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Remember, trading success is 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. I feel like a similar set of stages exists for time independence.
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Debt is slavery, writes Michael Mihalik in his book of the same name. Eventually they are so preoccupied with their trading that they are checking intra-day charts at work and constantly thinking about the markets. Closing prices are the most important price in the market because they show the settlement between the bulls and the bears, and because the New York trading session is the second biggest behind London in Forex trading volume, its very important to see this closing.
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Addiction to Trading, this one is pretty simple; traders seem to think that by looking at lower time frames they are somehow getting a more accurate view of the market, simply because more data is coming their way. Range Bound and Trending Market filter available in Bottom of Chart. 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. Many traders simply lose sight of the fact that higher time frames are more accurate and so they spend countless hours analyzing and checking their trades. 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.
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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. If you are currently experiencing any of the following trading problems you will benefit significantly from making the daily chart your primary trading time frame: Please Share this post with other traders and leave a comment below if you liked.
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The problem with this thinking is that ALL variables are ultimately reflected via the simple and natural price movement of a price chart. Financial freedom is time freedom). Automatic Buy, Sell Exit Signal Alerts for All scripts. 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. If youre spending exactly what you earn, youre essentially treading water with time.
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We are here to save you the time, effort, money and headache on your journey to success. Some days, Im the one doing the work: shoveling level ground for a planned writing shed, crawling under the house to check for leaks, pruning the overgrown hedges. He has a monthly readership of 250,000 traders and has taught 20,000 students since 2008. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this website. This means you will trade less on the daily chart, but the trades you do take will naturally be higher-probability.
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Further information on each exchange's rules and product listings can be found by clicking on the links. This is what happens when you dont put the majority of your focus on the smoothed-out and more relevant view of the daily charts. CME Group is the world's leading and most diverse derivatives marketplace. Traders who jump around from the 5 minute chart to the 30 minute chart and 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.