Fibonacci Trading: Distractions

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Alright, so today I had the chance to talk to an associate who is a new comer to trading and we probably spent an hour just discussing the trading platform. As I’ve gotten in to the educational side on this business this can be something which I see happening repeatedly where there is more time used on learning system than their is on actually learning the trading plan. Now learning the trading platform isn’t only distraction once we have much more around who’s causes it to be really tough occasionally to focus.
It’s vital that you know that there are numerous other money making business’ in this business then one of which may be the technology side. So when you start to employ a new platform feel that the corporation behind that trading platform use a team which might be full-time focusing on new gadgets and tools to the platform. Now I’ve seen this since recent with the ThinkOrSwim trading platform with all these new and great tools they’ve rolled out with for their clients. For me, I need to keep it as SIMPLE as possible knowning that goes along with the system of trading I teach. Jesse Livermore back in the day was able to be a really successful trader without the in the technology we have today and you still have non-profitable traders. While you could spend days speculating as to why this can be we are able to all agree how the volume of noise and distraction today (think CNBC, Twitter) definitely enhances time wasted and lack of focus.
When you get off topic, and it will happen, you must consider the amount of the time spent is really letting you be a better trader and generate profits. Now, I’m not in any respect praoclaiming that taking some time for it to familiarize yourself while using trading platform is often a a dangerous thing, but ensure that it stays simple. Use the indicators you know and be sure you have the basics down, tune out your rest.
This goes the identical with stepping into online reading, especially today, with all the doom and gloom articles on the market. I can’t begin to show you how many texts from friends or posts I see on Facebook about the economy that are really just a bad use of time. Really, you need to be trading it, it’s that simple. If you’re a technical trader (like I am) reading about the core fundamentals of how Apple iPhones are made is just not during my interest and that just isn’t a a dangerous thing! You don’t have to be an Economist or even an MBA to be on this business you just need to be focused, work hard and maintain it simple. Your concern really should not be researching a hedge fund managers beginnings or whether Roubini thinks the world will implode, your concern ought to be on trading. Of course, this can be different if you are a in a major way money manager or even an analyst getting paid to accomplish such work however, if you’re just like me you’re an impartial trader that is going to just trade. I say all on this having done it myself but happen to be reminded today regarding it so hopefully that is a refresher to all person new and veteran traders around.

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