I recommend trading using the higher time frames, allowing you to be engaged in the market and able to make money without having to sit and monitor charts all day long. As you can see, 3 buy trades made us 600 pips. To shift the way you think about trading, you need to start getting excited about patience and about NOT trading understand that the way you are thinking now is the way most traders think about the marketand most traders lose moneyso if you can learn. By the time you finish with this list, I think youll see that what might appear to be a disadvantage is actually an advantage in disguise. Because once you understand why youre placing so many trades, moving to and profiting from the daily time frame will be an easy and welcome transition. Yup, thats correct, 1 big winning trade a month. Trade Like a Fund Manager Everyone wants to have the trading capital of George Soros, Bill Lipschutz or Stanley Druckenmiller. Nial, I dont have enough money to trade the daily charts I get this email almost every day: Nial, how can I trade the daily charts when I need to have wider stop losses and I dont have a lot of money in my account. I know what I am looking for on the charts, if it shows up, I enter the trade, if not, I walk away from my computer. That notion couldnt be further from the truth. In fact, many of you have full time jobs, family lives that keep you busy, yet you still want to be able to participate and trade in the market.
Daily Forex Chart Strategy, with 3 EMAs, trading off the daily chart with 3 exponential moving averages system and forex buy/sell oscillator. Our aim is to make 200 pips on each trade.
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You need to understand and accept the fact that 2 or 3 quality trades a month is going to put you much further ahead than 20 or 30 emotion-fueled impulse trades a monthno matter how good it makes you feel to take them. Pullbacks are a normal part of trading because there will always be early bird traders who got into positions very early in the trend and will be looking to take some profits off the table. I Can't Trade the Daily Because. Higher risk : reward While the amount of money you risk per trade is a highly personal decision that depends on your individual financial situation, trading the daily charts can allow you to risk a bit more per trade than trading the lower time frames. To clarify, here is what I consider the higher time frames: Monthly/Weekly/. But, the cold hard truth of the matter is that you will likely never be a successful trader until you first break this addiction Now, here is why I firmly believe that trading lower time frame charts is a waste of time and money. Lets face it, watching the market tick away is not really that fun, NOR is it productiveat all. Thats the point of this entire article.
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