As you prepare to jump-start a career in forex trading, it is important to be familiar with technical indicators like SFI Indicator to make continuous profits. To achieve tangible success on the market, you also need self-control, discipline, and the knowledge of how the market operates.
The dream of every currency trader is to trade on auto-pilot so that they can have enough time to handle other engagements. After all, every trader wants to diversify their investment portfolio to make additional income. Using the SFI is one way to achieve this.
You can use this indicator to better analyze the forex market in real-time. Currently, so many currency traders use this indicator to maintain their trading strategies. You can also become one of those using the indicator to improve their trading skills and earnings. You can find out below if this one makes the Best Metatrader Indicator top list.
Some of the areas this article will pay attention to include, a general review of what the indicator is about, the benefits of using the indicator, and how to install or remove the indicator.
What Is The SFI Indicator?
At its very core, the SFI is a custom technical indicator designed to help traders gather moving average data and market trends for profitable trading plans.
The indicator also gives accurate buy/sell signals and notification to enable traders to quickly “cash” in on potential trade opportunities.
Benefits Of Using SFI Indicator
Some of the benefits of using the SFI to trade the FX market include the following:
1. The indicator is good for scalping
2. Using the indicator guarantees 68% winning rate. This means your chances of winning in a trade is very high.
3. It has a sound alert that will notify you when a potential winning trade opportunity.
4. The indicator doesn’t have an expiry date.
5. It is designed for both newbies and intermediate traders.
6. You can use the indicator to check the history of winning trades in the past.
7. You can use it to predict market movements.
How To Trade Using The SFI indicator
Once you download and install the indicator on your trading chart, you can use it to trade any currency pair of your choice (the installation process has been explained later in the article).
We recommend 15M, 30M or 1H timeframes. Avoid trading the FX market with this indicator on volatile days of the market, especially if you are not in favor of losing your hard-earned money to market forces.
How To Install the SFI
It is pretty simple to download and install the SFI on your trading terminal. Follow the process below to install this indicator:
1. Download the indicator from a reputable source or the MQL5 marketplace
2. Save the downloaded file in a location you would easily remember
3. Copy the file to your trading terminal indicator directory.
4. Restart or start the trading terminal
5. Head over to the terminal’s indicator directory and search for the SFI
6. Right-click on the indicator and click on install from the drop-down.
7. Adjust the indicator settings to suit your trading needs and style.
8. The indicator should appear on your trading chart.
How To Remove The Indicator
Sometimes after using the SFI, you may want to remove or uninstall it to add a new Indicator.
Below is how to uninstall the indicator:
1. Start your trading terminal.
2. Check for the SFI in the indicator directory.
3. Right-click on the indicator and click on “remove” from the drop-down.
4. The indicator should disappear from your trading chart.
Final Thoughts On SFI indicator
The SFI Indicator is a major technical indicator that every currency trader should add to their trading arsenal. You can use the indicator to automate your trades so that you have time to face other engagements. You can also use the indicator to predict market trends, price directions, as well as the accurate time to enter or exit a trade position without losing money.
The only significant drawback with using this indicator is that you shouldn’t use it in isolation. For accuracy and effectiveness sake, we urge you to combine it with other technical indicators like the MACD indicator, support and resistance indicators, moving averages, and the Gap indicator, among others.
When combined with these indicators, the SFI will sure help to improve your trading strategies and ultimately your earnings in no distant time.