If you are able to constantly focus on your screen for 6-8 hours, that’s a great thing to be able to do. I started out trading that way and got way too frustrated and hence why I moved to the longer timeframe. If you can do it and stay in the green, I admire you.
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I have noticed that among the many singing praise for the Daily chart a majority seems to be located either far east (Oz & Nz included) or the Americas. The far east tends to trade shortly after NY close, Americas shortly before. For europeans on the other hand I find the Daily awkward. I am in London, if I want to trade at 6 AM London time my daily chart is already 8 hours old, and if I want to trade near the end of day, well that is late evening for me, I am tired and I drank wine with my dinner, probly not best trading then, not best suited to my lifestyle.
So I do the 8 hours frame and I like the fact that the 3 candles a day roughly represent the Asian, European, US sessions respectively.
Where I am if I want to place a pending order after an IB I am often too late for ideal entry… mind due sometimes a blessing when stop order would have been triggered and price has gone the other way = benefit of hindsight.
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In the City of London traders are known to get to their desks early - even 4.00 am.
Other traders keep screen next to their bed, so they can role over and see what’s happening.
Trading DOES often involve a sacrifice to our lifestyle in one way or other.
With that said not much happens in Asia unless your in the Yen or Aus.
And trading the 8 hour is a great way to trade - im fond of that timeframe
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It takes 45 minutes to select my trades each morning, usually a couple per day… Then I leave them to run, and check progress every couple of hours, until they get stopped out, or I close mid afternoon if nothing much is happening. If I’m in profit, I’ll use a trailing stop.
Works well, Every day is a new trading day, positions are all closed, and I sleep well at night not worrying about what’s happening…
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Can’t imagine it. I guess you get used to that much time behind the screen like anything, especially if you’re a successful trader.
Great quote, and even more so a reality for noob traders, just getting into the game. I think there’s an expectation that “ramp up” time to success is quick and easy.
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I sacrificed alot for trading - but I truly believe we are not allowed permanent success in any endeavour until we’ve proved to the universe we really want it.
No one succeeds unless they’ve been through hell and back sometime in their life - it’s how life works.
You know what they say, it takes 10 yrs to become an overnight success - I really believe that.
Waking up early to trade the markets is a tiny price to pay for the privilege of freedom.
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I love that line!
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Thank you for sharing this knowledgeable article, I really needed such kind of motivation. You covered almost everything in this article. I had a very casual approach towards trading and I am not that consistent but you have changed my mind. I am glad that someone came forward and shared their trading journey
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I generally trade after the london session starts, there is much more liquidity in the market at that time
i trade the hourly and daily timeframe.
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Hello, good luck and thank you for sharing this, I am a beginner, so I am still practicing and learning. I am getting more and more knowledge about trading while reading forums. Will happily share my stats on here once I start live. What strategy do you rely on?
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Why waking up early ? Is there a difference ? Help me out
Me too , though nothing is fixed, but yeah mostly the ones you mentioned.
It is good for you that you already have strategy and good time menaged, i saw that in the things you write. 
My opinion is to look at multiple timeframe, for exemple make analyse on a daily chart and take a trade on 4h chart. other opinon is that 19 currency pairs is too much, you have to be more focus on 4 or 5.
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Hey, thanks for your comment.
Multiple timeframe analysis is something that has been around for a long time. I do that as well, I mark key support and resistance on the weekly timeframe. Also, every weekend I’d check the weekly candle and every month-end, I’d check the monthly candle. So in a way, it’s still a top-down and multiple timeframe analysis. But I just look at a much bigger picture.
Nothing is wrong with the 4H timeframe either, but with my fulltime work that can take up anywhere between 8-15 hours of my day, I sometimes don’t even have the time to check the charts 4-6 times a day each time a candle is closed on the 4H timeframe.
19 currency pairs really aren’t that much, after all, they are still major pairs (if you pair all of the 8 major currency pairs together you’d get about 28 pairs I think). It would be much for someone who trades the 4H and definitely is too much for someone who trades on the much lower timeframe because they’d run out of time to manage/monitor. But for someone like myself trading the 1D, opportunities only come every now and then (and they are much more reliable by the way), so hence why I’d need to trade so many pairs. I can manage it fine because I have all the time in the world to do it, only one candle is formed each day.
Thanks for your input, I really appreciate it.
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Man me too bro…
All the trading psychology I needed is right here…
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Hi Cloudinee,
Thanks for sharing your strategy and for your time and generosity in giving your time to answer questions.
I am also in QLD so I am able to follow the strategy exactly as you have described it. I have been following a similar system myself on the 5 min chart using bolly bands RSI and stochastics however it is tiring to trade and only requires the odd lapse in discipline to racks up some bad losses.
I have two questions for you
-
Would you mind sending me your currency pairs
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Do you encounter any issues with large spreads when placing any of your trades. I’ve noticed myself that early morning when you are placing your trades that there are some pretty large spreads on some of the minor pairs.
Thanks again
Dennis.
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Enjoyed your tread and thanks for sharing. Could you share the strategy you use on the Daily?
Thanks.
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What? What’s your point? Are you ok in the head?