You will many people in your trading career that are obsessed with micro-level management in their trading. They want to control everything from the price of currency pairs to news and information. You may think they are control freak but they do not have the right understanding of the market. They think if they try to focus on each and every parts of their trading career, they will be successful. A successful trader is a combination of a successful strategy, good timing of entry and exit and trading with good trends. If they can work as micro level with each of the small issues, they can improve their career. This is a wrong misconception and if you read the article, you will find why micro-level management is not effective. It may seem attractive and was supposed to work out perfectly but it does not. There are many myths of managing trades micro level and this article will clear your mind of this myth.
Balanced trading strategy
Those who deal with all the details of the market can never become a profitable trader. You need to prioritize things to take a smart decision during the high level of market volatility. This is where your trading strategy will come into action. A trading system is nothing but a bunch of rules which defines your trading style. If you deal with too many variables, you will never be able to find the best trades. On the contrary, the experienced traders always keep their trading system simple. They never make things overly complicated as it is one key reason for losing money.
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The more you acquaint yourself with small things, the more distracted you get
The problem with micro-level management is it focuses on small things and ignores the whole picture. It is like looking at the elephant but you are only looking at one part at a time. You will look at the ear and comment it is very big like a drum. You will look at its trunk and think it is very big like a rope. This fractional idea will not give you the correct, whole image of the elephant rather it will only distract you. Traders thinking of focusing on small issues improve performance are wrong. They only trade with the small fractional parts but never see the whole image. Keep your mind focused on your goal. Never let the small things bother you.
This market is composed of too many information
Our mind can analyze much information at once but Forex industry is composed of much more information than that. It has thousands of news rushing to our platform and if you count every one of them, you cannot even place your trade. Only select the news that you think is authentic. Check the news and select the major one form it. Managing them at the micro level is going to drive you mad and you will regret why you have chosen to give importance to all of them.
You try to control trends that are impossible
This is the worst side of micromanaging your trade. You begin to think as you have analyzed all the possible changes, you can now control the trends. You place your trades and hope that the trend will go in your favor. Many people do this same thing and lost money. Your mind cannot accept losses when you start trading at the micro level. You need to trade like the profitable traders and use professional advice. Too little of anything is not going to give you profit in this large industry.