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The wonderful thing about Forex trading over trading so many other markets is that traders can make good money and only trade at the end of the day or the end of the New York session. This allows traders to keep their job and trade successfully at the same time.

 

Many people have jobs they love or to be honest, cannot just leave at the drop of the hat. That doesn’t mean these people can’t trade and make good money also. In fact I advise traders when learning to trade to only trade the daily charts, and to only trade the end of session in New York.

 

I am personally a massive fan of trading the close of New York setups. The reason so many traders like trading the daily charts are;

 

- Daily candles do not have the noise that the intraday charts have. By trading the daily time frame we can more accurately predict the flow and trend of the market. Markets tend to be very choppy on the intraday time frames. By trading the daily charts we don’t have to deal with this volatility or market noise.

 

- Lifestyle. Many traders come to Forex to enhance their lives, not to have Forex running it. This is a huge factor for traders trading the daily charts. Trading the daily charts takes anywhere from 5-20 minutes depending on whether there is a set up to trade or not. If there is a trade, the trader can place the trade and then come back and manage at the next close of the candle in 24 hours time.

 

- People can keep their jobs and still trade. Obviously if traders are trading the daily timeframes they can place trades and then hop of to work or come in from work and check the market depending on which country and time zone they live.

 

- Simplicity. Trading the markets on the daily charts offers a much simpler way to trade than sitting and watching computer screens all day long!

 

 

Learn to Trade the Daily Charts

I advise all new traders to Price Action to first start learning to trade on the Daily time frame. Once they have perfected their trading method on the daily time frame they can then begin to explore possible trading opportunities on the intraday charts. I recommend progressing in this manner because the daily charts are lot easier and less complicated to navigate. The intraday time frames tend to be more choppy and volatile. Traders have to learn to deal with noise and fast market movement when they move down the time frames.

 

Many traders find that after trading the daily time frame and becoming consistently profitable they have no need to trade any of the lower time frames. They realise they can have the best of both worlds of having a busy and happy life and still being able to trade successfully.

 

Perfect Your Method

When learning to trade Forex there is no need to rush. The majority of traders do not make money in their trading careers and you don’t want to be one of these! When learning to trade the daily charts take your time and perfect your method. Before going live you want to be completely confident in your trading method. You can build this confidence by trading on a demo account. There is no set time frame a trader should be profitable on a demo account before going live, however I would definitely recommend being profitable for at least three months before putting any skin in the game and risking money.

 

 

Moving Down to Intraday Charts

As I said earlier a lot of traders find that after trading daily charts and becoming profitable they see no need to trade any other time frame.

 

If you do want to trade the smaller charts such as the 1hr and 4hr charts you don’t just want to jump into the deep end. After moving from the demo account on the daily charts and becoming profitable on a live account you need to repeat the process.

 

Your next step would be to move down to the 4hr charts and begin practising on the demo account. Once profitable on the demo account for a period of minimum three months you could consider also beginning to trade the 4hr charts live along with your daily setups.

 

To trade the 1hr charts or anything smaller you should repeat the process. There is no need to lose money when learning to trade. If the majority of people trading do not make money you should start doing the exact opposite of what they do. The majority of traders will not learn on a demo and perfect their method. They will go straight to a live account and lose money.

 

If you want to have things that most people don’t have, you must start behaving differently then how most people behave! Do not follow the crowd as nearly all the people in the crowd are losing money. Be smarter than the rest and start doing the exact opposite of what most traders are doing!

 

 

Safe trading this week,

 

Johnathon Fox

Forex School Online

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