I guess I am posting this to get my thoughts out there and to see what others do. I know how some people on here trade but there are many people on this forum with many good ideas on this topic. I get long winded sometimes to so bear with me.
Back when I started trading, I would watch the 5 minute charts. Even 1 minute charts (when I was very anxious). Then finding Forex Factory, and reading a couple books, I realized I needed to drop to the longer term charts. The thought of watching 1 bar form for 4 hrs was so lame. 1 hr charts weren't too bad but anything over that was terrible (for me). Then reading peoples posts on here and studying charts, I started to realize one trade made right and left the right amount of time, and adding to the trade at the right time, that could produce enough pips in a month to really mean something. I am so glad I realized that. Now, when I make a trade, I can turn the computer off and not look at the charts for a couple days if I want. I get excited when the first day of the month gets here. Then I get to check the monthly charts.
Ok, look at a few of the pairs right now. nzdusd, audusd,usdchf and the list goes on. Many people can see they should either buy or sell it depending on what pair it is. I know its a little hard to get in at the exact time but it isn't too hard to get in early on those trades. The hard part is when a person gets 90-100 pips in profit and the stupid thing retraces 75% or more of the way back to 0 pips. That is where a person has to get the mindset that they are in it for the long haul on that particular trade, stick with it and ride it to where they feel price wont get lower or higher. One trade can go for months or at least weeks. And how many of us jump in at the right time and then jump out way too early? By that time, it is so hard to jump back in that we either make stupid mistakes or we have to watch those precious pips that we could have had by staying in the trade go right down the drain.
So, basically what I am trying to say is, to those who do well on the shorter time frame charts, good for you. And for those who think they should give up because they can never seem to make any pips, go to the long time frames. Why quit totally when you can look at your charts once a day or even once a week. Trade off the weekly charts if that is the only way you can do it. There are so many pips to be made off the long time frame charts.
Back when I started trading, I would watch the 5 minute charts. Even 1 minute charts (when I was very anxious). Then finding Forex Factory, and reading a couple books, I realized I needed to drop to the longer term charts. The thought of watching 1 bar form for 4 hrs was so lame. 1 hr charts weren't too bad but anything over that was terrible (for me). Then reading peoples posts on here and studying charts, I started to realize one trade made right and left the right amount of time, and adding to the trade at the right time, that could produce enough pips in a month to really mean something. I am so glad I realized that. Now, when I make a trade, I can turn the computer off and not look at the charts for a couple days if I want. I get excited when the first day of the month gets here. Then I get to check the monthly charts.
Ok, look at a few of the pairs right now. nzdusd, audusd,usdchf and the list goes on. Many people can see they should either buy or sell it depending on what pair it is. I know its a little hard to get in at the exact time but it isn't too hard to get in early on those trades. The hard part is when a person gets 90-100 pips in profit and the stupid thing retraces 75% or more of the way back to 0 pips. That is where a person has to get the mindset that they are in it for the long haul on that particular trade, stick with it and ride it to where they feel price wont get lower or higher. One trade can go for months or at least weeks. And how many of us jump in at the right time and then jump out way too early? By that time, it is so hard to jump back in that we either make stupid mistakes or we have to watch those precious pips that we could have had by staying in the trade go right down the drain.
So, basically what I am trying to say is, to those who do well on the shorter time frame charts, good for you. And for those who think they should give up because they can never seem to make any pips, go to the long time frames. Why quit totally when you can look at your charts once a day or even once a week. Trade off the weekly charts if that is the only way you can do it. There are so many pips to be made off the long time frame charts.
JOHN 3:16