Let’s be honest, if we could, the majority of us would do everything the lazy way. Why put in the effort and time if you can do it much quicker and with half the effort? This isn’t any different when it comes to forex, with the accessibility that it has now, there are a lot more new traders coming into the trading world, and many of them are not here to put the effort in. Instead, they are here to simply try and take some profits. There is nothing wrong with simply wanting profit or to trade for only the money, many people do this, but when you come into something as huge as forex, you will most likely expect to put in a bit of work, but there are things that you can do that take away a lot of the effort and time that it takes to trade. So that is what we are going to be looking at today, how you can trade, the lazy way.
The first and most obvious way to trade the lazy way is to do something that is not recommended at all, and that is to simply place trades without doing any analysis. Doing it this way allows you to trade with very little effort, all you need to do is actually place the trade and it also saves you time from having to do all of the analysis, something that can potentially take a long time to do. Trading this way is a sure-fire way to a loss of your account and let’s be honest, it is simply gambling. So no matter how lazy you are, we would recommend simply not trading this way, instead, go and do some sports betting, you will have more success gambling that way.
Something that has really started to take off in the last few years is social trading, this is where you go onto one of the many platforms that are available, look at the traders that are currently trading and then find the one you like. Once you have found them, you simply subscribe to their profile and your account will start copying their trades. The reason why this is known as a social platform is that you are able to message and communicate with them in order to get some feedback and give your ideas, you can chop and change who you follow at any time from the available traders. This saves you time and effort because all that you are doing is signing up, selecting a trader to follow, and then pressing a single button, all the trades and everything else will then be simply copied from the trader, no effort on your side. The downside to this is that you are fully trusting the other trader, you have no control over the trades so you are effectively giving your account to the other person to trade.
Another thing that a lot of people seem to be doing lately is to follow signals, this takes little more front than simply copying someone, but signals are where a trader has basically done all the research for you, they then publish the trade that they recommend that you take, it is then up to you to actually put on the trade. So while there is a bit of effort, you are saving a lot of time in avoiding the analysis side of things. Of course, you are trusting that the analysis done by the trader is correct as you are simply blindly following the signal. You can of course do your own research to help confirm it, but then it isn’t quite as lazy is it?
There are also expert advisors, these are bits of software that people also refer to as bots. They are often based around an indicator or a number of different indicators and will then take action and open and close trades based on those indicators. So unlike indicators themselves, the EA will actively place and close trades rather than just show you information. This takes away all of the work and time that it takes to trade as the machine will do it for you, it will also trade when you sleep which makes them very desirable. Of course, you are putting your trust in the robot, they cannot think or adapt very well so when the markets change you will need to be there to make changes or to turn it off to avoid larger losses. There is also a startup cost to this method as you will need to purchase torrent the EA, but once that is done, you do not need to put much effort or time in at all.
Using Single Indicators
When it comes to trading, many traders will recommend that you use a lot of different indicators, this brings you a lot of different bits of information that can help you to work out what to trade. The problem is that with each new indicator, it is adding to the amount of time that you will be spending looking at the info and working out how it relates to your trade. So what you can do instead is to take a single indicator and trade with that. It will mean that your trades won’t be quite as reliable or accurate as with more but you will be saving time as you only need to look at that one indicator instead of many. This can be a little risky, and could even be considered as a gamble, but at least you are having one indicator rather than going completely blind, so it is one step further than gambling itself.
Those are some of the lazy ways to trade, if you are planning on doing this then ensure that you look into who you are copying and what EA you are buying, you also need to be comfortable with the fact that you will have very little control over your own trading account as you are trusting someone or something else. It will however give you a lot of time to do things for yourself rather than trading, these methods work well for those that are not really interested in trading themselves or the experience of it, but for those that are simply looking for the profits that come with trading.