Best Forex Brokers: Easy Steps to Trading Make Trading Simple
by Wang Y. SEMBest Forex Brokers:Easy Steps to Trading Make Trading Simple
Trading can be all consuming, if you allow it to be. It’s true that it takes time and commitment to get to a point with any new skill where you feel comfortable. Undoubtedly striving for perfection, for continual improvement, is an admirable quality, but successful trading does not require immersing oneself in a furnace of frenzied activity on a daily basis. The whole point about trading in the style of the ‘Lazy Trader’ is that trading is a means of supporting a life beyond trading, not for trading to become your life.
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It is
true that trading successfully is not easy and that to get to a point
where it becomes regularly profitable will take time and commitment.
Exposure to the market and trading with diligence will automatically
build the skill set required to get to that point, but it doesn’t, in
fact shouldn’t, involve a whole lot of blood, sweat and tears. Never
become fixated, or obsessed, by trading. It must not dominate you. It
is simply a tool towards achieving financial growth, and like any new
skill set, mistakes are made along the path to mastering it.
An
important part of trading successfully in a stress free manner is to
simplify it. It is very easy to overcomplicate things; there are almost
an infinite variety of strategies and markets. Don’t feel you have to
try and target everything. It simply isn’t possible. By far the most
effective approach is to be very focused on just a few markets and one
time frame, that which fits with your lifestyle and other commitments.
Within a focused area of the markets and employing a single time frame
there can be many opportunities. You don’t have to be, in fact should
never be, trying to trade everything.
Your trade journal will
tell you which markets and strategies have been most fruitful; pare down
your operation to concentrate on those. Always remember that knowing
when not to trade is as important as knowing when to trade. If you have a
lot going on and you’re trying to target a lot of markets and currency
pairs then you’re working too hard and making life difficult for
yourself, which is likely to be reflected in the results. It’s a
question of targeting and then working to your strengths. It will not
only be more profitable but also more fun.
In fact simplifying
your trading should be a goal. Try to achieve a point where market
analysis, risk management, execution and money management become second
nature, and then you will have the freedom and time to concentrate on
your trading goals, i.e., the ‘deeper’ reason(s) you took up trading in
the first place, not simply that you just wanted to try and make more
money.
Keeping your trading pared down, simple, but effective, is
the most efficient way of getting the most from it. Remember that less
is more in trading. One way of achieving this is to use the End of Day
time frame as part of your strategy where opportunities are clearly
defined and minimum time is required from the trader. It’s ideal for
those with busy lives and other commitments and for whom trading is a
means of supplementing income rather than a way of life.
You will often find that the pros have a very simplified approach to their trading, one that they’ve honed to perfection!
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Created on Dec 31st 1969 18:00. Viewed 0 times.