Hi
As this is still a trader's Den room and I have seen a lot of questions about market directions and indicators in the forum, I will reactivate this trade with some post.
Trading in the financial markets can be fun and profitable. Trading is a skill that can be learned over time. It takes a period of trying different methodologies and acquiring market knowledge. Usually, the beginning trader is confronted with a myriad of strategies and information. The number of various instructive materials to choose from is mind-boggling to say the least. It is no wonder that the beginner and even more experienced traders become confused and frustrated.
The would-be-trader or investor has to keep in mind that much of this confusion is created for a reason. The purpose of this disorder is to urge you to seek professional help. Books, trading courses, stock gurus, TV, brokers and advisors all stand ready to pluck your wallet in exchange for giving you the secrets of making money. As with most everything else, some of this advice is useful and much of it is not. Perhaps there is something a little bit different and simpler. One key to successful trading is to keep things simple.
How can a trader make his trading life easier? By having to make fewer decisions in regards to every trade. Contrary to what most experts say, it is very possible to trade with fewer inputs. Inputs would be areas like financial news, world news, and economy related news. It might also include the number of indicators and charting tools that are used for discovering and managing trades. Another input that could be avoided is listening to other's opinions about what or when to make a trade.
Whenever you listen to the news and the opinions of others, you then have to filter that data through your thinking process. You actually have to make some kind of decision concerning all those tidbits of information you come across. And attempting to understand how all those various inputs will affect the markets is usually difficult to manage. Predicting how other traders and investors will react to the multitude of news items is often futile. It is really a guessing game that most so-called experts are unable to consistently figure out.
If a trader is aware of his thinking, often he will find himself second-guessing a possible trade set-up. That piece of information he came across yesterday is affecting his thinking. Or, he heard some news today that has his contemplating future events. It is extremely rare that all the inputs will point in one direction at the same time. In effect, the more data points that you try to use in your methodology, the more chance for conflicting and confusing findings. This opens the door for more mistakes and losses from trading.
DanPickUp
As this is still a trader's Den room and I have seen a lot of questions about market directions and indicators in the forum, I will reactivate this trade with some post.
Trading in the financial markets can be fun and profitable. Trading is a skill that can be learned over time. It takes a period of trying different methodologies and acquiring market knowledge. Usually, the beginning trader is confronted with a myriad of strategies and information. The number of various instructive materials to choose from is mind-boggling to say the least. It is no wonder that the beginner and even more experienced traders become confused and frustrated.
The would-be-trader or investor has to keep in mind that much of this confusion is created for a reason. The purpose of this disorder is to urge you to seek professional help. Books, trading courses, stock gurus, TV, brokers and advisors all stand ready to pluck your wallet in exchange for giving you the secrets of making money. As with most everything else, some of this advice is useful and much of it is not. Perhaps there is something a little bit different and simpler. One key to successful trading is to keep things simple.
How can a trader make his trading life easier? By having to make fewer decisions in regards to every trade. Contrary to what most experts say, it is very possible to trade with fewer inputs. Inputs would be areas like financial news, world news, and economy related news. It might also include the number of indicators and charting tools that are used for discovering and managing trades. Another input that could be avoided is listening to other's opinions about what or when to make a trade.
Whenever you listen to the news and the opinions of others, you then have to filter that data through your thinking process. You actually have to make some kind of decision concerning all those tidbits of information you come across. And attempting to understand how all those various inputs will affect the markets is usually difficult to manage. Predicting how other traders and investors will react to the multitude of news items is often futile. It is really a guessing game that most so-called experts are unable to consistently figure out.
If a trader is aware of his thinking, often he will find himself second-guessing a possible trade set-up. That piece of information he came across yesterday is affecting his thinking. Or, he heard some news today that has his contemplating future events. It is extremely rare that all the inputs will point in one direction at the same time. In effect, the more data points that you try to use in your methodology, the more chance for conflicting and confusing findings. This opens the door for more mistakes and losses from trading.
DanPickUp
