question Nial, I cant make as much money trading the daily charts as I can on the lower time framesyes you can because when you trade like a sniper you inherently enter far fewer trades each month than. I would like push notifications to be allowed and a Display showing when it was last triggered and the number of pips -) the chart is above or below that point, and when. Trading success is a direct result of the way you think about the markets. 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. Thats a mathematical probability of a trade to be closed with a profit. Maybe you cant even sleep at night because you are so addicted to the 5 minute chart and to watching every pip of price movement that all you can think about is the market. But, lets face it, if you have a small trading account you should not be trading large position sizes anyways! Lets face it, 95 of you reading this are probably not consistently successful traders, in fact, youve probably blown out a trading account or three by now. Professional traders view the market as an arena to spot high-probability setups, setups that virtually jump off the chart at them; they then trade these setups and risk only an amount of money that they are 100 comfortable with losing. How is that possible you might ask?
You need to get rid of this attitude of getting rich quick and thinking that trading a 15 minute chart is somehow going to provide you with more opportunities to profit. So, if you view the markets as a game of chance that you just like to play around with and you think you will make money by getting lucky every now and thenyour trading account will quickly shrink in size. The underlying point that you should take away from todays lesson is that the more you push and try to make money in the markets by burning your eyeballs out staring at lower time frame charts, the more the money you so badly desire will. You see, most of you are losing money because you are trading too often, and you are trading too often because you are fixated on over-analyzing the market, Forex news variables, and lower time frame charts (I consider any chart under the 1 hour. This goes along with developing your discretionary price action trading skill; you have to learn to read the market and get in touch with its ebbs and flowsit sounds a little cheesy maybe, but the market talks via price action, and if you listen closely. 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. I do teach 4hr and 1hr time frame trading, but its crucial to master daily chart trading first so that you get a feeling of the underlying market sentiment. Nial, I dont have enough money to trade the daily charts. Save 35 Off Life-Time Access To Nial Fuller's Professional Forex Trading Course, Until October 31st.
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