CP Calixto Pongos Aug 29, The novice trader will often trade 1 mini-lot per trade or there abouts but this does not make the above two statements true and hence the account does not grow according to expectations. Low and behold, I was suckered into impulsive gambling by the allure of quick profits without realizing it. Samm February 29, at 4: Not Helpful 21 Helpful
6 Trading Strategies and Indicators to Trade Forex Daily Chart ; I Am a Good Forex Trader; What Is My Secret? thoughts on “ I Trade the Daily Chart, I like Kamel’s trading style, and I’m following his trading way (without pending orders), because it is working for me, and it is in accordance with my character.
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I have not yet began trading but am studying my different options for executions. This seems so true because back in my poker days when I used to play a bunch of hands for small wins id end up playing a bad one that lost all my wins and my payroll.
Where as when i was patient for my good hand id win the amount of all those small pots together and more without all the little and big losses to follow. So i definitely notice a big connection between these two games and the philosophy of patient play versus quick and impulsive ones. Because I am currently learn and the immediate switch from 1m to 1d charts looks very difficult from my point of view… Thank you,.
Nial, I love this article particularly, and I have read many. I first started trading a little more than a month ago, and following your advice, I quickly started to realize great, consistent profits trading the daily charts. After research, study, and practice, I would reap great profits in 15 minutes or an hour on the 15m or 5m charts.
Then, I would have an equally bad or twice as bad losing streak the next day. Reviewing my demo account, I noticed that my most profitable times were with your strategies on the daily chart, so I decided to revisit your website and see what you had to say on the subject.
Low and behold, I was suckered into impulsive gambling by the allure of quick profits without realizing it. I went in with the best of intentions, lead by curiosity and greed. My true aim is self-control and iron-clad willpower, so I will be returning to the daily charts, implementing the strategies as you have described them. Resources like yours enable people to climb out of soul-sucking wage labor. U are so on point. Av blown my account severally bcos i didnt know which time frame to really trade.
Always boxing up everything but now as am preparing to hit the fx market again and very sure to blow after trainings like this. Thanks for the lesson. The seductive shorter time frames are a real trap. Really appreciate the importance of changing my midset and using the daily charts as a baseline. Hi Nial, I am trying to comprehend what exactly you meant here and will appreciate you could help me with this matter by answering the below questions: Monitoring 10 instruments 6 times a day on four-hour charts translates into 60 times analysis on one single trading day that could be really drowning, whereas dealing with daily charts downscale it to 10 analysis a day, if I am correctly getting what you have been trying to say.
I perform analysis on daily charts at the end of the New York session and I check live trades a couple of times per day. Everything Nial mentioned in this article is true. Really good advice, but you have to wean yourself off the lower time frames first. I would never trade anything, but daily chart trades. Nial nial nial ,Thank you very much, You have been such a great inspiration for me,as I am started to trade for 6 months , keep the good work , one day I will come and see you.
I just started getting in to trading and coming across this is making me doubt my strategy. Is it possible to still be successful on a smaller time scale? I have been trading on a 4 hour, 1 hour, and 15 min scale depending on if I am looking for a trend or entry, then set my stops accordingly. Jesse, I am not a fan of short time-frames, I much prefer the higher time-frames eg: This is probably one of the best articles I have read about fx trading. Nial you are spot on here man.
I have found no success with the 5 min b. I will admit this fault and change it today. I can tell by your comments that this article stuck a cord with a lot of us traders. Much success to everyone on this board that seemed to absorb this information so well. Hi why there different day chart for different trading platform also different chart for different timezone. Even though forex market opens same time all over the world.
Trading platform opens a dayily candle midnight base on their respective countrys timezone. I am quite confused the signal i can see from Uk might be different from the signal a trade sees from Us or far east. Please can you explain. This makes a lot of sense. Almost every trader I know trades the M And every trader I know loses money. The lower time frames are just chaos and noise.
The D1 is crystal clear or pretty damn close! Still trade D1 and go find something else to do for your kicks! A Hameed from Dubai and newbie in forex trading wondering how to learn fundamental skill to become a professional trader. Indeed your great and down to earth research and knowledge is empowering me to learn step by step. Your articles are incredible resources for us to go through the career path.
Wish you best of luck! I had the same experience when I was using the lower time frame. Thanks a lot Nial for your art of writing of all your articles.
Keep up your good work. Very sound and logical article. I sometimes wonder are there any 5min chart winners at all! Cuz one day I was tired of gambling and decided to long silver cuz it was a hot topic and the daily chart was bullish. I had no bs tight stops and bought very little amount. Very frank, but the 1st sentence hit home with my experience. Being blunt is probably the quickest way to learn. Great comment Nial, the best Id never read on forums… since I began to trade with 1d, I trade with 12 hrs as well all was changed.
I think some people will be able to trade properly just reading your post, and no time later like me! I will keep and recommend this site to newbies. Just please, the pic: You are so cool! I do not suppose I have read something like this before. So great to discover another person with a few original thoughts on this topic. This site is one thing that is required on the web, someone with a little originality!
Very eye opening Nial. You are one of a kind. You are a straight shooter no bs no gimmicks. It is your true desire to help other succeed and not just sell a product that sets you apart. I have learned much from you free lessons videos and commentaries.
I thank you Nial, and this is why I will be purchasing your trading course. I am a experienced and consistently profitable trader with over 5 years experience. I lost 5k in just a matter of 2 months.. Your articles are refreshing; Does taking trades off a larger time chart daily chart work for other markets like Futures and options charts. You have just described my trading over the last 6 months.
Can I make the switch that I know I need to do to the daily chart? The hard work starts now. Thanks Nial for your honest words. I have read 3 articles in a row and still love to read but have to sleep as per your training we need to maintain our decipline levels.
Very good article Nial, i am feeling the same nowadays as well, thanks a lot for your sharing and hope i can be a trader like you in the near future….. Sometimes all it takes is to have what we konw is the right approach in our minds alraedy put in front of us like this, to actually take action. I agree with everything here. Thanks for that Nail. I want to know if you have a section where we can make question and you can answer this question.
Nial you are a rare Gem in the forex market community, May God continue to bless you. More Green pips to your trading. So simple yet so effective in the short space of time that I have visited this website a lot of my questions have been answered…. Greetings, do you factor in any particular time of day? One of your best articles, well done! We just start at different starting points but the key is to accept your start position and begin to head towards the finishing line.
There have been countless cases of retail and professional traders getting caught up in their emotions greed in this case and consequently blowing their accounts. In my humble opinion, position sizing stands alongside a traders strategy in terms of importance to being a successful trader. So few people touch upon this subject but all successful traders know the following when entering a trade:.
How much they are risking on this trade 2. How much they are looking to make on this trade. The above is only possible through position sizing on each and every trade. The novice trader will often trade 1 mini-lot per trade or there abouts but this does not make the above two statements true and hence the account does not grow according to expectations. But with daily charts, I get much better results. Hi Nial, Informative and useful article with some hidden truth.
Want to learn more from you. It takes some time to really come to the point to realize and to be at ease with your greedy mind to accept the truth that reducing trading frequency does improve your performance. Hi Nial As always what a wonderful article. The same thing happened to me as what Chris pointed out in his mail. The really bad thing about is that you are so addicted to it and struggling to come out of it.
I think this will be a good lesson for traders like me. Many thanks again for a g r e a t article. It should be read by all fx traders, new or old, and followed.
A great article and a must read for all traders who think the money is in the lower time frames. Invariably most traders start out with the wrong mindset and it is those who are persistant with their education realise after time that minute charts are the playground of gamblers and 4hour-daily charts are for traders. I trade twice a month on average. For example, if we are looking at a daily chart to trade and we see that the weekly chart is near a support level in the long term chart, we might have to find that level on daily chart to see if their is enough room to trade it for profits.
As usually a brilliant article. Anti scalping definition nicely sharpened there. Thanks a lot for it and I am already looking forward for another catchy article like this.
Price action setups forever. I agree that the daily time frames will keep me out of losing more trades than I should. I understand and will make good use of this lesson. You are so honest in sharing your valuable knowledge.
It speaks of your Nobility. Higher time frames foster discipline, patience and have a more healthy effect on us mentally. I also come from a poker playing background and to be successful you really do have to understand that its about the long term results.
Anyone that goes for a quick fix, fast profits, instant gratification ultimately ends in pain. Forex along with poker offers all the pitfalls, highs and lows that any adrenaline junkie could ask for. You can make it hard or easy for yourself and trading the higher time frames is the easy route. Be kind to yourself and slow down and enjoy your wonderful life! I figured this out on my own after a year and a half of trading. Daily charts are the way to go but I still trade on the 4 hour charts too.
Anyone can be successful trading price action strategy on the higher time frames. I want to be a better trader and am looking forward to trying longer time frames. Thanks for the great advice!! I wish i read this year ago and listened to it rather thinking my plan would work.
All the time i review your articles better trader i become. Thanks a lot Nial. Hi Nail Every day I am learning something. May God bless you and your family. I am in the way to be successful trader. I opened my account last month.
After that I focus higher time frame. And earn some moolah. If you publish this one month before… I can make some sense. Coming from a die-hard day trader who trades from the 5 minute and 15 minute charts, I am convinced that you are indeed correct.
I have been struggling to stay ahead as a day-trader for the past 8 months. I have 2 accounts — one was opened last September and the other this past December. The September account has an account balance of 3, opened at 2, , but the Equity in the account is only 1, The same thing is happening to the December account which has a balance of 2, opened at 2, and the equity is at 1, because of hedge positions.
I work so hard at this on a daily basis, getting up at 2: I feel like I am knocking myself out burning myself out trying to become successful at this business. Maybe it is time for a change to the Daily charts. Hopefully it will solve the problems I have been having, and get me back on the road to success.
I love this stuff, and I have put alot of hard-earned money and time into it. Awesome article, another Great insight and definitely soooooo much truth in what you say, I thank you Nial for really opening my eyes in this forex business. Lots of wisdom here. I have been trading for 6 years — sure wish I had started trading Daily charts.
Nial is absolutely right. The daily and 4H time frame completely changed the game for me. This article is a winner. Fantastic, you will help many of the would be fx traders. Thanks and keep up the good deed….. This is the first thing that I learned from Nial a long time ago, and it has paid and paid and paid ever since. Instead of looking and trying to force opportunity in the market. Patience and Discipline is the KEY!! Trading in daily charts with quality setups only, is the fastest way to earn from the forex market.
So true this statement is. Thanks for your all insight Nial. I really liked this article especially in the last paragraph, i. Great article as always. You made my day. But if you have small stop of five pips with a 15 pip profit target that a spread of 1. Hey Nial, thank you very much for this article.
All the best and have a fantastic weekend. I started dancing with the lower time frames on a demo account and walked away with aching feet and my head spinning wondering what moves did I make. I now dance exclusively with the daily and on some occasions the 4hour charts and the steps which are given through your instructions allow me to sail acrose the floor.
I started dancing with the lower time frames on a demo account and walked away with acheing feet and my head spinning wondering what moves did I make.
I now dance exclussively with the daily and on some occassion the 4hour charts and the steps which are given through your instructions allow me to sail acrose the floor. As a trader, I never traded any time frames lower than the 4hr chart. As a matter of fact, I discontinued using the 4hr chart and only focus on the daily about 2 months! In addition to trading the daily, try not focus on too many pairs!
Each pair has it owns ebbs and flow and we need to know the market by listening and reading it! This is a nice article and i think if some of the so called fx guru read this they will be submissive to enough to learn more. Good day Sir Since finding you I have figured out what you say is true. Trading is alot les stressful now, and guess what i make more money. I send every trader i meet to you.
However only the ones with some brains embrace your style. The rest flounder even years later. Thank you for everthing. Nial, have just finished the first paragraph and I had to post and say… Right on!
While you can, and some do be profitable from only looking at smaller time frames, it is extremely tough. Great article, especially the insights about the instant gratifications on 5min charts and its pitfalls, cheers, g ps.
I am so that person, or was, have been trying your methods out on demo acc. It is so true. But the newbie of myself tends to trade a lot in 1 hour chart and eventually led to loses.
And now I bring it to live account and the result is the same — profitable. But I trade when there is obvious price action. Please continue your good job, Nial. I had a number of highly profitable trades by following your advice and trading off the daily and sometimes 4H charts and looking for pin bars. Self discipline control over your emotions and trading with a clear strategy will always bring better results long term. Another great article and lesson to all traders out there and myself, it took me about 2 years to figure out what you have put in this article and apply it in my trading.
It will just destroy you and your trading account…. You have hit the nail on the head once again. Thank you for this nugget. For the past one month and over I have maintained my trading account with a profit for the first time in two years.
This is because I have followed you and your teachings up religiously. I feel a sense of pride now because I have not blown my account within a week. I have enjoyed reading your article about trading daily time frames as against very short time frames. Nial, it was well written and should turn around many FX traders from losses into potential profit without the stress attached. Your lessons are wonderful, I am trying to follow your advice on discipline and Have found that this is a major to success in fx trading.
I respect all the Nials rules and I am amazed when I look in my trading journal. The first year of trading and I am constantly positive.
My best investment is price action trading course! Thanks for the info Nial, at the end of October i decided that i would only day trade, if i had stuck with that thought i would of increased my account by the end of December by 17K instead i lost 2K trying to trade the 5m set up.
You have put it in a nutshell….. I really enjoyed reading it. I enjoyed reflecting on my own trading pattern. And realized why I have less stress lately tahn when I used to trade lower time frames. Day and 4 hrs are what I do now. So true that you can risk a lot more when you only take the most obvious signals on a daily timeframe. In fact, you will get rich quicker by trading the dailys mainly and spending the rest of your time on something you really like.
In the end, trading is pretty boring. Find your edge, take the trade. I took that trade in gold by the way. That one was screaming at us: Good stuff from a savvy price action Authority. Daily chart always act as a filter for the polluted and biased noise of lower timeframes.
I discovered that with daily charts, you only have one or two quality setup in a week. This eventually helps you to embrace quality over quantity. Forex trading, the greatest test of self discipline. Your email address will not be published. Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information.
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Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results. 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.
Remember, the tortoise won the fabled race because he was slow and consistent, instead of fast and full of emotion like the hare… Shift your thinking Take this stuff seriously Trading success is a direct result of the way you think about the markets. Checkout Nial's Professional Trading Course here. Vinoth August 30, at 7: I have 2 question. Andy Lai July 21, at 6: Fredrick Godstime June 13, at 1: This lession was awsome Reply.
Sydney Wentink June 12, at 1: Love it, now to practice it. Douglas June 8, at 5: Good trade strategy indeed. At no point should we consider trading against the trend. Daily chart traders need to avoid the bug of having to be in the market now. This can be incredibly difficult especially if you are watching markets on a daily basis. Remember that trading with Daily Candles may only yield one or two appropriate positions on a single currency pair for a whole year. This means staying out of the market and keeping your trading capital free until an opportunity emerges.
The easiest way to remain patient is to keep a trading journal and join a trading community. In my experience this allows you to hold yourself accountable for following your trading strategy. For instance if you are trading with CCI on a daily chart, such as the example below, your trading journal should only show two entries! If your report is showing something different, it is time to reevaluate your trading plan.
Traders that are trading on a daily chart should be aware of the larger intraday swings of the market. The main focus for this is to avoid being taken out of the market prematurely. ATR can help you find the average movements for a pair for a given period of time. Using this rule traders can still trade conservatively even on a daily chart by limiting their leverage. Even if you are trading with a large or small account balance, if you are having problems with this consider using smaller lot sizes.
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The Best Way To Trade Forex Charts Daily
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 your primary focus is on the daily charts. 3 Tips For Trading a Daily Chart. One of the benefits of trading the daily chart lies in the long drawn out moves of the Forex market. One way to identify the trend is . The 'Holy Grail' Of Forex Trading Strategies Is To Use The Daily Chart Timeframe. Let's face it, 95% of you reading this are probably not consistently successful traders, in fact, you've probably blown out a trading account or three by this point. You probably enter a trade and then sit at your computer watching the market tick away or reading .