Every market is very different. You have to be a specialist.
There is a good reason firms hire people to trade a single asset class (oil, cocoa, us bonds...).
And at the other end of the spectrum: Fresh retail traders start following a signal newsletter, they don't care about learning how markets work, they could not care less about history, fundamentals, etc. They follow some dumb service that pumps out signals on 50 FX pairs, 50 cryptocurrencies, and 20 futures. They chase trades, "as much as possible", and get rekt. This is different than baghodlers that buy something and hold it to zero they are another category. The 2 groups (noob retail short term gamblers and noob bagholders): They DO NOT WANT TO MISS OUT.
You're not going to compete by looking at a hundred different charts.
I am all for diversification thought, I don't think watching a single chart is the only way to go.
And what are going to do when your 1 asset is not going anywhere?
It's best to start with only one, till you know what you are doing.
Then add another and get comfortable with it, and another. That's my opinion.
A way to still be rather focussed while having a large watchlist, is to have your watchlist made of things that work similarly, that you understand the ins and outs of, have some experience and backtested it, AND just 1 strategy (including variations).
Also, the shorter term, the less you can work on. Don't day trade, it's stupid. 98% lose and those that win make $3000 a year on average, something like that.
Are there any merchants that throws his wares in the bin every evening? Even restaurants don't throw everything...
And are you going to analyse 50 different currencies in depth every week? Even if you don't lose your mind, I have my idea about the quality of those 50 analysis.
The only people I know of that do that and make money with it are:
A- Trading educators that tell you it works and you can turn $500 into $500,000 in 2 months with no risk.
B- Signal providers, robots sellers, copy traders.
There were some people that looked at businesses and they found something like less than 1% of their products made 90% of their profits, and the rest was just a waste of money.
Are you going to spend 99% of your time working on things that don't work and paying comissions? Which eliminate anything you made with the remaining 1%.
Here are my watchlists, which I analyse every weekend, set price alerts, and then during the week I will go in more depth on 1 to 5 of them (out of 22):
I like big things, all volumes are above $10 billion.
My typical holding duration is pretty short, 3 days to 2 weeks.
I also look at indices because can't ignore this, and Bitcoin because that's what every one talks and cares about (we are very early thought).
I find 22 charts (with alot of similarities) manageable, but this amount is too much for most people.
I consider myself to have capacitites to process alot more info than other people in a short time. I have an informed opinion on all of the 10 currencies I watch (17 pairs made of 10 currencies) as well as 5 commodities.
And I spend my entire days every day looking at the newsflow on these currencies and commodities. Got nothing else to do.
And even then 22 charts might seem much, but alot of them share the same fundamentals/news.
Pound pairs all intersect with pound news and the associated major news (GBPAUD + AUDUSD + GBPUSD...).
Plus remember I really only have 1 very specific strategy (there are variants but it works the same), will set price alerts on support, and then I will spend alot of time on the handful of charts that pop an alert.
I call myself very smart with big capacities, people say it's arrogant, no one complained when from school to work I was always misunderstood, I had to dumb down my ideas, people found me weird.
No problem then, not a single person complained about me being called weird, my ideas "too far fetched", "distorded mind", but if I dare call myself a genius "WHO DO YOU THINK YOU ARE".
It just makes me cringe when average Joe Schmo the struggler that had so much difficulties understanding basic maths at school, think he's going to land here, with his day job, part time day trade 30 currency pairs and 20 cryptos with his stupid indicators and signal service, and think he is going to beat the top brains of wall street and most exceptional individuals in the world. LOL XD The delusion is too much to handle XD
With all my my watchlist, Elliot Waves work great. Also trends, support and resistance, and bottom patterns.
Now I will quote St Louis Fed on FX stocks & commodities:
Personally I do not think agri is not to be included in "commodities".
They have infinity repeating patterns, but my uneducated guess is what drives them most is "news" (trade taxes...) and the weather.
I will link my source for once: files.stlouisfed.org...wp/2011/2011-001.pdf
They say that perhaps the returns are not proof of market inefficiency but compensation for risks taken.
Market efficiency. Seriously anyone that thinks markets are efficient is a friggin moron.
Humans are way more stupid than they think. They have to be the most delusional creatures in the entire universe.
When european indices in japan trade for 5 times the price, it's efficient?
Price to earning wildly fluctuating is efficient? Wat? How?
Just show those people ignorance.
"It's impossible to make money, I tried and failed, if it was possible it would mean I am an imbecile, this is impossible".
Drop the 70 charts. A handful of uncorrelated currencies or commodities or stocks is all you need.
I would advice starting in the first 1-2 years with 2 or 3 different charts and get to know them.
You could work your way up to a dozen, but if they are all completely different that's too much even for a genius (which you very probably are not).
The lower amount of charts you look at, the more patterns you will recognize (but I think having a decent knowledge on more than just 1 is important), you will know what the long term charts are like without having to check all the time, you will know the entire news history of it, as well as how the price reacted, and so much more. Good luck just remembering the weekly chart for 50 different currencies and indices.
All the famous betters are known for getting very much in details on a few select commodities currencies or stocks, and making big winners.
All Jesse Lauriston Livermore was trade Union Pacific, short the stock market which made him rich, and deal with cotton right? He did not touch alot more than this did he?
George Soros is famous not only for trying to destroy the world (I think I understand what his reasons are), but also for making big bets on currencies.
He finds one he does alot of research on it, there is not stupid robot pissing out random signals every 10 minutes. Well actually now that he does quant...
But that's different.
William Delbert Gann only focussed on agri commodities (correct me if I am wrong but the full list is Grains Cotton Lard not even sure he traded all of those).
Richard Dennis ==> Chicago Commodities
PTJ ==> Stock Market
Warren Buffet & his sidekick ==> A few stocks, and some fixed income. In their whole life they only ever really owned a few stocks.
Charlie Munger "See your whole life decisions as a punchcard with 20 holes in it..."
Apart from trading educators there is NO ONE that got anywhere by being a machine gunner firing from the hip.
All the successful traders in the world have, are, and will always be, snipers with devastating power & precision.
(Not saying you should not supplement your core analysis with watching other markets that have an impact - big indices for examples are important to understand the big picture).
Stop following machine gunners, learn to obtain lazer focus, understand the ins and outs of a few select instruments, and you will see your performance go up, as well as should have a much clearer mind and be more "relaxed" (which in turn will give better results).
And at the other end of the spectrum: Fresh retail traders start following a signal newsletter, they don't care about learning how markets work, they could not care less about history, fundamentals, etc. They follow some dumb service that pumps out signals on 50 FX pairs, 50 cryptocurrencies, and 20 futures. They chase trades, "as much as possible", and get rekt. This is different than baghodlers that buy something and hold it to zero they are another category. The 2 groups (noob retail short term gamblers and noob bagholders): They DO NOT WANT TO MISS OUT.
You're not going to compete by looking at a hundred different charts.
I am all for diversification thought, I don't think watching a single chart is the only way to go.
And what are going to do when your 1 asset is not going anywhere?
It's best to start with only one, till you know what you are doing.
Then add another and get comfortable with it, and another. That's my opinion.
A way to still be rather focussed while having a large watchlist, is to have your watchlist made of things that work similarly, that you understand the ins and outs of, have some experience and backtested it, AND just 1 strategy (including variations).
Also, the shorter term, the less you can work on. Don't day trade, it's stupid. 98% lose and those that win make $3000 a year on average, something like that.
Are there any merchants that throws his wares in the bin every evening? Even restaurants don't throw everything...
And are you going to analyse 50 different currencies in depth every week? Even if you don't lose your mind, I have my idea about the quality of those 50 analysis.
The only people I know of that do that and make money with it are:
A- Trading educators that tell you it works and you can turn $500 into $500,000 in 2 months with no risk.
B- Signal providers, robots sellers, copy traders.
There were some people that looked at businesses and they found something like less than 1% of their products made 90% of their profits, and the rest was just a waste of money.
Are you going to spend 99% of your time working on things that don't work and paying comissions? Which eliminate anything you made with the remaining 1%.
Here are my watchlists, which I analyse every weekend, set price alerts, and then during the week I will go in more depth on 1 to 5 of them (out of 22):
I like big things, all volumes are above $10 billion.
My typical holding duration is pretty short, 3 days to 2 weeks.
I also look at indices because can't ignore this, and Bitcoin because that's what every one talks and cares about (we are very early thought).
I find 22 charts (with alot of similarities) manageable, but this amount is too much for most people.
I consider myself to have capacitites to process alot more info than other people in a short time. I have an informed opinion on all of the 10 currencies I watch (17 pairs made of 10 currencies) as well as 5 commodities.
And I spend my entire days every day looking at the newsflow on these currencies and commodities. Got nothing else to do.
And even then 22 charts might seem much, but alot of them share the same fundamentals/news.
Pound pairs all intersect with pound news and the associated major news (GBPAUD + AUDUSD + GBPUSD...).
Plus remember I really only have 1 very specific strategy (there are variants but it works the same), will set price alerts on support, and then I will spend alot of time on the handful of charts that pop an alert.
I call myself very smart with big capacities, people say it's arrogant, no one complained when from school to work I was always misunderstood, I had to dumb down my ideas, people found me weird.
No problem then, not a single person complained about me being called weird, my ideas "too far fetched", "distorded mind", but if I dare call myself a genius "WHO DO YOU THINK YOU ARE".
It just makes me cringe when average Joe Schmo the struggler that had so much difficulties understanding basic maths at school, think he's going to land here, with his day job, part time day trade 30 currency pairs and 20 cryptos with his stupid indicators and signal service, and think he is going to beat the top brains of wall street and most exceptional individuals in the world. LOL XD The delusion is too much to handle XD
With all my my watchlist, Elliot Waves work great. Also trends, support and resistance, and bottom patterns.
Now I will quote St Louis Fed on FX stocks & commodities:
They have infinity repeating patterns, but my uneducated guess is what drives them most is "news" (trade taxes...) and the weather.
I will link my source for once: files.stlouisfed.org...wp/2011/2011-001.pdf
They say that perhaps the returns are not proof of market inefficiency but compensation for risks taken.
Market efficiency. Seriously anyone that thinks markets are efficient is a friggin moron.
Humans are way more stupid than they think. They have to be the most delusional creatures in the entire universe.
When european indices in japan trade for 5 times the price, it's efficient?
Price to earning wildly fluctuating is efficient? Wat? How?
Just show those people ignorance.
"It's impossible to make money, I tried and failed, if it was possible it would mean I am an imbecile, this is impossible".
Drop the 70 charts. A handful of uncorrelated currencies or commodities or stocks is all you need.
I would advice starting in the first 1-2 years with 2 or 3 different charts and get to know them.
You could work your way up to a dozen, but if they are all completely different that's too much even for a genius (which you very probably are not).
The lower amount of charts you look at, the more patterns you will recognize (but I think having a decent knowledge on more than just 1 is important), you will know what the long term charts are like without having to check all the time, you will know the entire news history of it, as well as how the price reacted, and so much more. Good luck just remembering the weekly chart for 50 different currencies and indices.
All the famous betters are known for getting very much in details on a few select commodities currencies or stocks, and making big winners.
All Jesse Lauriston Livermore was trade Union Pacific, short the stock market which made him rich, and deal with cotton right? He did not touch alot more than this did he?
George Soros is famous not only for trying to destroy the world (I think I understand what his reasons are), but also for making big bets on currencies.
He finds one he does alot of research on it, there is not stupid robot pissing out random signals every 10 minutes. Well actually now that he does quant...
But that's different.
William Delbert Gann only focussed on agri commodities (correct me if I am wrong but the full list is Grains Cotton Lard not even sure he traded all of those).
Richard Dennis ==> Chicago Commodities
PTJ ==> Stock Market
Warren Buffet & his sidekick ==> A few stocks, and some fixed income. In their whole life they only ever really owned a few stocks.
Charlie Munger "See your whole life decisions as a punchcard with 20 holes in it..."
Apart from trading educators there is NO ONE that got anywhere by being a machine gunner firing from the hip.
All the successful traders in the world have, are, and will always be, snipers with devastating power & precision.
(Not saying you should not supplement your core analysis with watching other markets that have an impact - big indices for examples are important to understand the big picture).
Stop following machine gunners, learn to obtain lazer focus, understand the ins and outs of a few select instruments, and you will see your performance go up, as well as should have a much clearer mind and be more "relaxed" (which in turn will give better results).