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How to avoid getting caught up in Analysis Paralysis?
Sep 16, 2020 at 21:54
851 Views
11 Replies
Member Since Sep 10, 2019
1 posts
Sep 16, 2020 at 21:54
Okay, so what happens to me is pretty funny i have a great eye for setups, i trade in a confluence based style of trading and i have not been in the red yet for a couple of months. However as the pandemic hit, more time in the pc gave me the opportunity to experience intra-day trading.
What is happening to me is that i get caught in my analisis, i tend to be looking for levels on the weekly, Daily and execute on the 1hr-15min, however i have found that i am doing too much analysis, getting paralysis and end up missing the trades that i should be taking because i think there is more to analyze.
How to get around this? perhaps any advice on how to approach charts to trade whats infront of me rather than get too caught up in the analysis? A friend of me told me to just focus on the 4H trend and execute based on the 1h -15min chart setups, whats your take on this?
Thanks.
What is happening to me is that i get caught in my analisis, i tend to be looking for levels on the weekly, Daily and execute on the 1hr-15min, however i have found that i am doing too much analysis, getting paralysis and end up missing the trades that i should be taking because i think there is more to analyze.
How to get around this? perhaps any advice on how to approach charts to trade whats infront of me rather than get too caught up in the analysis? A friend of me told me to just focus on the 4H trend and execute based on the 1h -15min chart setups, whats your take on this?
Thanks.
Member Since Jul 20, 2020
286 posts
Sep 17, 2020 at 02:08
Forex trading requires discipline. You can use the trend of daily timeframe. And you have to keep a lot of information about the price. 1 step below the time frame in which you will analyze, set the stop loss by analyzing there. And analyze support resistant and market context. And try to meditate regularly.
Member Since Sep 08, 2020
24 posts
Sep 17, 2020 at 02:55
Hello my friend, I understand what you are going through and the key to your answer is understanding how to become a professional trader. For instance, if you play a sport which requires a physical skill. In trading there is no physical skill only a psychological skill. To exercise your psyche is to follow a plan which includes risk management so you can trade in a care-free mindset. The answer is in the paragraph you typed up as well, "however i have found that i am doing too much analysis, getting paralysis and end up missing the trades that i should be taking because i think there is more to analyze" now just spend less time on your screen and maybe pick a time window to start looking at the screen. I wish the best and happy trading!
you only produce results
Member Since Jul 19, 2020
283 posts
Dec 18, 2020 at 11:26
You need proper knowledge and skills to make any decision which can make you profitable.
Member Since Dec 14, 2020
16 posts
Feb 08, 2021 at 06:36
Maybe you can limit the analysis to 1 or 2 times. This will save you from over analysing your trades and you won’t feel bad about it later.
Member Since Dec 24, 2020
15 posts
Feb 26, 2021 at 04:20
Have you tried daily timeframes? I think that would be best for you at this stage. There is a certain dedication and discipline that every trader has to follow in order to get better at their trades.
Member Since Jul 23, 2020
816 posts
Oct 03, 2021 at 14:25
Try to use a high time frame to get more accurate results in analysis.
Member Since Jul 23, 2020
696 posts
Oct 03, 2021 at 14:54
4h time frame is better for intraday trading. You should try that.
Member Since Mar 16, 2021
447 posts
Oct 03, 2021 at 15:10
epeepillock posted:
Have you tried daily timeframes? I think that would be best for you at this stage. There is a certain dedication and discipline that every trader has to follow in order to get better at their trades.
I also think that daily timeframe helps a lot in maintaining discipline and plan.
Oct 03, 2021 at 15:25
AFCapitalTrading posted:
Okay, so what happens to me is pretty funny i have a great eye for setups, i trade in a confluence based style of trading and i have not been in the red yet for a couple of months. However as the pandemic hit, more time in the pc gave me the opportunity to experience intra-day trading.
What is happening to me is that i get caught in my analisis, i tend to be looking for levels on the weekly, Daily and execute on the 1hr-15min, however i have found that i am doing too much analysis, getting paralysis and end up missing the trades that i should be taking because i think there is more to analyze.
How to get around this? perhaps any advice on how to approach charts to trade whats infront of me rather than get too caught up in the analysis? A friend of me told me to just focus on the 4H trend and execute based on the 1h -15min chart setups, whats your take on this?
Thanks.
Yes, I agree with your friend who suggested that you should start analyzing the market from 4H, then take entry based on 1HR or 15M. There is no point of analyzing the Monthly chart if you trade based in 5M, 15M. It never gets you anywhere. If you are too tired mentally, may take a break from trading for a week or two. I am wishing you all the luck.
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