May I ask the feasibility of trading daily chart (using New York close at 1700 EST) from east coast USA? I read from Nial Fuller’s website that it’s possible to spend about half an hour during Asian session: Why You Should Trade End-of-Day, Not Intra-Day | Learn To Trade
However a thread here mentioned that he still trades during European session: 301 Moved Permanently
My goal is more like an investment approach instead of doing it for a living, so I want to relax and have plenty of time to analyze the market. However I do not have time to trade European and US sessions. My question is: is it possible to trade daily (or weekly) charts without spending too much time intraday (or maybe just ignore the intraday movement completely)? I found some people trading daily chart successfully but they still spend quite some time intraday (or even wake up at night) managing their trades. If I just view it as an investment, with the minimum goal of beating the inflation, is it reasonable to completely ignore intraday movement? Could anybody direct me to some relevant threads where people do similar stuff?
I used to trade forex at much lower time frame without success, now I want to do it in a very different approach which hopefully fits my personality and schedules better. Thanks in advance for your advice.
Based on your intention, yes you could try taking trades off of daily or weekly charts. This way, you do not need to watch charts that often. for the most part, it depends on your trading style - you find your style and fit most of what you do around it.
From what this humble newb has learned over the past few weeks, trading D1 charts is only minimally affected by the asian session.
If you are trading on charts that use New York close as end of day and look for trades in evening EST then you should be well placed to take the latest bar into consideration. The bar for the next day will only just be starting to form and will not be worth looking at yet anyway.
I’ve done away with all indicators and started playing with “naked” charts using Price Action methods. I’ve actually seen an improvement in my trading already. No average profit on my demo account yet, but far less losses and far more successes have led me to a break even standard. More profit on successes and less loss on failed trades through money management has also helped too.
Learning about price action seems to be a great way to learn the importance of that last bar completing a trading setup and capitalising on it to the fullest. The thread recommended by Tyrannosaurus Forex makes for enlightening reading. Read through the first 50 or so pages at least for a good intro to price action trading and plenty of examples of both good setups and bad setups.
When you can find the winners learn about money management and risk management. This is how you minimise loss from a failed trade, maximise gains from successful trades and compound your gains (like compound interest).
Happy trading.
PS. I just thought of another benefit from day trading… It’s more relaxing. You find a decent setup then just let it roll. None of that “Buy Buy Buy!! Sell Sell Sell!!” stuff that intra-day traders have to stress over. You might only make one or two trades a week, but if they’re good then you’re a winner.
