In my experience, the best and fastest way to make money trading is to take a low-frequency “hands-off” approach. If you’ve been following me even a little bit, you probably already know this, but today’s lesson will introduce you to the concept of ‘trading from anywhere’ and ‘trading what you do can really make you profitable’. I would like to explain in detail why Instead of putting all your hopes and dreams in there, ‘add’ or ‘add on’ to other revenue streams.
In my opinion, the goal for new traders should be a minimalist approach to trading, where trading is low volume but done with a strong conviction. In other words, the sniper trading approach is what I recommend, teach, and personally practice. Being able to do literally anything you want while staying in touch and making deals. You can travel, have another job, have multiple other side jobs, and do whatever you love. The goal is to make trading a ‘complement’ to the lifestyle, not its primary purpose. Doing this is not only great for your stress levels and overall health, it is also literally the best thing you can do for your trading account!
Everything in life should be in balance. As they say, anything in moderation isn’t bad for you, and that includes trading.Most people lose trading because they don’t practice moderation. Instead, they stay up all night looking at charts, obsessed with short timeframe charts, and getting sucked into the day trading trap that traps so many well-meaning newbies.
My wish is, after reading today’s lesson, you may adopt a coffee shop trading attitude and call yourself a “global nomad trader”/part-time trader with another side job as well. It is to consider One thing I know for a fact is that the richest people have multiple sources of income. Come to think of it, it seems silly for me to say this. Instead of diversifying and relying solely on trading, that should tell us something. I wish you success and know that the only way to be successful in trading for most people is to follow a path similar to the one described below.
“Nomad Trading” … Too Good Or Is It The Answer You’re Looking For?
Trade from anywhere; while traveling, at home, away at work, at the coffee shop, in any case, it’s not too good to be true. Adopting an approach is literally the best you can do. Let me explain how it was done…
- Focus on appropriate chart timeframes
To take a “nomad” approach to trading, you should focus on higher timeframe charts. I’m talking about the 4 hour time slot every week and every day.In my opinion most other time slots are just a waste of time and no pun intended.If you still don’t know why Read my article on the power of higher time frame trading.
If you analyze and trade on these higher timeframes, you only need to check the chart at the end of the day every day or every other day. I call this an end-of-day deal. On the daily chart, it closes at the end of the trading day in New York. In other words, no decisions are made before the current daily bar closes. This allows you to skip all the intraday noise and meaningless price fluctuations. In the meantime, you can focus on other activities.
Naturally, if you’re looking at the higher timeframe charts, you’ll see significantly less trade volume than if you’re looking at the intraday charts all the time. This is a good thing and allows you to take a more laid-back trading approach where you can actually enjoy life without being tied to a computer 24 hours a day. But that’s not the most important part…
The most important part of this low-frequency trading approach is that it outperforms day trading and other short-term, high-frequency trading in terms of overall trading performance and potential for consistent long-term success. After all, the whole point of trading is overall to make money and not lose it, right?
- Leave the heavy lifting to the market
Day traders spend hours at their computers. They analyze and think and analyze more and are essentially on a never-ending mouse wheel of information overload trying to make trading decisions. The real reason so many people do this is not because “day trading is cool” but simply because they have become addicted to trading. They get addicted to fluctuating prices, flashing colors, and the thrill of breaking into new deals. So your mission is to control yourself so that the market doesn’t rule you!
We have to let the market do the work so we don’t waste time analyzing and thinking. This ‘work’ will only increase your cortisol (stress) levels, further slipping you into a risky trading mindset. It encourages frantic, random and illogical trading rather than skilled and patient trading. Don’t check them all the time. In fact, forget it until the next day or two! Watching the market all the time doesn’t help anything!
We trade to live, not live to trade.
In an article I wrote about how minimalism lends itself to trading, I explained how a “less is more” approach to both trading and living is truly my approach and how I live my daily life. bottom. So many people put all their money into material things and think they’ll be happy just to get what they want and then just find that the charm fades so quickly. Cutting down on material things is far better for your bank account and overall financial situation, as well as your mind and stress levels.
This minimalist approach also works for trading. The less you trade, the less you worry and think about the market, the less likely you are to over-trade or over-utilize your account. It is no fluke that most successful investors and traders are not day traders.
When you stop trading, you will see a gradual improvement in your trading performance. why is this happening? It’s very easy. The human brain is not naturally wired to be good at trading because it is not wired to be good at self-control and impulse self-regulation. or the possibility of making an infinite amount of money, it’s kind of a recipe for going out the window and self-restraint. This is why less is more.
The less your brain is involved in markets and trading (especially live trading), the better. Because the most effective way to practice consistent self-management is simply to reduce the need to do so. .
The core points of the “nomad” price action trading strategy…
Now you should understand why trading like Nomad is so beneficial for both trading performance and lifestyle. Let’s discuss the main parts of the strategy.
- End of Day Trading – This is probably the “foundation” of the nomadic trading approach. I wrote more about all-day trading in another article, which you can read about here, but the basic idea is that you only make trading decisions after the NY trade closes each day. Make the most of your chart and consider only closed out bars. This also eliminates the noise and clutter in the timeframes in the chart below.
- Set and Forget – Again, another concept I wrote extensively on earlier, and for good reason. Setting and forgetting a trade means finding a trade, setting the parameters (entry, stop, position size, exit) and then literally walking away from your computer until the day after the New York close. You’re not sitting there all day checking charts and desperately trying to “know” what’s going to happen (hint: you can’t know what’s going to happen, so trust your strategy and most should do nothing).
- Simple Trading Signals – The price action signals I trade and teach my students are simple in nature. It’s not difficult to learn. That’s the way I like it. You don’t need to trade with indicators that are spread all over the internet on other trading sites. It’s confusing, overly complicated, and an unnecessary waste of time. In any case, all technical indicators are just price action derivatives. So I don’t understand why people don’t learn to trade only price action. Nomadic traders who use their time to enjoy life instead of staring at charts all day need a simple trading approach like this. Don’t make the chart analysis and trading part too difficult.
- Money Management – Perhaps the most important part of adopting this “nomadic” and relaxed trading approach is money management. See, if you’ve upped your risk to a level where you’re addicted to trading, you’re too worried about losing money to set a trade and forget about it. You absolutely must learn to control the risk per trade so that it does not become a mentally unmanageable amount.
Conclusion
I hope this lesson has helped you understand the benefits of “trading like a nomad”. Yes, it takes some getting used to. Trade less, check your trades, spend less time on your computer, but if you continue to trade this way, your trading performance will improve. The key is to distract yourself from the market, use simple strategies like the price action strategy they teach in professional trading courses, and manage your risk properly. Get your life on your hands so it’s beneficially occupied instead of just sitting around doing nothing. This will eventually open up your computer and start overtrading.
Of course, you need to know how to properly analyze price action, put together an entire strategy, trade effectively from anywhere and adopt this new way of trading. Learn how to combine price action strategies with a low-frequency nomad-like approach in our professional trading courses and members area. We hope to see a slow and steady improvement in the
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