down to is that traders who are addicted to the lower time frames cannot break free from the instant stimulation they get when they enter a tradeeven if it usually results in them losing money, because each time they enter. The daily chart time frame is at the heart of how I trade and how I teach; my price action trading strategies and my overall trading philosophy revolve around taking a calm and stress-free approach to the markets. In essence, you want to limit the number of variables you use to make your trading decisions in the market, because there are essentially an unlimited amount of variables that traders can confuse themselves with. You probably enter a trade and then sit at your computer watching the market tick away or reading economic news for the next two hours, unable to think about anything but what could happen to your trade. This is a good thing, more is usually not better when it comes to Forex trading, in fact, after you learn to trade effectively, you are better off spending as little time as possible analyzing the market and looking for trades. Red candles mean price went down for the day and green means price went up for the day. Now lets take a look at the same currency pair on a daily chart. But when you trade from the daily charts you can plan way in advance what your trade will be because you are going to be taking your trades from key levels. Forex trading success is largely a result of the quality of the trades you takenot the quantity of trades you take. Sure, its possible to make money from sitting in front of your computer 8 hours a day staring at each tick, but why in the world would you want to?
Forex Trading Strategies - Trade from the Daily Charts
Forex, trading, forex Forum, forex, brokers
Stock charts, commodity futures charts, forex historic charts
'The Holy Grail of, forex, trading Strategies', daily, chart
You want to trade like a sniper and not a machine gunner ; the daily charts give you this ability. If you look at the chart below, though it is not impossible to trade most of the potential trade opportunities are going to be quick, aggressive, and will offer a unfavorable risk/reward. Fear of placing trades, when you are inundated by a vast amount of market data from news sources and numerous different chart time frames, you are naturally going to self-impose a certain amount of indecision and doubt into your trading. He has a monthly readership of 250,000 traders and has taught 20,000 students since 2008. Well, they are right that they are getting more data, but they are wrong that they are getting a more accurate view of the market. Do you see how much smoother the chart looks? Most traders over-trade from focusing on lower time frames. How is that possible you might ask? Also, I never trade or look at any time frames fx itu apa under the 1hr as my years in the markets have proved to me that these time frames are totally counter-productive due to the inherent noise they contain and confusion they induce. If your Forex trading is not going the way you want it to and you feel overwhelmed by the amount of market data bombarding your brain every time you sit down to analyze the markets, you probably need to readjust your trading strategy so that.