True, keeping a track of your trade is fine but not to the point of making it an obsession. There is no point in staring at the screen all day. Long hours of screen-time may be considered as hard work but will not guarantee success, you need to recognize the trend of the market and take advantage of this trend.
There are many steps to maintain trading discipline. For example, if you do a trade after analysis, it is necessary to manage that trade. If the trade is managed, the losing trade becomes a profitable trade.
Yeah I used to do this to but it really messes with your head/emotions the more you stare at it. I’ve stopped doing it since and just worry about it off screen
It is true that watching of the charts does no help at all. There are people who sit down and take a lot of time watching the charts but they don’t know that they are doing nothing. I was also a victim, but now and here to say that I never got help. But now, I can say that I am okay because I went back to trading.
It is good to watch the charts because, this is where you can get the prior knowledge especially for the beginners. You need to get some skills by going through the charts. But if you are a senior, then you need not to watch the charts because it is just a waste of time. It is good to be busy trading so that you may not waste time in viewing the charts.
You are quite right.
For beginners, reading charts is very important. But the experts can skip the charts thing.
Indeed! Excess of anything is bad.
for a long time i always thought i missed opportunities as i was not looking/ watching charts now i have come to learn to wait for the markets to move to your area and you only need to be on the charts for an hour a day at most
Haha I agree I used to look at charts all day long. Not anymore
Watching charts the entire day creates anxiety among traders. Use better strategy and technique like using stop loss etc. Make trading a part of your life and not visa versa.
Yes, you used the right method. If the trader looks at the regular chart, his emotions are damaged. Which is very problematic for trading profit.
Charts are very important for beginners as they show the most detailed information and provide more potential trade signals when the market is active.
Watching charts is over-rated. Its similar to watching road traffic - it will show you the visible things other drivers do but it will not teach you to drive.
If we dont expect any money from our account and if we risk only 1 % per trade , then no need to worry about our trades during off screen time also…
So, the key is risk management… If you take more risk to get more reward, then you will be always worried and will lose all…
It’s true that you have to stay active throughout the day if you want to make profits in the market. But it should not be the only thing that you must do. You must keep researching to find new ways that may work better than what you have already been using.
Overtrading is a high possibility this way, and that is never good.
If you can’t sit in front of your system all day, build an EA that will take care of your trades.
In my experience it is fine to look at trades and charts, but I never change my trades, only close out them once I enter them.
I differ here. Day trading’s cool for me. Analyzing the charts has made me understand the market better.
Agreed, it really messed with your head looking all day.