Technology and Forex Trading - Is it a Double Edged Sword?

I love technology. Who doesn't right? But with the kind of money that some people spend on forex software, I can't help but think that they are just paying a lot of money on needless bells and whistles.

When you look at the stats, it's obvious that a lot of these "toys" are just not getting it done. We live in a time where 95% of traders are losing money in the forex market. I think a lot of this has to with the fact that there are so many traders who think they need to have the most expensive piece of software in order to have any kind of chance to succeed.

They think of all the software that the "wall street" kings have and think they need that. They envision a trader looking at 10 different monitors before he buys or sells.
Why does trading have to be so complicated? Start thinking that less is more. I have a belief. This may sound a bit controversial, but I believe the more bells, whistles, and toys that you have to use as a trader, the more you are overcompensating for something.

The truth is all you need is a simple and free Metatrader trading platform, and you can be extremely successful. Stop thinking "I need this" or "I need that". Think about the long history of trading. You really think there were any traders 70 years ago looking at a 10 monitors with charts that were flooded with indicators? I don't think so. If they could pull it off, why couldn't you.

John Templeton has been a successful forex trader after learning how to trade price action. Once he understood that all he needed to trade forex was on a plain chart with no indicators, his profits soared. He created a called Trading In The Buff.