This was when I decided to stop day-trading and start thinking differently about the market. I began looking into higher time frame charts and taking a lower-frequency approach to trading. I quickly found my groove once I began focusing on the daily chart and trading less often. It was a far less time-consuming, less stressful and just an overall friendlier approach to how I wanted to live my life.
In Hollywood movies, day traders are often portrayed as young rich guys living a fast-paced life of fast cars, big houses and risky behavior that seems to always end up working out somehow. Hence, when someone first gets interested in trading this is usually pretty close to the image they have in their minds of what day trading will be like and what it will offer them.
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The very reason we become traders is to make money and ENJOY a lifestyle that is different from a 9 to 5 office job where you are essentially a slave-drone worker to a company all day. If you choose to be a day trader you are basically a slave to the screens all day and your head is filled with information overload, stress, pressure and on and on, not much different than that 9 to 5 office job except that you might actually make money at the office!
I recently wrote an article on how to trade like a hedge fund manager and in that article I discussed how hedge fund traders are not day-trading. They are not sitting there taking a 5 minute view of the market trying to duck in and out of it all day, to them that is just stupid, and it should seem that way to you too.
A lot of traders seem to get the fantasy in their heads that they will simply be able to quit their day job and start day trading all day and somehow magically make money. This is not reality. Sadly, I know quite a few traders who quit their day jobs too soon because they thought they could make money day trading, only to find that not only were they not making any money anymore, they were now losing money from day trading!
Not only are the trading opportunities on the daily chart much higher probability than those on small time frames, they are also much better for your mind and your body. You are not sitting all day slouched over in a chair frantically combing the 1 minute charts for your signal to pop up. This is mentally and physically draining! Instead, an end of day trader simply follows their routine, checking the higher time frame charts at their predesignated times each day, for 20-30 minutes. They execute their trading plan and then walk away.
Trading the daily chart time frame in an end-of-day manner provides you with the best possible shot at making money over the long-run as a trader. I can tell you without a doubt, from 18 years of live market trading experience, if you go down the day trading route you are taking a huge detour that is only going to push you far off the path that will lead you to successful long-term trading.
The thing is, in lower charts you probably put very tight stop losses which perhaps from 10pips to 30pips. For me, it adds to your risk of losing or odds of losing. Because first and foremost, you do not only anticipating your odds of winning but also the odds of losing. With tight stop loses, you are more prone to being prematurely stopped-out due to unexpected/ unannounced volatility. Doesnt make sense to me. I prefer end of day trading using Daily charts to position my trade with favorable risk-reward, I can widen my stop loss to avoid getting prematurely stopped out.
How about H4? You also teach us to trade H4 on YouTube. I watch all your video. I like it very much. Some of traders calmly wait for H4 setup, enter and close it after few days. Not regularly watch the screen, we have mobile mt4 version nowadays. I think this is just for an experience traders that are really understand the concept of trading. Want to hear what you say about H4 TF. Tq
I totally agree with you there from my learning experience, now I plot my S/R zones on monthly chart , I have zones already plotted and saved once on all pairs I trade , so no need to be plotting S/R once done the first time.
Then when trading I look at weekly and daily for trend and for plotting trend line also use fibonacci on weekly and daily charts.
I then looking at daily again and 4 hours charts for recent price activities, candles stick patterns, recent highs and lows and determining my biases from there, working especially on 4 hours chart.
I usually decide during weekend what position to look forward to be taking at a targeted area for the coming week, so my trading during the week will be waiting for price to reach those areas and looking for specific candlestick patterns.
When I have decided to enter a trade, I then look at 1 hour chart for specific candle Print, especially after a re-test.
once I am in a trade I am looking and monitoring at 1 hours chart after almost but not always every hour at the previous candles that had been completed to see if the market is in favour of my biases, and manually move stop loss to lockin profits when necessary, this only take me only a few minutes of most hours. I never go beyond 1 hour chart.
In my humble opinion, it is not logically acceptable if profitable trading is claimed to a certain time frame. That is misslead. So trading is not about relax, frequency, etc but how do you make profit consistently from market. It will be more relevant to talk about momentum in any time frames, event tick chart, that requires different technical approach.
When your paying a spread and commission, a tick chart vs a daily chart makes a very big difference, the lower the time frame the more you trade and more you churn your account due to costs, slippage and so on.
I thought it will be more profitable and relaxing if I trade only 1 to 2 trade a month with weekly and monthly time frame? But It will be frustrating and more stressfull to wait very long time to make a trade, more over when we got loss trades.
am glad that you taught about what has been given me nightmare, ever since I started trading.thanks because I will put all that you discussed into practice in order to better my chances of becoming a successful trader.once more ,thanks alot.
Interesting and educative as always. But what you did not mention is that you need larger stop losses (funds) to trade daily or higher timeframes. And also you may not see a trade setup for days or even weeks. To me i think the higher timeframes are for investors. So those of us with little funds have to trade daily to build our accounts. Thank you
This kind of thought is what Nial always fight against. We can adjust our lots when we trade higher timeframes. But I think when a trader make an argument like that, he is thinking in a very small account, like 100$ or 200$. And in fact, with an account like that, even the smallest lots will increase his risk if he trades high time frames. So, if the trader has some few dollars, he should save more money, until he gets an ideal amount to get started, instead day trading trying increase his capital, which is pure illusion.
I have been both a day trader and a swing trader. But my equity curve headed up only when I switched from day trading to higher time frames trading and swing trading style. Now my trading performance and confidence level have increased, l closed every month in profit as a swing trader and a higher time frames trader. Thank you Nail
Agree with you 100%. Trading is a lot like hunting. You cannot start firing bullets at every little movement you hear in the jungle. You have to wait before something interesting comes along, and even after all the wait, you can still miss the target shot. But that is the nature of the beast. You start waiting again with a clear head making sure you have bullets left for the next hunt.
I agree with u sir and this is ur article of very amazing i like swing trader and i like use larger frame times coz i just use weekly for charting and daily and four hours for trading by entry but I ask u plz if u ok
1 r u just technical only or fundamentals both ?
2 how to use swing trading with fundamentals ?
3 what u use frame times for charting and trading by entry ?
thanx sir
Day trading does NOT give you a higher probability, in fact day traders lose more money than any other type of trader, further day traders churn the account by paying commission and crossing the markets spread constantly.
Hi Nial, I am grateful for these eye opening insights. I have been trading for about a year now and just like you expressed, it has been ups and downs with wins and losses. I hope to regulate my trades with day trading henceforth and furnish this forum with testimonials in the nearest future.
Hi Coach,
This is by far the best piece of trading strategy you have every written. Every newbie should give it a go, first on demo. You will be surprised by the results. Forget about traders telling you that you should trade a time frame that suits your personality whatever that means. If you are trading forex just for the thrill and adrenaline it gives you like gamblers on a slot machine, fine. But if you are trading lower time frames to make money, then forget it. More trades = less profit, period. So, well done Coach !
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