The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. However, this doesn’t mean all people will want to be nomadic and travel around the direct print on forex living in different places. Halfway through 2012 I said enough is enough and I set out to completely remove all clutter and unnecessary possessions, even small things.
The reason I’m sharing this story with you, is because I believe that most of you out there can benefit from applying a similar logic to your life, i. People can interpret it however they want, but the core thing is to keep with you only what you absolutely need in an effort to save time, save money, remove stress, and more. So what the hell does this have to do with trading you ask? Get rid of all the excess weight you have if you are still learning how to trade or you’re struggling to trade successfully.
If you want to add a big trading desk with multiple monitors and all the bells and whistles after you become a successful trader, that’s OK. But don’t think you need to go out and drop 5 grand on your trading office in order to make money in the markets. Some of the best traders in the world just trade off a laptop. I realized my ego and greed took over before, and these things negatively impacted my trading.
However, you might not know WHY I trade and teach this approach. Just as the materialist mentality of needing to buy more things to make us feel happy or fulfilled is a flawed mentality, so is the mentality that adding more technical indicators and analysis tools will somehow make you a better trader. One of the big secrets to success in all areas of life and indeed even to happiness is that less is often better. However, most traders naturally assume that it’s their trading system or strategy to blame for their losses in the market. Elliot Waves, super-turbo 5,000 trading robots, and everything else under the sun to their charts.
You see, as traders our trading mindset is the most important piece of the puzzle. However, the strategy or system that we use to trade with can and does have a profound effect on our trading mindset. Is this really going to help me? Ditch the forex indicators and trading robots and start over with a totally clean price chart. This act alone will do a lot to calm your nerves and your mind while analyzing the markets. Learn to trade with simple price action strategies.
After you ditch the indicators you will need to learn how to trade off the raw price action of the market. Whilst this might seem different to you at first, I can promise you it’s a lot easier and makes a lot more sense than whatever messy method you were trading with before. After you learn to trade with price action, understand that you don’t have to spend a lot of time analyzing the markets each day. You can learn to trade in an end of day manner and fit trading in around your day job. Forget about trying to analyze 20 different markets each day. Minimize the markets you trade and this will work to sharpen your focus on the handful that you like the best. I focus on the major forex currency pairs and a few other markets like oil, gold, and the Dow.
Truth is, you don’t NEED them. They are nice things to have if you can truly afford them, but you really don’t need them to trade successfully. One of the things I also did was got a P. This might seem like a small thing, but it’s all about downsizing and consolidating, and each little thing you downsize or get rid of adds up. I took a minimalist approach to getting my mail, this freed up time and energy each day to devote to other more important things, even if it was a small amount of time each day. Make sure your trading room or trading location is clean and simple.