I heard this phrase the other day watching YouTube, and literally laughed out loud.
You younger guys always trying to put a new spin on a old horse. In my day we just called it trading naked. Now what does all this mean?
Basically you are not using any indicators on your screen and just go off the candle, or bar. It is one of the oldest and in my opinion the best way to trade. Now with that being said, this style of trading is not for everyone and I get that.
Find You Style
Here is the problem with trading in general, guys will use a system and it fails them 4-9 times and they move on always on the hunt for the holy grail. It does not exist. And this road will be a long one if taken, I have seen guys I knew from clear back in 05, Still looking for a style. Do not be that guy, hell myself I spent a good 4 years always looking for a better system.
I still like to test other systems for this website to let you the reader know what I think of them. Other than that, I stick with a Naked chart and nothing more.
The key to making all this work in your life is constancy and nothing more. There will always be losses in every trader out there. I talked to a guy who makes over a million a year trading, and he said he blows accounts all the time. I said you have got to be kidding me right? He said No, it is going to happen, he went on to say. One time I had a trade that was 75k down and flat out killing my account. I said you killed it right? He said NO, I know this game and waited two more days. I was sweating just hearing this story. He went on and said the trade finally went his way and he made well over 300k.
Could You Handle This?
I could not believe this story that I had heard and was just shocked, and I can not help to think how many traders wont even have a ten pip stop? He did confess to me that looking back he probably should have killed the trade. He said but sometimes you just need to believe in your system.
I said what elaborate system do you have to trade the markets? he said, well if I tell you, you can not tell a soul. I said fine. We walked over to his charts and there was nothing there. He also went on to say that sometimes they say a great trader does not even need a chart. I have heard this before from very large traders.
Most traders are there own worst enemy, I know I was for many years. Thinking I needed this or that and I would have all the gold in the city. The truth is you need nothing more than a style or system that you believe in.
Don’t Over Trade
I know for me personally, I have over traded and that was an account killer for me for sure. The only reason I bring this up, is because I believe other guys do this as well. If you find yourself always chasing a trade and getting stopped out. STOP TRADING
We all go through the weeks where we just can not make a thin dime, on when it happens to me. I have found, just walking away from the screen is the best bet in this scenario.
David Is A Sixteen Year Veteran In The Forex World. He Gives His Advice On What Works And What Does Not.