The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. Please Share this post with other traders and leave a comment below if you liked it. You find yourself forex trading competition results 2015 hours upon hours looking at numerous time frames and 20 different currency pairs.
Eventually, you get tired and decide to enter a trade for no solid reason besides the fact that you have confused yourself to the point of exhaustion. You find yourself preoccupied with the market and with your trades all the time, it’s starting to affect your work life and your family life, all the while you are still losing money. You wonder why you are losing money while pumping so much time into your trading. You have some good weeks and then some very bad weeks that erase your good weeks. There are good signals on lower time frames like the 4hr and 1hr chart, but you need to master the daily chart before you can have any chance at successfully trading the time frames below it. Also, I never trade or look at any time frames under the 1hr as my years in the markets have proved to me that these time frames are totally counter-productive due to the inherent noise they contain and confusion they induce. When you are inundated by a vast amount of market data from news sources and numerous different chart time frames, you are naturally going to self-impose a certain amount of indecision and doubt into your trading.
Many traders spend hours upon hours analyzing fundamental data, technical data, and anything else they can get their hands on that they erroneously believe will give them more insight into the future track of the market. The problem with this thinking is that ALL variables are ultimately reflected via the simple and natural price movement of a price chart. Well, they are right that they are getting more data, but they are wrong that they are getting a more accurate view of the market. 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. Eventually they are so preoccupied with their trading that they are checking intra-day charts at work and constantly thinking about the markets.