Trading daily charts in forex 212
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. If you are currently experiencing any forex the following trading problems you will benefit significantly charts making the daily chart your primary trading time frame: Eventually, you get tired and decide to enter a trade for no solid reason besides the fact that you have confused yourself to the point of exhaustion. You wonder why you are losing money while pumping so much time into your trading. This means you will trade less on the daily chart, but the trades you do take will naturally be higher-probability. So, in essence, you lose quantity, but you gain quality when trading the daily charts, not a bad trade-off when you consider your hard-earned cash is at stake. There are good signals on lower time frames like the 4hr and 1hr chart, but you need to master the daily chart before you can have any chance at successfully trading the time frames below it. Also, I never trade or look at any time frames under the 1hr as my years in the markets have proved to me charts these time frames are totally counter-productive due to the inherent noise they contain and confusion they induce. There are many false signals on lower time frames and so you have to know how to properly trade the daily charts before you can understand how to properly trade the lower time frames. Also, once you start the ball rolling of over trading in Forexit becomes an emotional roller coaster that is very hard to detect and stop. Also, when you do not have a trading strategy mastered like price action trading on the daily charts, you are naturally going to be more confused and thus less confident than you otherwise would be. In essence, you want to limit the number of variables you use to make your trading decisions in the market, because there are essentially an unlimited amount of variables that traders can confuse themselves with. Not focusing on the daily charts as your primary technical analysis time frame usually leads to confusion, indecision, and ultimately fear. The problem with this thinking is that Forex variables are ultimately reflected via the simple and natural price movement of a price chart. Well, they are right that they are getting more data, but they are wrong that they are getting a more accurate view of the market. Simply put, not every move in the market is significant; in fact, there trading a lot of useless price formations and price action setups on small daily frames, simply as a result of the nature of the markets. We have to move up to higher time frames like the daily chart to see what all the movement on the lower time frames actually means. Many traders simply lose sight of the daily that higher time frames are daily accurate and so they spend countless hours analyzing and checking their trades. Eventually they are so preoccupied with their trading that they are checking intra-day charts at work and constantly thinking about the markets. Traders who jump around from the 5 minute chart to the 30 minute chart forex back again, are naturally less likely to have a consistent and smooth long-term equity curve than those traders who put their focus mainly on the daily charts. This is because traders using lower time frames are naturally going to be taking many more low-probability trade setups than traders focusing on the daily charts, and low time-frame traders are also more likely to over-trade, this means significantly less consistent trading results over the long-term. 212 traders over-trade from focusing on lower time frames. Thus, by moving your focus to the more reliable daily chart, you will have a natural guard against over-trading, that is assuming you are disciplined enough to only trade obvious signals on the daily chart that you have mastered previously by mastering one Forex trading strategy at a time. The 30 minute chart gives you 48 times more data to look at since there are two 30 minute bars per hour in a 24 hour day. You are much better off learning to trade the daily charts so that you can see what all the market movement resulted in each day, rather than trying to analyze and make sense out of each little tick of the lower time frames…. When you become a patient and disciplined Forex trader, you will naturally foster a confident trading mindset and this will work to eliminate the fear of trading that you may have experienced recently. The key to waiting for the best signals is of course knowing exactly what signals you are looking for. This is a good thing, more is usually not better when it comes to Forex trading, in fact, after you learn to trade effectively, you are better off spending as little time as possible analyzing the market and looking for trades. People become addicted to lower time frames and watching the price movement, this is counter-productive and simply a huge waste of trading. You want to trade like a sniper and not a machine gunner ; the daily charts give you this ability. Remember, trading success charts defined by consistency, and if you want to have a steadily increasing equity curve you will need to slow-down your trading activity and learn to analyze the market from the more pertinent perspective that the daily charts provide. Trading daily charts that close at 5pm New York time is important because this marks the end of the current Forex trading day and the start of the new trading day as New Zealand trading 212. I feel very passionate about focusing on the daily charts, but I challenge you to prove to yourself why it is the best time frame to trade. One of the main reasons why most traders fail to make money is because they are stuck in a cycle of over-analyzing and over-trading on lower time frame charts. If you want to fast-forward your learning curve and learn to trade effectively as quickly as possible, check out my price action trading course here and learn more about daily chart trading with simple yet effective price action strategies. Brilliant advice from my mentor…. If anyone is on the fence and considering joining LTTTMyou are missing out big! Great trading everyone and Happy and prosperous ………………. Hi Nail, thanks for the twitter. Your trades are great. Wished trading knew them before, now i just relax a bit and review a couple of trades i am in. Hopefully going full time soon on FX. Thank you for this post. I then opened a trade and I made pips for the 1st time since I started trading. So thank you for such a helpful article. I wish I saw it earlier. More grease to your elbow. Mike, just adjust your position size, wider stops DO NOT mean more risk, just trade less contracts. I would avoid lower time frames. Thank you so much for your great work! I am sure that a lot of traders are prying for your health and well being, and really appreciate your good-works, please keep it up! Am so happy to have found this site. God bless you for the good job. Hi Nail realize now that i must master the higher Daily time frame, been using lower frames, what a failure. Thanks for the valuable lessons you provide to help one focus. First, Thank you for sharing your knowledge and experience Nial. Initially when I began to trade I followed your simple steps and strategy that gave winning trades. After that, everything that you say in this article did happened when I switched my attention to lower time frames and in the losing end. I used to watch your tutorial again and again to refresh myself. Well said and thank you again. Thank you sir, after i read your great lessons i realized my trade are over trading. Now i want to strat using daily chart. Once again thank you. If you understand position sizing you can trade with any stop loss distance. See article here on trade position sizing trading money management — http: After five years of trading now successfully I can confirm that this article is of great value to all those starting trading, read, digest and follow, there are many methods of tradingvery few are worth following but Thanks Nial for the instruction you have given me over the years…. Am happy I came across this great site by Nial Fuller. This is exactly what I needed as a new trader. Nial Fuller is the king of forex…. Nial really very nice and powerful article, i learned many things, and very clear about trading setup. You are the Forex trading Wizard! To much lower time frame, too much analyzing, etc…. Great article ill try out the daily charts so i dont have to keep an eye on the markets all the time. Sir nail,this article is so good. I have not yet started trading but have all that a trader has been through. I have learnt a lot from your years of experience as a trader and continue to do so. Thanks a millions for the enlightenment I seem to have achieved through reading your posts. May God bless enlighten you more about price-action-strategies. But since I cant put big stop loss, I find setups on LTF on forex basis of HTFs. Thanks so much for your website Nial. It is really helping me to fill in some holes in my trading. About a year ago, Daily made a commitment to learn how to trade. It has become my life. My only vice is following American football online. Being in Japan has helped me to be able to participate in all the markets during the day. The other problem following the dailys presents is that, I want to trade futures because I feel the price movement is much easier and clearer to follow. In a way that is a good thing I think, but the amount risked is so high following daily charts. I have found that the 6 hour seems to have pretty accurate and smooth information. I have been using your strategies on the 6 hour and shrinking it down to the 1 hour and it seems to do fairly well. This gives me more signals to trade on paper to build confidence. Funny thing is that going down just 2 hours to using the 4 hour as a base really seems to invite more noise. I want to be very safe and sure of my ability to trade the strategy before I go live, so I need more signals!! Hi Nial, Sometimes in life you search for answers to problems without success and suddenly wham! Nail, I have the same problem you mentioned about those trading lower time frames, I will reposition myself to higher daily frame. Thanks a million for the lecture. In the past I have traded lower time frames for the reason stated by others — larger stop loss required on the daily chart. However, I think that what you say is quite right and I am going to trade the daily charts even if it means trading about 10p per pip. After that you are really starting to make money. Patience is a virtue! Then we can not play anymore???? Every month i can eat with price action strategy. This is just like you are sitting behind me and watching everything. One of the most sensible advice I have come across on the web. Thanks so much for this educative post. I really appreciate every words. As i feel this post is meant for me. These comments say it all, Nial. I have been trading FX for several years and periodically visit your site and read your articles. I totally agree with your trading advice which is to trade the bigger timeframes. The the proper application of money mangement and a robust strategy a trader you invariably make money. Making money from the markets is really as simple as Nial demonstrates. I would like to add that it is very important to let your profits run. Protect your trade by moving your stoploss as your trade moves into profit. Nial, Your 212 just Great…and no any other words to describe. I feel lucky that i do not look for shorter time frame. I have not experience that… may be in the future…. Diary fit my personality and i can combined with work really well. Nials, thanks you once again for your wealth on knowledge. Keep it really simple guys. Thanks again Nials your a legend in my book. Hi Nial, thanks for a great article. Especially last few days I tried to analyze market and movements due market data and it was very confusing. Price action and your consistent educational articles really helps to improve my results. Reminding me to charts on less is actually more important than trying to watch all the information. Thanks so much for your educative lessons on forex. Pls how can we get charts that closes at 5pm newyork time? Your articles continue to curve my trading skills. Thanks for sharing your views relating to noise on 212 time frames versus the daily chart. Hey Nial, I feel like you were writing this for me!! Since reading your material I now realise I have to change and follow your sound basic fundamentals. Thanks again Nial for another one of your GENIUS price action lessons! Nial, bless your heart. Please keep it up. BIGGEST gain for me personally? Getting my LIFE back! Who wants to do that? Thank you Nial…your insight and shared wisdom have changed my trading AND personal life for the better. Nial, When I trade daily time frame charts it seems I almost always get stopped out over night. Is there a way to not get stopped out as often. The market seems to move a lot while I sleep. Usually over pips. I have practiced to trade FX in daily chart for months and I can say that my balance stay in positive since then. There is no disputing your lesson, there are the seed of harvests that we need. If there are TWO people in the forex world with this same charts for every trader to trade well and better, the world would be a better place than it is now. As I am a member of your great website; do you agree that drawing support and resistance lines depending on closing price are more effective than using highs and lows of prices? Hi Nial, I agree the daily charts are best to trade. However it is also important to practise good money management. I study the dailies but look to trade the 4 hr or 2 hr because of this. I would also say a lot of newbies fail because they do not practise Trading and they are generally under capitalised. Any veiws on this welcome? I always am lookign forward to your lessons each week. Amazing is your dedication to us. I know in my heart you are right, the only problem I have is identifying a reasonable tight? A comment on this aspect would be welcome. Big lesson here Nial, i am getting great value from your course and lessons, keep posting these up, thanks. Thank you Nial, You are a Hero here in Germany, a godsend for forex traders, your lessons and insight are so inspiring and life changing. Amazing lesson today for any trader. I agree with you, these daily charts are simple and clean, easy to understand. Hi Nial, Very sound advice. Great course By the way. Very easy to understand. Patience is the key, 212 believe. Keep up the good work. I loved this article, since starting to trade the daily timeframe charts everything has become clearer for me. Your email address will not be published. Notify me of follow-up comments by email. Notify me of new posts by email. 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The past performance of any trading system or methodology is not necessarily indicative of future results. Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and daily willing to accept them in order to trade in these markets. Forex trading involves substantial trading of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or trading, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on charts information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results. Why Trading The Daily Charts Will Improve Your Trading Results By Nial Fuller in Forex Trading Strategies 94 Comments. Please Share this post with other traders and leave a comment below if you liked it. How not focusing on the daily charts can cause the above trading problems: How focusing on the daily charts can FIX the above trading problems: Now I want to hear from you! July 2, at 7: February 28, at 9: January 4, at December 21, at 3: October 15, at 5: May 9, at 2: April 4, forex 9: January 30, at 4: November 22, at November 11, at 6: November 11, at 5: September 27, at 4: September 26, at 5: October 25, at 6: June 24, at 1: June 13, at 3: June 3, at May 27, at 7: May 22, at May 16, at 6: May 13, at 4: May 2, at 6: April 25, at 4: April 21, at 8: April 7, at 7: April 6, at 3: April 6, at 5: March 22, at 7: February 26, at February 18, at January 31, at 2: March 28, at 6: March 27, at 4: March 27, at 2: September 26, at 9: August 12, charts 5: April 9, at 5: March 21, at 8: January 15, at November 14, at 5: October 13, at 1: July 12, at 9: June 10, at 7: June 7, at April 19, at 6: April 18, at 9: March 20, at 2: February 15, at January 19, at 3: November 9, at November 5, at 2: November 4, at 6: November 4, at 5: October 31, at 9: October 31, at 1: October 30, at October 30, at 2: October 29, at 8: October 29, at 1: October 29, at October 29, at 5: Keith from england says: October 29, at 3: October 29, at 2: October 28, at October 28, at 9: October 28, at 8: Leave a Comment Cancel reply Your email address will not be daily. 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