Trading Daily Charts (Might Save Your Trading)
If You Master Forex Trading On Daily Charts, You Can Trade For A Lifetime. (Understand the language of candlesticks on daily charts)
1) Quality trades not Quantity of trades- Trade your best trade setups only at swing points on daily charts.
2) Patience- You make money waiting not trading. You do not need to trade 20-30 times on lower time frames per month, when 2-3 times will make same money with less emotions and stress. Also, you will have more time freedom to enjoy life and find balance. Forex trading is not everything you are.
3) Probabilities- Only trade your best set ups at swing points (ex: like support/resistance, fib ret 50% to 61.8% area, swing points, etc..
4) Lower Lot Size- Related to using high stop loss, but like chart example let trade run for one or two weeks. 1:5 to 1:8 Risk Reward on trades will be goal.
5) Turtle Not Rabbit Trading Is Key- Trading Forex is a turtle marathon not a rabbit sprint race. Slow down- have faith in your strategy and edge.
6) Daily Trading Might Be Your Holly Grail- Look for entering only on Engulfing, Harami or Pin-bar setups on daily charts (that is all you need).
If you are part of the majority of Forex traders whom trading is difficult, DO NOT trade lower time frames which are under 1 hour (to much noise).
Only trade daily time frames until the end of this year and master them. Then maybe, next year can go to lower time frames of 4 hours and 1 hours. You tube videos on Forex trading position sizing, risk management and Forex daily charts. Daily charts help develop a more effective and accurate market bias, higher risk and reward (look at example chart) with 50 pip stop risk vs. 5xs to 8xs reward- which is great. Slow ans stead wins the race (Hare vs Turtle).
1) Quality trades not Quantity of trades- Trade your best trade setups only at swing points on daily charts.
2) Patience- You make money waiting not trading. You do not need to trade 20-30 times on lower time frames per month, when 2-3 times will make same money with less emotions and stress. Also, you will have more time freedom to enjoy life and find balance. Forex trading is not everything you are.
3) Probabilities- Only trade your best set ups at swing points (ex: like support/resistance, fib ret 50% to 61.8% area, swing points, etc..
4) Lower Lot Size- Related to using high stop loss, but like chart example let trade run for one or two weeks. 1:5 to 1:8 Risk Reward on trades will be goal.
5) Turtle Not Rabbit Trading Is Key- Trading Forex is a turtle marathon not a rabbit sprint race. Slow down- have faith in your strategy and edge.
6) Daily Trading Might Be Your Holly Grail- Look for entering only on Engulfing, Harami or Pin-bar setups on daily charts (that is all you need).
If you are part of the majority of Forex traders whom trading is difficult, DO NOT trade lower time frames which are under 1 hour (to much noise).
Only trade daily time frames until the end of this year and master them. Then maybe, next year can go to lower time frames of 4 hours and 1 hours. You tube videos on Forex trading position sizing, risk management and Forex daily charts. Daily charts help develop a more effective and accurate market bias, higher risk and reward (look at example chart) with 50 pip stop risk vs. 5xs to 8xs reward- which is great. Slow ans stead wins the race (Hare vs Turtle).