A Minimalist Approach to Forex Trading: Keeping Things Simple and Flexible

Filed under: Learn Forex Trading |

 

What would you prefer – a ten screen-trading desk in an office that you have to sit and trade from for ten hours? Or, a slim, lightweight, notebook computer that you can carrying around in a bag, and trade from coffee shops, your friends house, or wherever you might be? I know what I would choose.

 

It seems to me that, as a trader, there are a lot of advantages to being flexible and mobile. The way that I trade means that I check my charts just once every four hours (as I use the daily and 4-hour charts to trade off). This means that, if I didn’t have a laptop computer, I would have to stop whatever I was doing and come home once every four hours. This seems a little silly when it takes just ten minutes to check the charts. Therefore, investing in a laptop computer for trading makes a lot of sense.

 

These days, you can also trade on mobile devices such as an iPad, phones, or tablets. However, this can sometimes be a little fiddly and difficult, so I prefer to trade using a laptop computer. I also do not think that more is better with forex trading. If you invest in a ten-screen workstation, you are more likely to overanalyse and over-trade. You will feel like you need to see a quick return on your investment, and if the markets are quiet, you will likely manufacture a trade instead of letting an obvious setup come to you.

 

In forex trading, I believe that the best approach is a minimalist and simple one, with regards to your trading environment (keeping everything simple, clean, uncomplicated, and mobile), and your actual trading approach. Take off all of the clutter of technical indicators, and look at nice, clean, price action charts. This, I think, will bring a sense of clarity that is vitally needed to be a successful forex trader.

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