Many of the world’s most successful traders spend years refining their trading technique to strip away complexity and arrive at a simple trading style.
“They load up their charting programmes and it looks like a Christmas tree it has so many lines and colours. We teach newcomers to the market that knowing what these indicators are is important, but trying to interpret too many of them at the same time will just confuse you. We have found that people who over-analyse the market don’t know what to do, and often make bad trading decisions that result in losses.
This is shown in the chart of the euro-US dollar below. “When the rising red trend line is broken by the down-moving price, we have entered a short-term bear trend and therefore will only short the market until the trend changes,” says Van Pletsen. “The horizontal light blue line indicates an area of consolidation, so we would enter a short sale at this level.
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