Set trading system
This has two major benefits: Often, aspiring Forex traders become lost in a web of confusion with the amount of data that the various financial media outlets plaster all over the internet and television. There are so many system ideas and trading methods along with more fundamental data coming out every day than you could ever hope to digest, it can be overwhelming to even try and make sense of it all and develop a forex trading plan based off this amount of information. One of the biggest psychological mistakes that almost every aspiring trader makes on their journey to success is firmly believing that the amount of economic data analyzed and or having a technically complicated or expensive trading method will help them profit in the market. In reality, as most professional traders will attest to, these factors usually have the opposite effect on trading profits, at least after certain point. This essentially means that once you do a certain amount of analyzing market data, any further time spent analyzing this data is likely to have a negative effect on your trading; it causes you to lose money. It may seem confusing or counter intuitive to the aspiring Forex trader when they first hear the fact that analyzing too much market data can actually cause you to lose money faster than you other wise would. The main reason why this occurs is because human beings have an innate need to feel in control of their life and trading their surroundings, it is an evolutionary trait that has allowed our species to perpetuate its existence and ultimately arrive at our current modern day level of civilization. Unfortunately, for the aspiring Forex trader, this genetic trait of all human beings works against those trying to succeed at Forex trading. In fact, most of our normal feelings of wanting to work harder than the next guy or spend extra time studying and researching for our jobs or for school are feelings that are really not beneficial to success in the Forex market. The bottom line here is that there are literally millions of variables involved in trading the Forex market; each person trading the market is a variable and every one of their thoughts about the market is a variable because these are all things that can cause price to move. So, unless you are somehow able to keep track of every trader in the market and all of their thoughts, in addition to the hundreds of news and economic reports that come out each day, you essentially have no control over price movement. Trying to analyze numerous pieces of economic data each day or trying to come up with an overly complicated trading method is essentially just a futile attempt to control something that simply cannot be controlled; the market. Thus, the underlying cause of Forex trading failure begins with the idea that traders feel a psychological need to control their surroundings and when this emotional state meets the uncontrollable world of Forex trading it almost always has negative consequences. Once this process has begun it is very difficult to stop because it makes logical sense to us that if we put more time in and do more work we will eventually figure out how to make more money faster in the Forex market. So how does the aspiring trader achieve consistent profitability trading the Forex market if we are genetically primed to over-complicate it? The very first step in this process is just accepting the fact that you cannot control the uncontrollable Forex market and checking your ego at the door. The Forex market does not care what you have done in your life before; it has no emotion and is not a living entity. It is an arena where human beings act out trading beliefs about the exchange rate of a certain currency pair. These beliefs are a result of emotions, and human emotion is very predictable when it comes to money. These people are providing the set for the professionals to take advantage of. If there edge is not present, then they just walk away for a while because they know that the Forex market is a continuous stream of self-generating opportunities, thus they do not feel pressured or anxious to trade. If their edge does show up then they set their orders and walk away, accepting the fact that any further action will probably work against them because it will be a vain attempt to control the uncontrollable and would not be an objective action. The logic of set and forget forex trading is this; if your trading edge is present then you execute your edge and do not involve yourself further in the process unless you have a valid price action-based reason to do so. Traders that decide to mess with or tweak their trade once they enter it almost always kick start an emotional roller coaster that leads to over-trading, increasing position size, moving their stop loss further from their entry, or moving their profit target further out for no logical reason. These actions almost always cause the trader to lose money because they were not objectively thought out, but were instead influenced by an emotional reaction that was caused by trying to control the uncontrollable. In the chart below, we see an example of how many traders get into trouble by being too involved with their trades. In the chart below, we can see that just as the market got to about the low of the pin bar sell signal where most traders would have entered, it stalled and then fell significantly lower back in-line with the downtrend. Note how a traders could have waited for an opposing obvious price action buy signal to exit the trade…this is exiting on logic and price action rather than emotions like fear or greed. The reason many people are attracted to day trading is because they feel more in control of the market by looking at smaller time frames and jumping in and out of positions frequently. Unfortunately for them, they have not figured out that they have the same amount of control as the swing trader who holds positions for a week or more and only looks at the market for twenty minutes a day or even less. That is to say, neither trader has any control over the market, but day-trading and scalping gives traders the illusion of more control. Set only thing we really have control over in trading, is ourselves. All you basically need to do to consistently make money in Forex is master an effecting trading method, develop a written out trading plan based on this method and have a solid risk management strategy, you can then check the market one to three times a day for ten to twenty minutes each time. If your edge price action strategies is showing up than you set up your entry, stop loss, and target and walk away until the next scheduled time to check your trades. Trading in this manner actually elicits a snowball of positive habits that work to further perpetuate your trading success. This entire article can be summarized by the following two sentenes: People who spend more time analyzing market data and trying to perfect their trading system inevitably induce a cycle of emotional mistakes that work to increase their trading failures and eventually result in lost money and lost time. I really need to work on this. I think my problem as a new trader is the fact im un sure what i have done is right and over analyse. As you have stated this causes problems and in the end normally turns out by using your simple price action set ups i was right anyway in thr long tun but never let it play out. Have a feeling adopting this strategy and being disciplined to stick to it can really help me. Hi Nial, Just starting out. This will help me a great deal. Just read this again. Nial, I consider myself to be complete novice at trading and have not been very successful at the outset of my trading career. However, I discovered your website about two weeks ago and implementing some of your price action techniques having deleted all of my indicators!! I have had an incredibly profitable 2 weeks. Lets hope it continues…and that you continue posting amazing tips! Nial I recently purchased your course its content and your teachings by yourself and your team is simply amazing. It has taken me about 2 years to arrive at this point in my life, although I was always looking for a set and forget way of trading but never knew where to look or what system I should be useing. Now I have got my answers and System am totally confident that I will be earning very soon and in the short term will become a full time trader and in the longer term will only get better as long as I follow what is being taught and keep my discipline. The reason being your site and most on it are very helpful and eager for everyone to succeed. Experienced traders helping inexperienced ones can only be a positive way to learn, long may it continue. Early days yet but a big thanks for being part of your community. Hi Nials, Thanks for the great article!. I tried intraday trading and its too stressful. I want to thank you nials for comfirming to me the right way to trade. So i got home from work in the afternoons read a few market reports, put one or two trades on and leave it for the rest of the night. So it just goes to show that if you can be patient enough you just might make alot more. Yes I am re-reading this article also. After giving it a thought of do I want to try and read the minds of millions of traders or do I read and absorb your mind though your articles and apply to my mind. Even then the task is sometimes taunting. If I had learnt about trading price on the longer term trend — Daily, I would have been a millionaire by now. Just came across this article and I have to say, I thought Nial described me!!!!! Every single word in it is so true. Should have learned that before i started trading: Well done Nial, cant wait to find out more about your experiences. I have always been a BIG fan of Nial Fuller! And, like many of us, I am a true convert from intra-day to swing trader. So thank you very much Nial for sharing your in-depth knowledge with us. I read this article this morning and laughed to myself, because its true, higher timeframes are the best. Just been on holiday for a week and decided to trade on a higher timeframe 1hr — 4hr Less stressful and very profitable too. Thank you nials for your great articles, they are worth there weight in gold to me and my family. If I am not there to keep an eye on the trade i could end up losing a lot more money. After 18 S-T-R-A-I-G-H-T months of negative trading i am now finally in positive numbers after following his advice…. I totally agree with this article, chart watching is stressful and my trades on higher tf has proven more peaceful system profitable. I have enjoyed the videos and wish you continued success — DelvinJamaica. Nial, thanks for the video and comments. This message hits straight to the face. I have the same conditions that almost mention here. I have full time job but analyzing the long term trend in 4hr charts, but trading trading taking entries in 15minmin charts at early US seesion. I could not follow well trading market and stay disciplined with stops. My family time had been impacted by me, follow the markets PC Screen almost all day. This Set and Forget approach would be great if I really can learn it and apply it. Set will make my best to make it. Thanks for continuing to take the time to keep stating the obvious facts of Forex trading. Not great for the heart rate. I guess you just have to relax and let what will be, be. What you are saying in regard to higher time frames makes absolute sense. This article hits me straight in the face. I am guilty and I plan to change my problems. That is by learning Nials set ups, and set it and forget it. It took me five years to completely understand the gist of these words. Once I did, things became much easier and profitable. Hi Nial, Nice article. Their still geting hit and then the trade does turn out as planned. Your email address will not be published. Notify me of follow-up comments by email. Notify me of new posts by email. Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Learn To Trade The Market Pty Ltd, it's employees, directors or fellow members. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results. Forex, Futures, and Options trading system large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results. Set and Forget Forex Trading — Keep Your Day Job By Nial Fuller in Forex Trading Strategies 46 Comments. Less is more in Forex: Make Money and Save Time by Doing…Less? Now I want to hear from you! 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