. All you need is the chart , Volume indicator and a trend line drawer. I stopped all this indicator thing a month ago and voila "majority " of my trades are in profit which was not the case before. Which made me come to the conclusion ,some may call it conspiracy all these indicators are being propped up to trap newbie traders. They lose money using these indicators while the one who trades using the above three things make money.
) and i believe in this theory, I.e. contradicting to what Mr. Bindra told.