Technology was supposed to make life simpler, but as Alvin Toffler warned in 1970, in his prophetic novel "Future Shock", rapid technological change made life even more complicated and increasingly stressful. After having stared at my 10 chart workspace, replete with a varied sampling of custom indicators from this site, I remembered a quote from Mark Twain. “Civilization is the limitless multiplication of unnecessary necessities.” I realized that in my quest for the perfect workspace, I had inadvertently overwhelmed myself with too much information. The immediate corollary of my actions had left me feeling disoriented and disconnected from the markets.
There is an abundance of information on this board, and a multitude of brilliant people whom never cease to amaze me with their knowledge and experience. Collectively utilizing their ideas, I devised an integrated system comprised of traditional candle charts, market profile,Gomimarket delta, DeMark indicators, Fibonacci confluence zones, VWAP/SD, and various indicators and chart formats, in search of the “perfect” workspace. After having weeded out, the charts and indicators I felt were ineffective, I was left with what I believed was necessary, to keep me on a level playing field with other traders.
While I do utilize every chart in my workspace, they detract from what should be a visceral experience, and in this case, more may be less. Mike brought up the importance and potential benefits of “keeping it simple”, and the competence to objectively analyze price action, and I could not agree more with him. I will even go as far as to say that this arcane ability is the “key to the kingdom”, and the quintessential prerequisite for trading success.
I have placed too much emphasis and reliance on what I perceived as being technically necessary, rather than concentrating on the art of observation and perception. Sometimes less, really is more. However, while simplicity may be easy to attain, it is much harder to maintain, because the temptation is always there to try to do more. Therefore, simplicity is not an end state, but a dynamic goal. That being said, the time may have come, for simplicity to come full circle from near obsolescence to absolute necessity.
Last edited by tigertrader; October 9th, 2010 at 03:31 PM.
The following 4 users say Thank You to tigertrader for this post:
Well put TT and I have had the same feelings as you . I have suffered from the " paralysis of analysis " on many ocassions . Probably due to some deep rooted belief inside me Im easily talked into trying out everything under the sun to enhance my trading . Ive come to recognize when Im vulnerable to believing in the untested and pull myself away from being distracted because it leads me to the same conclusion - simple is better . Price goes up and price goes down and price goes sideways , dont be stubborn and just act accordingly and everything will work out alright . Thats a simple statement describing what to do when trading that serves me good enough and Ive come to realize that good enough is putting the odds in my corner .
The following 6 users say Thank You to Eric j for this post: