Every year the financial markets attract newbies to forex, stock and options trading and a large majority of them are looking for an automated solution to making money. A step by step packaged process that makes sure you make loads of money without having to use your brain. In their own time they find out (the hard way) that this type of commercial sell doesn't deliver the return on their capital that they were led to believe or expected. Then they stop.
They then move on to another automated process and, over time, they find out that this NEW process doesn't deliver to their expectations as well. So they repeat the whole process over and over again. Typically they will move on to moving from one indicator to another (all telling the same story) and even end up having 5 indicators on the same trading screen.
Don't get me wrong - there is nothing at all wrong with indicators however they should confirm a move and not dictate it. No indicator is the answer to forex profits, stock market millions or option riches. No forex bot is the answer either, forex bots should be the same as indicators - confirm a move and not dictate it.
In order to be successful in the markets we DO have to have a trading plan with some basic factors built in that do not rely on automation of entries. This includes good money management, looking at the trend in the higher time frame, good entry strategies based around price action and support and resistance levels and good exit strategies based around support and resistance levels and partial profit taking. The volatility of the pairs are also important as the market has to move. Trade sectors and sub-group indices are very important for stock traders.
You will probably find that these ingredients are in most of the favorite recipes of all the successful traders and I can see no reason why they should not be in yours also.
Back to indicators. They should be used around key price action movements at S&R levels when also taking the bigger picture in to account. Whether you use a stochastic, moving average or Bollinger Bands in should not really matter as they say very much the same thing.
So before you start your trading career don't be one of those that is looking for the HOLY GRAIL for trading forex because it just does not exist!