How To Trade The Daily Chart In Forex -
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- Опубликовано: 7 сен 2019
- Learn more about trading higher timeframes: d2t.link/06rnGT
In this episode of the Desire To Trade Podcast, I sit down for a 2nd time with The Lazy Trader to discuss how he is trading daily charts in the Forex market.
Watch the 1st interview with The Lazy Trader: • Successfully Swing Tra...
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My name is Etienne Crete (from Montreal, Canada). I'm a swing Forex trader and help aspiring Forex traders develop a trading method that works for them so they can produce income allowing them to live with more freedom.
I blog at www.desiretotrade.com and host the Desire To Trade Podcast. I was fed up with the “fake” millionaire traders and the “get-rich-quick-trading guys”. That's why you can expect more free content from me than what other people charge for!
If you truly want to succeed in Forex trading, I believe you need to keep working on yourself so you can improve your strengths, but also your weaknesses. Do not focus solely on what you're good at.
// Disclaimer
This video expresses my personal opinion only. Forex trading is risky. Make sure you are ready to trade. Even this will not guarantee you positive results. I am not responsible for any losses incurred due to your trading or anything else. I do not recommend any specific trade or action.
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What's your #1 takeaway from this interview?
For me, I'm not able to pick any takeaway. I am not able to figure out, if weekly chart tradable in case of Forex. What are typical position size compression viz Hour chart day trading, how about stop loss level if a pair traded in local exchange only for 8 hours and not 24 hours. What's average holding period experienced by such traders who follow weekly chart, by closing trade ?
I've found the longer the timeframe the more accurate the pattern is, so say a bullish flag (continuation pattern) on the monthly has a higher probability than the same pattern on the weekly, the weekly has more probability of success than the daily, the daily more chance of success than the 4hr and so on down the line. Hence I risk more capital on a monthly pattern than I would a weekly, and again more on the weekly than the daily. I don't trade anything below the daily chart. Sorry I don't have any stats for you but you could backtest a liquid pair like EUR/USD and then compare against something less liquid eg EUR/PLN, best of luck
nothing, i dont care where this guy is going on holiday to . and i did not learn any shit on how to trade on a daily now
Thanks Etienne,
I really appreciate this kind of interviews.
It provides me a lot's of value even I have already some experience in the market.
So thanks for sharing these videos with us. And also thanks to Rob :)
My pleasure as always, Lukas! Let's crush it 🔥
Good interview looked at the Lazy trader techniques long time ago, like the idea of weekly trades and scaling in/out - strategy in work! Thanks guys.
My pleasure, Colin! Glad you liked the interview!
Another great interview, thanks☆ My main take away is confirmation that I am asking all the right questions and I feel more confident to relax into the/my process.
The Stuffed Vegan You can reach out to Justin for advanced signals,he is consistent and would guide you to earn mouth watering profits in your trades.+14049441083 jtwalker4life @ gmailcom
Yep daily or weekly is where it's at! I can't do M timeframes anymore too much stress. I like to be lazy lol.
Ah nice! Glad you agree with Rob!
I agree!! Daily or Weekly
good interview, thanks Etienne. in a daily time frame , is it advisable to close your positions during the weekend and open them again on monday ? on friday i had all my position in green , i left them opened during the weekend and on monday all those positons were in red . i am little confused .
Once again I think a big part on a strategy working correctly, and hitting your targets is the disepline to show up, do the "work" and let it hit it's Mark without interfering. Disepline !
Absolutely!!
Rob mentioned the top benefit of trading weekly timeframe over hourly timeframe as 'High Return On Efforts'
How about position sizing in trading both scenario for same account size ?
I'd say it depends on your win rate & risk of ruin. Maybe you can risk more on the weekly charts, maybe not. In any case, you get a ton more freedom from the weekly chart. You could simply increase your capital to make more money.
Great interview! Takeway....any style of trading is possible...just need to find the best that suits you :)
Absolutely right 👌
excellent
Good point about this news.But i monitor news all time so i know when i must run before market start go in not my direction and my profit start go smaler or even got SL.
So you move your stop / adjust your target before news?
@@DesireToTRADE My tp is always max 4x more than risk. However, if I have a position and news pops up which in my opinion will be against my position, I close it out of hand and do not wait for the market to verify whether it is good or bad.
yeah man..I'm grateful to Rob Colville for changing how I think about trading. Primarily coz I'm LAZY lol. Secondarily because higher tfs is where it's at!!
Great to hear that 👌
Well said......trading intraday is fool's gold
Facts
How to take entry on daily candle
Ah this is a great video 👍😎
Of course one can trade the weekly time frame, and I bet many people are successful doing it. As a newbeginner I feel it sucks though. You need to get experience and see what happens in trades. Doing 1 or 2 trades a week will give too little experience. But to each their own.
You can acquire lots of experience with the daily and weekly charts. You just backtest.
@@nizal9388 exactly
Warren Buffett is a investor and not a daily trader. He makes 20% per year but daily trader can make that per month or per week depend how good you are. That's why you can get away with smaller account size
EOD trading is the best thing in the world
It doesn't feel too constraining for sure!
like an insurance salesman
Not the best fan of British accent but it a great interview
Can't really hear what's he saying, his English was so slang af..