He has a monthly readership of , traders and has taught over 20, students. My answer is usually something along the lines of: You might be wondering why I am not a big fan of intra-day trading.
For a skilled trader who is already successful, intra-day trading might be something to consider. End-of-day trading basically allows you to fit in trading around your schedule, whatever it may be.
You can keep your day job with no problems. As an end-of-day Forex trader you can live your life exactly as you are now, but instead of spending 30 minutes watching television at night, you can simply analyze the markets according to your trading plan and look for price action trading setups.
Humans have a tendency to make trading far more complicated than it really is. But, most people make the entire process of trading far too complicated, and really the analysis part of trading is actually very simple.
The difficult aspect of trading lies in taking profits and remaining unemotional. Once you have learned and mastered an effective trading strategy like price action, you then need to formulate it into a trading plan. I get emails from traders everyday telling me they are frustrated and confused and then they tell me they are using forex indicators and checking the markets all day…they simply cannot see the forest for the trees! Meaning, the REASON they are frustrated and confused is because they are over-complicating the easiest part of trading, which is analyzing the charts and looking for a trading signal.
Any signal you find is likely to be much more significant than a signal you may have found earlier in the day or night on an intra-day chart. Thus, you are getting more out of spending less time in the markets by focusing on the daily charts rather than sitting at your computer all day trying to trade the intra-day charts.
So, this next part should clearly answer those questions, and if you email me about it I am going to refer you to this article ;! After you have mastered your trading strategy this should be a very easy and quick task, taking no more than about 10 to 15 minutes. You are simply looking at the daily chart time frames for obvious instances of your trading edge.
If nothing stands out to you after 10 minutes or so of analyzing the markets, there probably is nothing worth risking your money on. This is also not something that will take much time after you get some education under your belt and understand what a key level is vs. Is the market in distinct trading range? Where are the obvious key boundaries of the trading range? Make sure your signal makes sense in the context of the current market conditions.
Using the guidelines in your trading plan and the three points above, go over your favorite markets each day and make notes about what you see, actually write or type it out so that it becomes a habit.
Then once you finish with your top 5 or 10 favorite markets, go back and re-read your comments and see if anything really stands out to you. This is one of the biggest things that helped me become successful in the markets. Either way you should walk away. You either enter your trade parameters or you do nothing, and either way you should leave your charts until the next day, then come back and see what happened. The philosophy of not being glued to your charts, of accepting that the market will do what it wants, and of generally just being less involved with the markets is a mature trading philosophy that shows understanding of how the markets work and of how the trading game is won.
So, even as you become more experienced and perhaps want to trade lower time frame charts, this philosophy of briefly checking the markets for your trading edge, making a decision and then walking away, will still benefit you and can still be used. It perfectly suits my already complicated 9 -5 daily work life. I continue to re-read when it pops up again from time to time.
Have a great day. I just want to take the time to thank you! You make it so simple to understand. Plan on becoming a member soon. Living in England, the closing day is late, can lo do it first thing in the morning? Still have to have a sneak look at the trades in the night on my android, and yep, I am guilty of what he says, close the trade too early many many times I have done this or at break even through panic.
Kindly give me your suggestion on trading a weekly chart. Which chart is better for trading the daily chart or a weekly chart. And How can a weekly chart help you on trading in a daily chart. I read all of your emails at midnight it gives me better understanding I am newbie and still be a newbie lol.. Nial, you have always been delivering GOOD material. But I thank God I have started towing your line of action now and I have not had any regret for doing so.
Re Looking for levels.. I like the idea of end of day trading but what are your comments with regards to the spreads which are at their widest after the US trading session ends. Your articles have wise understanding and how to avoid the common traps the some traders develop. It is also encouraging of how we dont need to make it so hard to be successful. Whilst I am not a member as yet, due to being away from home, it is helping me to make the decision to become a member, as soon as we return back from our sojurn.
Previously, I have been with another currency learning company, and have become frozen with fear with how difficult they made it for some of us.
So many indicators and 1hourly and 15min charts and daily and weekly and fib retracements to try to learn. Some people may appreciate what I am saying.
I just want to enjoy a slow and steady learning curve, if that is possible? The hare and the tortoise, maybe? I have backed of on the intra day trading lately and making more money and have more time. Great articles from you as always! I am gonna start making own daily commentary from now on…. Hey, another great article for the many of us that are not yet fortunate to do this full time but want to develop the correct skills part-time and make money.
I am actually glad that I currently work full-time because I am sure the markets would lure me in to watch the intra-day trading. He has been doing this for a long time and consistently making money. It is rare today that someone like Nial is willing to give all of us this gift each day.
Keep up the great job. Thanks for the advice Nial. I have actually tried this strategy twice with price action and it has worked because my trades were really successful making my profit targets for the week just overnight. Intraday trading can be tough some times. Only getting one look a day Daily chart really requires tons of patience.
Thx u for the lessons, Nial. They keep me motivated and focused on the journey. I am office goer and this type of end of the day is very suitable and profitable to me..
Kindly give me any other sugestions for the persons like me who are busy with their occupation in the daytime. Great advice as usual Nial. The Daily charts take into account practically ever trading session so you can see the opinions of practically the entire world in 1 candlestick. My account has been steadily climbing since mastering one strategy and looking for setups only on the daily charts! So how do you set up a set and forget strategy while the market continues to move.
That trading that goes on after the market closes in N. I understand there is a large gap between the N. So any movement in the market after the close of the N. Sounds good however only checking for daily trades will lead to many lost oppoetunities from say 8 hr, 6 hr, 4hr charts.
I do the daily routine then go for these time frames as well. Looking only once every 24 hrs will lead to boredom inho! Trading has never been more interesting since I started using your methods. Keep up the good job. This needs to be read many time and your actions changed if necessary. One of you best articles I so often rushed in to catch a move only to find that the market has discarded it.
Wher as next day the market will usually confiRm the opinion of the last half ours traders. Its funny how you say all the things that the other so called trading teachers out there are hiding from us.
You are the Greatest Nial. Hey Nial, another great article. It would have been more but meddling with my trades when I see a little bit of profit has stopped me letting my winners run. I now do commentary and document every trade before and after, win or loose, and this really helps.
Keep up these great articles and thanks again. Your email address will not be published. Notify me of follow-up comments by email. Notify me of new posts by email. Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Learn To Trade The Market Pty Ltd, it's employees, directors or fellow members.
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