Much time can be spent reviewing charts, reading and listening to the news, and looking at numerous indicators and signals before entering or exiting a trade. That method is tiring and mind-boggling. After years of trading and talking to other traders there is a common consensus that simple is better. This is where I like to apply the KISS principle,
little time looking at charts and no time listening to financial news.
I like to have the market tell me what it is willing to give. Observe one signal for heads up and another for confirmation-then enter or exit the trade. Go in with low risk then add more lots to the trade when the market says that it is moving in a solid direction. Keep my stops at reasonable levels to protect profits then get out when the market says it is going to change directions. It is easiest to take a chunk of the trade out of the middle instead of trying to pick tops and bottoms. There are traders that have 7 to 10 indicators to review before making a trade. I have seen them study so long that they miss most of the trade. The foreign currency market moves enough so that we do not have to wait long or look far to find another trade.
As can be gathered we lean toward simple and easier are better. When this method is followed there is less burn out and stress in trading. Trading is not a race it is a steady process of trading by some rules. It is not a game it is a business and it can be a fun business if it is done right. If you spend too much time analyzing your business procedures you will not make much money. Put a plan in place and make quick decisions based on the plan. Most decisions only have to be made once, then review the plan if it is not working.