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Keep it simple Trading is simple but not easy The business of trading shares, options, futures or currencies can be as complicated or simple as you want. I make my trading as simple as possible and most successful traders I know do the same. There has been a large amount of research into trading and this point consistently arises. So I suggest to beginner traders don't make your trading more complex than necessary.
Rather than searching for new strategies and techniques, the profitable trader will use only two or three indicators at any time to generate trades. A pitfall of new traders is getting into the habit of constantly searching for new trading strategies, looking for the perfect system. This may be before they've executed enough trades with a trading strategy they've learnt about to see if it works for not. I wasted about five years of my life, buying programs from the States, trying to find this wonderful secret to trading and it wasn't there. About 80% of our clients that do our trading psychology courses come to me with the same problem. They get 'bogged down' looking for something that doesn't exist. There isn't any perfect system. Remember, simple is better. Successful traders also stick to a select group of shares, futures or options and become proficient in them. They don't trade stocks, then switch to options, then switch to commodities and so on. They focus on a small number of trading vehicles with a minimal number of trading techniques, instead of doing many different things ineffectively. Find a system that works and work the system. The grass isn't greener on the other side of the fence. Learn your market, refine your personal approach and stick with it.
Winners
in life do those things that |
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