Whats up ladies and gents
Today is the first day of the trading week and there are a lot of traders out there chained to their chairs watching 20 different currency pairs hoping to make a 1000 pips this week LOL.If this is you stop ,there are easier ways to trade that don’t involve a very strict diet of anxiety and Redbull.In fact this approach has been proven to be very ineffective and will try to explain why trading too much in general can be very stupid
1.You dont specialise -In any profession specialists are usually paid more than people who are general practitioners.For example a brain surgeon is a doctor but his line of expertise line in the brain and therefore he might know as much about teeth as a dentist but he knows all there is about the brain and people pay him top dollar to play with their brain.So a trade you can form the same habits by simple focusing on 1 or 3 correlated markets is more likely to know more about those markets than some trading 30 markets.
2.Time Consuming – Time is important for everyone most likely if you are trading its because someone told you that you could “Making Money While” you sleep but now you hardly get any sleep because you have 30 markets to trade with a very complicated trading strategy that demands most of your daily hours .
3.You miss opportunities -Now the very reason why some people trade a lot of markets is to get a lot of trades and as a result because of all the switching between the charts and the many time frames you end up losing out of so many rock solid opportunities because you end up with the half baked trades that only leave you anxious .
Bonus-Now as a side not what you need to remember is that the more you trade the more you put your account at risk because the human brain is really not designed for trading and that those that make it have to carve out” new brains”.The less you trade can mean more profits for you which seems counter intuitive to even me but who am i to question the Forex gods Anele Nkasane and Mpho Matela ,Just Kidding.
Wishing you a great stress-free ,profitable trading week