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    Thread: moneygrows's trading journal

    1. #1511
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      I also believe on this theory that simplicity is the best in anything. in Forex Trading business if we keep our plans simple then we can properly trade and also make good profits. complicated plans can confuse anybody even a experienced trader. as we know that forex trading is a mind skills business so with confusing mind trading can be very dangerous for our account and also for our career.


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      We cannot underestimate the power of simplicity because that will be the major thing which could save us all the stress we could think of in the forex market, I see the strategy some traders use at times and I am wondering why they adopted something so complex, but the real question is whether they understand it and earning with it, so the issue with simplicity is in the understanding that you have, take the ichimoku indicator as an example, it looks so complicated, but the people who use it have so mastered it that at a glance they know what is happening in the forex market.


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      We just cannot ignore the power of simplicity in the forex market as a forex trader because having a complex strategy will not favour you but as someone above me mentioned, simplicity is definitely in the eyes of the user, i personally consider that using a system that does not allow you see the price action well can lead to what we commonly know in the forex parlance as analysis paralysis and that is a disease that has infested many traders to the extent that they cannot tell the difference between a good signal and a bad one, any forex trader that does not want to be found in this type of circumstance must learn the art of keeping the forex trading very simple and easy.


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      Quote Originally Posted by Ch Zeeshan View Post
      I also believe on this theory that simplicity is the best in anything. in Forex Trading business if we keep our plans simple then we can properly trade and also make good profits. complicated plans can confuse anybody even a experienced trader. as we know that forex trading is a mind skills business so with confusing mind trading can be very dangerous for our account and also for our career.
      It will be great news for me if simple system will help me to earn profit from this business. Sir do you use any simple system? How much profit you have made with your system? Is that give you consistent profit? If you have one simple system will you help me to know about that?


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      A simple can be as simple as using moving average to determine what you will do, the 200 moving average is generally being used by many traders to confirm trend direction, whenever price close above it, you can only be looking for opportunities to buy and when the opposite happens, you will know that selling is what will be best at this time, okay, so if you plot this in the chart, go to the higher time frame and see how price behaving, after you have seen a close above or below, go to the smaller TF and check whether it corresponds with what has just taken place from the bigger time frame you have checked and traded accordingly.


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    11. #1516
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      Quote Originally Posted by Timon View Post
      We just cannot ignore the power of simplicity in the forex market as a forex trader because having a complex strategy will not favour you but as someone above me mentioned, simplicity is definitely in the eyes of the user, i personally consider that using a system that does not allow you see the price action well can lead to what we commonly know in the forex parlance as analysis paralysis and that is a disease that has infested many traders to the extent that they cannot tell the difference between a good signal and a bad one, any forex trader that does not want to be found in this type of circumstance must learn the art of keeping the forex trading very simple and easy.
      am also a fan of having a more simple chart, i dont like painting my chart with different color before i trade,i actually use to commend traders with complex trading strategy, and i used to have one stupid idea that they have more knowledgeable than me, but i am wrong, there are many traders which they could have been successful in the market had been they decide to use a less complicated trading techniques


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    13. #1517
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      Quote Originally Posted by Neriah View Post
      A simple can be as simple as using moving average to determine what you will do, the 200 moving average is generally being used by many traders to confirm trend direction, whenever price close above it, you can only be looking for opportunities to buy and when the opposite happens, you will know that selling is what will be best at this time, okay, so if you plot this in the chart, go to the higher time frame and see how price behaving, after you have seen a close above or below, go to the smaller TF and check whether it corresponds with what has just taken place from the bigger time frame you have checked and traded accordingly.
      A simple trading system even a simple indicator is better than complicating your charts to the extent that even you the trader can not understand what is there,trading is simple if we keep it simple,but the issue is that a lot of traders do think that having a complicated system is the only way to make profits in this market and that is entirely wrong.


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    15. #1518
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      Quote Originally Posted by bigani View Post
      A simple trading system even a simple indicator is better than complicating your charts to the extent that even you the trader can not understand what is there,trading is simple if we keep it simple,but the issue is that a lot of traders do think that having a complicated system is the only way to make profits in this market and that is entirely wrong.
      System that are complicated makes it difficult for us to understand this market and this will add confusion which we don't want in forex. We have to free ourselves from complicated system and follow some simple logic that can be more effective in our trade. Quality trading is important and as traders we need to learn what matters.

      I prefer using a simple system that will give me higher chances of wining from forex instead of complicating myself with complex systems that will end me up with loss I didn't bargain for.


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    17. #1519
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      You are on point sixteen, when a system makes this business harder than it is already is, then we need to rethink our options, a forex trader should always strive for excellence, i believe that we need a proper mindset for that to take place, if the analysis paralysis that we hear about is true, then it means that our failure sometimes is a creation of our own making, if we get a complex system because that is what we feel is profitable, we should never complain if we are getting bad signals that eventually turn out for losses for us, some traders prefer a clean chart and others think that it will make the market too simplified, whichever works for you is great as long as our profitability goals are me.


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    19. #1520
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      We should understand the reasons why we need a system, it is a guide and the rules that ensure that we enter the market only when necessary, this means that discipline is even more important than the strategy itself, you can have a simple system and get margin call because you don't possess the discipline to trade it well, we sometimes make our concentration on things that does not matter much and neglect the most important ones that relate to how our account can survive for a very long time, money management is one of the most critical aspects which we easily forget, let's be honest with ourselves as traders and ensuring that we do what is best for our future.


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