Concentrate on one tool to be a professional trader!
Trading Tips (2)
By Markets Chimp
10/20/18 12:45 AM
Ramy Rashad, CMT
Many traders think that if they use many analytical tools, they will win, for sure! Well, this is absolutely not true! To the contrary, if you are using only one tool, professionally, most probably you will win!
Let me give you a real example. I know two traders; they are both technical analysts, and they are highly educated, but ...
One trader is convinced that if he learns as many indicators as he can, he will always be able to pick the good trades. He is dedicating his time to studying as many indicators as he can.
The other trader loves Trendlines! He knows how to draw them correctly, how to pick trades using Trendlines, and he also knows when they fail and stop working. He is dedicating his time to studying Trendlines techniques.
The second trader, who loves and knows how to use Trendlines, is actually doing much better than the first trader. When one indicator fails, the first trader goes to search for another indicator to learn then apply in the hope that this new indicator is the indicator that will make him a successful trader. But the second trader learns from his mistakes and always enhance his Trendlines techniques.
Learning is always good but concentrating on one tool and studying it thoroughly is much better!