Many professional traders that I have learnt from over the years trade multiple entries and strategies. Some traders even have a strategy for every market condition.
I am not going to say that you shouldn’t adopt that approach, but I will say that it didn’t work for me, and that is why it is not the way I teach. That is why I teach traders to trade their best setup.
As stated in the beginning of this ebook, it seems logical to me to simplify my trading as much as possible, and one way of simplifying the whole business is to only trade my best setup.
Obviously it matters how often that setup comes up. If you only get a particular setup once a week or month, then you can’t build any sort of trading career around that, but if you find a setup once or twice a day, then you can use that to build a career - if that is your wish.
I will be honest and admit that my natural predisposition is often to complicate things endlessly and unnecessarily. With trading however there is just too much at stake to act in accordance with my predispositions, and besides, there are many benefits to that strategy beyond mere simplicity.
Trading my best setup removes mental clutter and can help me avoid attempts to multi-task while I am trading. I think it gives my equity the best bang for its buck when I enter a trade, and it helps prevent my mind over-analysing the market action.
I am sure it could also help you recover from an addiction to the markets, if that is something that is a problem for you, because whether you appreciate it or not, trading Markets is a highly addictive pursuit. In many ways it can make slot machines seem not even worthy of being called a gateway drug (lol).
Funnily enough there is so much information available in the world of forex, so many strategies to play with and so many markets to trade, that many people don’t seem to really care that they don’t find profitability.
The complexity inherent in financial markets just adds to the appeal and makes the market that much more addictive. So much so that many traders seem to be just happy with their new hobby that takes all of their intellectual prowess - and more.
A very apt and famous trading quote by Ed Seykota is “win or lose, everybody gets what they want out of the market”.
Maybe you only think you want to make money - when maybe the intellectual challenge is all your subconscious is really interested in. After all, our subconscious motivations are often very different from our conscious ones, and in the contest the subconscious usually seems to win.
But that isn’t our path, because we are here to take our trading seriously, and part of becoming professional in our approach is to stop fixating on shiny objects in the world of forex and just get the job done.
Make your money and get back to building the life of your dreams - because you should be trading for the amazing upside - not to give yourself a new 20 year hobby.