Learning to be a “coffee shop trader” is really the result of simplifying your trading strategy, minimizing the time you spend analyzing the markets each day and generally just taking a calm and scaled-back approach to trading. Most traders start off within a somewhat haphazard manner, excited to get going but not yet certain of precisely what they are doing. Over period, we either figure out that will less is more, or we surrender all together. What I mean by that's that most traders over-complicate this trading process and experience a period of learning from your errors that is usually defined by losing profits. They then either reach a point where they give up trading all together, assuming it’s too difficult for the kids or that it “can’t become done”, or they come to the realization that all they have to do is chill out a small amount, solidify and simplify their trading strategy and stop trading so damn a lot.
Perhaps the best way to get going as a minimalist “coffee shop trader” is to focus on the higher time frames, and much more specifically the daily chart period frames. Focusing on the higher time frames works to lessen the price action of the market for you, and it also gives you a more pertinent or useful view on the market picture. Traders who focus on lower period of time charts often end up spending hours upon hours looking at their computers, analyzing the chart and watching their trades advance, tick by tick. It’s not thay hard to over-trade on low period of time charts, the more you look at them the extra likely you are to think the thing is a trading signal that’s activities like random market “noise”. My mindset as a trader is that quality of trades is something My business is far more concerned with than amount of trades. This leads me to trade much less than most traders it also allows me to have much less losers, smaller account draw downs even more peace of mind, and primarily, more time.
I have found which the simplest approach, and the best one, is to simply wait with consideration for my price action setups to on the daily chart or even the 4 hour chart (occasionally this 1 hour). I then execute my trade if my edge exists or walk away if it’s not really. Most of the time I recently let the market do the “work” and allow my edge it’s proper period and space to play out and about, rather than messing around using the trade because I “think” the market will stop me out. It’s a funny thing that lots of traders have a solid trading edge but then through voluntary interference they neglect to give their trades proper time for you to play out and this likely lowers the probability in their trading edge over time.
Trading higher time frames and low-frequency trading is quite a bit more conducive to most people’s on-the-go modern lifestyle. The idea with my “coffee store traders” approach is that by subtracting a more relaxed and slowed-down approach to trading, a trader will work to forge the correct trading mindset and trading behavior. This is in contrast on the frantic pace of day-trading in addition to trading with messy charts or overly-complicated trading systems that lots of traders seem to prefer (to their particular detriment). The majority of retail traders are people who have full-time day jobs, and when they act as “scalpers” or “day-traders” they simply put themselves in a really difficult situation right out on the gate since they don’t have the time they have to dedicate to trading short period frames. My opinion is that every traders should first master higher period of time trading and only after having found success around the 4 hour chart and above as long as they consider day-trading or scalping. Most traders often go in “reverse” by first getting attracted to day-trading and then later moving on the higher time frame charts after they find out that trying for making money on a 5 minute chart is something merely a very experience professional trader should try.
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Perhaps the best way to get going as a minimalist “coffee shop trader” is to focus on the higher time frames, and much more specifically the daily chart period frames. Focusing on the higher time frames works to lessen the price action of the market for you, and it also gives you a more pertinent or useful view on the market picture. Traders who focus on lower period of time charts often end up spending hours upon hours looking at their computers, analyzing the chart and watching their trades advance, tick by tick. It’s not thay hard to over-trade on low period of time charts, the more you look at them the extra likely you are to think the thing is a trading signal that’s activities like random market “noise”. My mindset as a trader is that quality of trades is something My business is far more concerned with than amount of trades. This leads me to trade much less than most traders it also allows me to have much less losers, smaller account draw downs even more peace of mind, and primarily, more time.
I have found which the simplest approach, and the best one, is to simply wait with consideration for my price action setups to on the daily chart or even the 4 hour chart (occasionally this 1 hour). I then execute my trade if my edge exists or walk away if it’s not really. Most of the time I recently let the market do the “work” and allow my edge it’s proper period and space to play out and about, rather than messing around using the trade because I “think” the market will stop me out. It’s a funny thing that lots of traders have a solid trading edge but then through voluntary interference they neglect to give their trades proper time for you to play out and this likely lowers the probability in their trading edge over time.
Trading higher time frames and low-frequency trading is quite a bit more conducive to most people’s on-the-go modern lifestyle. The idea with my “coffee store traders” approach is that by subtracting a more relaxed and slowed-down approach to trading, a trader will work to forge the correct trading mindset and trading behavior. This is in contrast on the frantic pace of day-trading in addition to trading with messy charts or overly-complicated trading systems that lots of traders seem to prefer (to their particular detriment). The majority of retail traders are people who have full-time day jobs, and when they act as “scalpers” or “day-traders” they simply put themselves in a really difficult situation right out on the gate since they don’t have the time they have to dedicate to trading short period frames. My opinion is that every traders should first master higher period of time trading and only after having found success around the 4 hour chart and above as long as they consider day-trading or scalping. Most traders often go in “reverse” by first getting attracted to day-trading and then later moving on the higher time frame charts after they find out that trying for making money on a 5 minute chart is something merely a very experience professional trader should try.
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