September 18, 2016 • 6 mins
Podcast:
How To Avoid Analysis Paralysis In Your Trading
In this video:
00:17 – Video and Podcast #195
00:27 – Analysis Paralysis affects so many traders – Information Overload
01:14 – Forums are mostly the blind leading the blind
01:25 – How do you avoid Analysis Paralysis?
02:00 – I love flying a helicopter and Karate – need to make your own decisions
03:21 – Personally I prefer to trade the longer time frame charts
04:14 – Having the confidence in the strategy to take the trade
04:58 – You need a simplistic approach to trading
05:30 – Get my #1 trading strategy for free – click on the link below
How can you avoid analysis paralysis in your trading? Let's talk about that and more right now.
Video and Podcast #195
Hi, Forex Traders, Andrew Mitchem here, The Forex Trading Coach, and this is video and podcast #195.
Analysis Paralysis affects so many traders – Information Overload
In today's video and podcast I'm going to be talking about analysis paralysis. It's a big problem that affects so many Forex traders, and it doesn't really matter whether you're new or more experienced, it just affects people across the whole spectrum of Forex Trading.
The problem is there is so much information out there regarding trading. The Forex market is so big. You get things like this. You get cell phones, you can't get away from market analysis, Twitter feeds, CNBC with lines scrolling everywhere, latest updates, news announcements. There's experts giving their opinion. You get fundamental opinions. You get economists. You get technical opinions, or lines, and charts, and graphs in different time frames. It goes on, and on, and on and people get extremely confused.
Forums are mostly the blind leading the blind
You then get the problem when you get the vast majority of forum sites with people with different opinions and different techniques all giving different opinions at the same time. Again, it becomes complete information overload. It's a big, big problem.
How do you avoid Analysis Paralysis?
How do you avoid that? Well, firstly, you need to become your own independent trader. You need to be able to think for yourself and make a decision for yourself, because it's a thing that I believe that in society in general we're becoming worse and worse at that. People have no ability to be able to make their own decision or do what they think. It's like we have that herd mentality where we feel in society in order to fit in we have to do what everybody else does, and we have to sort of copy other people.
I love flying a helicopter and Karate – need to make your own decisions
In trading that's not always a good thing. You see, outside of trading two of the things I love are flying a helicopter and karate, and in both of those you have to be able to make your own decisions, your own informed decisions, think quickly, react, and back yourself, really. You need a lot of training, and knowledge, and education to get to that level, of course you do, but once you have that training, and knowledge, and education you've got to keep refining it, you have to keep practicing it, but you also have to have that spontaneous back yourself, make that instant decision when things either don't go wrong, or things go unexpected. You have to have that ability to see something and make a call, a judgment call on that right now.
Trading really is not a lot different. The way I like to trade is I like to see a trade, take a trade. You see, the market's either going to go up, it's going to go down, or it's going to go sideways. It's not going to do anything else, really, when you bring it down to the absolute basics. The problem is when you start taking on different news feeds, different opinions, you do get that analysis paralysis.
How To Avoid Analysis Paralysis In Your Trading
In this video:
00:17 – Video and Podcast #195
00:27 – Analysis Paralysis affects so many traders – Information Overload
01:14 – Forums are mostly the blind leading the blind
01:25 – How do you avoid Analysis Paralysis?
02:00 – I love flying a helicopter and Karate – need to make your own decisions
03:21 – Personally I prefer to trade the longer time frame charts
04:14 – Having the confidence in the strategy to take the trade
04:58 – You need a simplistic approach to trading
05:30 – Get my #1 trading strategy for free – click on the link below
How can you avoid analysis paralysis in your trading? Let's talk about that and more right now.
Video and Podcast #195
Hi, Forex Traders, Andrew Mitchem here, The Forex Trading Coach, and this is video and podcast #195.
Analysis Paralysis affects so many traders – Information Overload
In today's video and podcast I'm going to be talking about analysis paralysis. It's a big problem that affects so many Forex traders, and it doesn't really matter whether you're new or more experienced, it just affects people across the whole spectrum of Forex Trading.
The problem is there is so much information out there regarding trading. The Forex market is so big. You get things like this. You get cell phones, you can't get away from market analysis, Twitter feeds, CNBC with lines scrolling everywhere, latest updates, news announcements. There's experts giving their opinion. You get fundamental opinions. You get economists. You get technical opinions, or lines, and charts, and graphs in different time frames. It goes on, and on, and on and people get extremely confused.
Forums are mostly the blind leading the blind
You then get the problem when you get the vast majority of forum sites with people with different opinions and different techniques all giving different opinions at the same time. Again, it becomes complete information overload. It's a big, big problem.
How do you avoid Analysis Paralysis?
How do you avoid that? Well, firstly, you need to become your own independent trader. You need to be able to think for yourself and make a decision for yourself, because it's a thing that I believe that in society in general we're becoming worse and worse at that. People have no ability to be able to make their own decision or do what they think. It's like we have that herd mentality where we feel in society in order to fit in we have to do what everybody else does, and we have to sort of copy other people.
I love flying a helicopter and Karate – need to make your own decisions
In trading that's not always a good thing. You see, outside of trading two of the things I love are flying a helicopter and karate, and in both of those you have to be able to make your own decisions, your own informed decisions, think quickly, react, and back yourself, really. You need a lot of training, and knowledge, and education to get to that level, of course you do, but once you have that training, and knowledge, and education you've got to keep refining it, you have to keep practicing it, but you also have to have that spontaneous back yourself, make that instant decision when things either don't go wrong, or things go unexpected. You have to have that ability to see something and make a call, a judgment call on that right now.
Trading really is not a lot different. The way I like to trade is I like to see a trade, take a trade. You see, the market's either going to go up, it's going to go down, or it's going to go sideways. It's not going to do anything else, really, when you bring it down to the absolute basics. The problem is when you start taking on different news feeds, different opinions, you do get that analysis paralysis.
Mark as Played
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