Belief:

Indicators summarize price action.

What this means to me:

Prices change over time. Indicators collect the price data over time, perform some mathematical functions with that data, and provide a new number that attempts to describe the price action.

What this belief gets me into:

Learning about indicators.
Collecting data.
Exploring which indicators fit my beliefs about the markets.
Building systems using indicators.
Relying on indicators instead of being in the now.
Having more criteria to follow for an entry or exit.
Being confused by conflicting indicators.
Considering how the indicator influences or reflects the psychology of the market.

What this belief gets me out of:

Making decisions by gut feel.
Taking total responsibility for my actions. (e.g. The indicator said go long.)
I don’t have to look just at price.
Looking at previous price action.

Limitations of this belief:

Price action can change faster than an indicator can adapt. Using indicators requires understanding not only what the indicator does but what it tries to say about the price action and the market psychology. Indicators can offer conflicting viewpoints.

Utility of this belief:

This seems to be a useful belief for the further study of indicators. It is simple, clear, and promotes further learning.

Conclusions:

Indicators are a tool for the trading tool box. They need to be studied, understood, and tested to determine how they fit my trading beliefs and style. Some will be useful for the work I wish to do, others will not. Trying to use too many tools at once will make the job harder. Selecting the proper tools and using them properly will make the job easier.