I have been trading ‘forex’ for about a month now with good returns, something I learned in life is “K.I.S.S” aka KeepItSimpleStupid.
I have been doing a little bit of research & was intrigued by all the available tools out there. But the more I try to learn about all the indicators, tools, etc … the more complicated I feel I make it.
Before I say anything, let me say that If all of these indicators & systems work for you, that is great & I respect that.
But I feel a couple things, first thing is, {not just on these forums, but all around ‘internet’ information} but it seems like there are alot of ‘self-made’ indicators & systems out there and people just try to learn the system & not what drives the system. If that makes any sense.
I just feel that all of these tools are really really unnecessary UNLESS what you do actually requires it, if I had to guess based off of my research, I would say 90% of those using ‘new’ systems {assuming they are not newbies like myself} do it to find the new quick way to make money & nothing strategic goes into it.
I Have also come to recognize that there are a limited number of indicators & such that are ‘industry standard’ indicators, Correct me if you think otherwise, but I think it would be most wise to stick with these ‘industry standards’. I also believe that if the effort that was put into finding new indicators & systems was put towards the technical studies of Forex, those who fail would be a lot more successful.
I guess my point is this, I have been trading and doing pretty successful for a newbie over the past couple weeks & all I have done is this :
- Trade opening sessions based of previous days highs/lows & news.
- Scalp in 1m/5m charts with ‘Boll’ ‘EMA’ ‘Stoc’, and have been pretty successful.
I guess I am trying to figure out if I want to expand my knowledge of other trading techniques or If I should stick with and grow off of what I am doing now.
A BIG part of this decision is based off the fact that I might want to turn this ‘full time now/part time later’ venture into a ‘full time … period’ venture, meaning, this might be what I choose to do for a living.
So are all of these ‘extras’ & ‘tools’ really necessary for the average trader?