subject: How Can I Make Forex Trading Simple? [print this page] How Can I Make Forex Trading Simple? How Can I Make Forex Trading Simple?
Forex trading can be difficult enough without making more work for yourself. You see some traders with lines and lines and different colours dotted about all over their charts and most of the time they have forgotten what half of them are there for. It is best to pick a simple strategy and stick to it or if you like to look at different trading signals have them on different charts and keep each chart minimised to 2 or 3 indicators, keep it simple.
It is not good trading strategy to use too many signals as you might find that some contradict others, for example, support and resistance levels shown on your charts with pivot points may contradict the support and resistance levels of Fibonacci levels. This is going to confuse the budding trader and will only lead to failure by either never getting into a trade or being to confused to exit a trade with maximum profit.
Some of the best ways to make forex trading simple is to use the simplest of strategies, support and resistance are the most common and many traders find the most reliable when it come to entry and exit strategies. A couple of moving averages of different Nbr levels and some pivot points are usually enough for most traders to make trading simple and still profit.
The key to success here is to find a simple strategy on one chart that works for you and if you want to confirm an entry or exit level with another method then have it on another chart so as not to confuse your main intention. Avoid having too many indicators on your charts or using too many charts as each can be equally confusing. Remember that success can be in the simplicity of your actions.
