DislikedThe main thing is that you DO (this especially applies to newbies) trade the higher time frames. I try to exclusively stick to the 4 hr charts...
Believe me,if there is one BIG thing that I've learned the hard way it's that you need to spend at least 95% - 99% of your time checking out the market, making totally sure of the trend direction and the other 1% - 5% entering a winning trade. Remember, if you're trading the 4 hr charts and you only trade 1 - 3 times a week, you're looking at 150 pips on average. If you are trading a full lot - that's not too bad a weekly income for most of us!!Ignored
jmtini, I don't mean to offend you, I really want to know.
Don't you need a huge stop-loss for trading H-4? Something like 100-150 pips? Getting 150 pips per week while risking 100-150 pips every time you trade doesn't sound very attractive to me. If your stop-loss for H-4 is 3 times bigger than my stop-loss for H-1 and we both risk 2% per trade, then this 150 pips profit per week money-wise would be like my 50 pips per week - small change...
If somebody trades a full lot, risks 2% per trade and uses 150 pips stop-loss, then 150 pips per week would bring him $200.00 per week - IMHO it's almost nothing considering 10K account.
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