What Are You Waiting For?
Hello traders! As we often like to say in our Online Trading Academy Classes or even in these Lessons from the Pros newsletters, trading is very simple but not easy. You can make it as complicated as you want it to be – adding multiple levels of indicators and oscillators, Fibonacci levels and moving averages, Elliott Wave counts, or whatever makes you happy. Adding too many of these extras doesn’t always simplify trading nor make trading increasingly profitable. What makes these things “extras”? The only things you need on the charts in my opinion are properly identified supply and demand zones, and perhaps a way to determine trend direction.
This leads us to a very important subject in the trading community: why do traders (especially new traders!) try to use so many extra decision support tools? The very simple answer is that they don’t think or believe that trading should be easy. It is somewhat counterintuitive. “A job where I can make six or seven figures should be difficult, otherwise everyone would be doing it” is a very common type of comment I hear when talking to someone about trading. My response is always that trading is simple, just not easy. So, what makes trading so difficult for new traders? In my opinion they are focusing on the wrong thing: charts! The difficult part is in your head, not on the screen!
Very often this is what new traders believe a chart has to look like – many wiggly lines/decision support tools. Too many of these things will give you conflicting information… Continue Reading
