The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. 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. Why it’s Counter Productive to Analyze too Much Market Data It may seem confusing or counter intuitive to the aspiring Forex trader when they first hear the fact trade forex 10 minutes day 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 of 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. Forex trading, is that beyond a certain level of technical chart reading ability and awareness, there really is no beneficial aspect to spending more time on tweaking a trading system or analyzing more economic reports. 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. Set it and Forget it’ 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. 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.