Minimalist Approach To Forex Rates Trading

Posted by admin 05/11/2013 Comments are off 1085 views

Minimalist Forex rates trading

To trade in a minimalist manner, there are two basic things you need to do… so let’s take a look at these.

Forget the typical forex rates trader picture

Most of the time when forex rates traders are shown in pictures; they are depicted as a nice looking man or woman in a large office with numerous computer screens that have the latest forex trading software fired up on them. In reality, you only need any average laptop and the standard metatrader 4 platform to make money from trading, as long as you have a good trading strategy. Whilst you are busy dreaming of setting up your forex trading room to  look like what the pictures say, someone else is on his bed with a notebook making thousands of dollars each month.

If you feel you have to add a dozen screens plus all other whistles and bells after you have become a successful trader, you can go ahead but do not deceive yourself into thinking you are not making money from the markets due to the fact that you are not using a state of the art 26 inch computer screen.

Many pro traders have gone away from having big trading offices with numerous monitors to trading off 10-inch notebooks. They say that trading from those big offices in the past was just them trying to satisfy their over bloated ego.

Reduce the number of objects you have on your charts and watch your forex rates trading results improve

Usually, it takes a certain level of trial and error before traders figure out that most trading mistake they made was as a result of their own trading mistakes and not really due to the trading method they were employing. 80% of traders that lose money in trading do so because of the numerous emotional trading mistakes they make.

However, the role of the numerous useless tools that litter the charts of many traders is usually overlooked. Just as people  that have money feel the need to buy more things to be happy,  many traders have the mentality that adding as many indicators as possible to their charts will help them analyse better and avoid losing trades this not true of course, as they find out much later in their trading career.

Many traders lay the blame for losing trades on their trading systems and strategies and they immediately go on a quest for finding the best trading methods possible. They start with learning highly complicated subjective strategies like Elliot Waves,  Gartley Patterns etc. Before they dump those for other heavy sounding indicators like Super Combo Profits, 2000Pips a week monster etc. After a while they set out trying thousands of EAs. All of these leave them with disappointments as it will crash their accounts sooner or later. More is not better in forex rates trading!

Until you understand the fact that you can accurately trade with just a single support and resistance indicator and make money, your forex rates trading may never really kick off.

 

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