Trading, not investing, requires a disciplined method. One of the successful approaches in trading is to consistently look for trade setups. Interestingly, in order to be successful, it is absolutely ok, even advisable, to work with simple trade setups. This article has some thoughts about trading with simple trade setups.
Humans have to be regular and hardworking in any kind of job for being a good performer. And when it is a business, afford from your body, will be needed most. This seems weird but, you have to work more in a business first that in a day job. And the risk of money is higher in the business too. In fact, there is almost no issue with your monthly wager at all. And when you are in the trading business, the effort from you will be much difficult. Because you are going to be thinking most of the time. And giving mental effort is not that easy like giving physical effort. Still, most people think that, if you want to be a good trader, business in your work has to be visible. That is a thing which does not help with thinking properly in any condition. Busyness is the trading profession, is not good for you too. Today we are going to talk about it in the following section.
The charts are going to be affected
If you think that busyness in your working process will be good for your profession, the price charts analogy will be the first thing to get affected by that thought. You will be using too many indicators to find out good positions for a trade. Then the observation of markets will be more frequent for you. You will be willing to use every single strategy available to find a good position for your trade. But, it is not that hard to find a good position for a trade. Just using the support levels or pickup and resistance points is enough for your position sizing (examples include the setups on these gold and silver charts).
Finding simple trade setups
All the successful Singaporean traders believe in simplicity. They know the complex trading system never helps in the long run. Try to analyze the chart patterns in your online trading platform using the basic tools. Stop using the EAs and indicators. If possible try to learn price action trading as it will help you to execute high-quality trades with an extreme level of precision. As a trader, you must not forget to embrace the losing trades. Trade with 1:2+ risk-reward ratio so that you can easily cover your trading loss. Be smart when it comes to Forex trading business.
Your trading methods have to be soothing
Like working with the price charts, you have to make your trading methods relaxing too. You have to choose a low-frequency trading technique for being relaxed in the process of executing a trade. Thus you will be able to enjoy improving your trading plans and money management plans as well. You might be worrying, if we trade less, the amount of income will be less too. But that is not true for this business. As the pips change a lot in bigger timeframes, you are safe with long-term trades. In fact, if you manage to make a good trade with closing at the right time, the amount of profit will be much higher than all of the short-term trades combined in that timeframe. So, you can choose the swing trading or position trading for your method. But remember, position trading requires a high level of trading skills.
Every time should be properly utilized
If you are trading with shirt trades, there would be probably no proper time for you to think about other things rather than trades execution. Besides trading, you also have to think about trading plans and money management. Because they are important for the better execution of trades and saving your trading capital from being too much used. If you chose the bigger timeframe trades, there will be time to be relaxing when a trade is live. You have to stay away from thinking about it at this moment. So, why not think about improving your trading skill and performance?
TOP CRYPTOCURRENCIES TO BUY: Which top crypto tips are flashing a BUY signal now? Which to avoid? Top notch guidance on how to play the grand bull market in crypto from InvestingHaven’s research team, only for $2 per week. Crypto & Blockchain investing service >>
