Friday, October 7, 2011

Too many strategies, too many systems, too many indicators...

We all did it. We are all guilty.
Oh, I was just trying this new thing in my trading.
I wanted to see what would happen if the price bounced off the trendline.
I decided today I want to change only with the trend.
GBP / JPY has a greater range of everyday, so I wanted to trade today.

One day support and resistance. The next day follow trading signals from some random website. The second day is a new book from Amazon you about Fib retracements. The day after that is Jim Cramer, and then trading Forex news, and then an exotic currency pair that you heard that "works best for trend trading," and then you are extremely confused and end up in front of your computer that looks like this:



At some point we reach too many trading systems. Too many ideas. No confidence. No defined directions. Something different every day. An endless loop of learning new things, but makes no money. A road with no destination. Traders Hell.

It's pure evil.

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