When I started with trading I was fascinated how price behaves. At the beginning I was pretty sure that price moves quite randomly, but after looking at few charts it was clear that there is something more. Now after drawing hundreds trend lines and horizontal levels I already know (much more) about what makes price moves and shapes candles.
As a technical trader you need to choose one of two approaches. You can either become expert of few instruments or focus fully on charts and trade any instrument on any possible time frame — price is only thing you are interested with. I choose second option. I believe it gives more trading opportunities. Almost every time you can find your perfect setup and you don’t need to wait on it for many hours / days as you could trading only one / few instruments.
Unfortunately there is one big problem with this approach. It’s almost impossible to watch that big number of charts. Even if you have ultra wide screen you won’t be able to clearly see more than 20 instrument (and what about many time frames?). Also trying to stay up-to-date with every instrument on few timeframes will result in drastically low concentration as well as trading efficiency. You’ll jump from one chart to another looking for any opportunity and after few hours you will find it where it’s not. Your brain will give you anything to end this search and finally switch to low speed.
To solve this problem I decided to create robots that scan many markets on many timeframes (currently 32 instruments on 15 timeframes) and let me know only when something interesting happen. By „interesting” I mean events like pinbars, rejection of support / resistance levels, marabouzu etc. Now every 15 minutes (that the lowest timeframe robots scan) I get batch of events to verify.
Clicking on each event shows instrument chart so I can instantly verify quality of it. If I decide that event is legit I can open multi timeframe charts (selected instrument on 6 TFs) to see bigger picture. If it’s still ok I open trade. And that’s all. I don’t need to permanently look on charts, switching through them and timeframes. Furthermore I even don’t need to make any analyzes. All I need to do is wait for new batch of events and look for the one valid with my trading strategy.
Now when I don’t need to jump through charts I can concentrate on choosing right signal and when I decide to open trade I have clean mindset which gives me better efficiently with managing position.
If you would like to try this approach or get more information about benefits of it, feel free to start trial account at http://gekkofx.com/ and check how it could improve your trading.
Below you can see screenshot from MyFxBook account I opened one month ago and trade only based on above approach. (68 trades, 58 in profit, +138,84% of gain).
All the content published on this site is private opinion of its author and is not investing recommendation. The author doesn't take any responsibility for investing decision made on its basis.