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The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. 1 big winning trade a month to be a successful Forex trader. Yup, that’s correct, 1 big winning trade a month.
How is that possible you might ask? Well, I’ll bet if you go look at your trading account history right now you might just find the answer yourself. Some of you probably even know that this over-involvement with the market is why you are losing money regularly or struggling to keep your head above water. Yet, even though you know it’s keeping you from achieving success in the markets, you cannot break your addiction to trading lower time frame charts and over-analyzing the markets.
Now, here is why I firmly believe that trading lower time frame charts is a waste of time and money. Sure, it’s possible to make money from sitting in front of your computer 8 hours a day staring at each tick, but why in the world would you want to? Now, let’s get back to my main point that trading lower time frames is decreasing your chances of winning and destroying your trading account. To focus on daily chart trading you need patience and mental fortitude, this takes intelligence and forward-thinking, it takes checking your ego at the door, and it takes a realistic attitude. Many traders think this way, and it’s usually just because they don’t know enough about Forex trading position sizing or because they think by trading bigger position sizes on the lower time frame charts they are going to somehow make money faster. But, let’s face it, if you have a small trading account you should not be trading large position sizes anyways!
15 minute chart is somehow going to provide you with more opportunities to profit. Yes, there are MORE trades on a 15 minute chart, however, there are also more false-signals and there is more random market noise, so you are just going to end up taking more losing trades and stressing yourself out more. This all contributes to a poor trading mindset and ultimately to you losing more and more money. Look at this chart below of the daily spot Gold market.