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The Trader's Academy - by Traders for Traders

I'd be interested to hear from any multi-time frame traders out there, as this is an approach to trading that is rarely discussed. Having several time frames open in front of you rather than just one or two can be a very effective way of knowing best when and when not to take a trade, the trade's potential in terms of pips, and of identifying the main S&R levels - in short, giving a good overall view of the big picture. On the flip side however, it can also cause confusion and technical overload, which is why my guess is that so few traders have more than just a couple of screens infront of them.

If you like me trade off of several screens, what are your pros and cons, and do you have any helpful advice to anyone who would like to move towards this approach.

ps - for me at least, more screens does not mean trading more pairs. I have 8 screens, one for my trade ticket, and only trade the Dax and Dow, sometimes GJ, but never simultaneously. My smallest tf is 15 seconds, and then I have 30 secs, 1 minute, 3 mins, 10 mins, 30mins, H1/2/3 & 4, which usually cover all of the intra-day S&R.

Does this confuse with conflicting visuals? Yes, sometimes it does, but more often than not, it gives me greater accuracy and enables me to read the market better than I would be able to with just two or three time frames open.

The photo - my office, with a couple of screens out of view to the left, and now another where the globe and desklamp are on the right on top of the computer...I like my screens!

Thanks in advance.

pps - in case anyone is wondering, the print infront of my desk is called ' Red Man's Wireless ' painted by the famous American artist, Charles Russell in 1916. His paintings depict the American ' Wild West ' in the 19th and early 20th Centuries, with particular emphasis on the Native American tribes. I find it exudes a certain calm, useful when doing battle with the markets, though of course I've now slapped two screens right infront of it, so can't really see much of it anymore.
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Quoting cat
I'd be interested to hear from any multi-time frame traders out there, as this is an approach to trading that is rarely discussed. Having several time frames open in front of you rather than just one or two can be a very effective way of knowing best when and when not to take a trade, the trade's potential in terms of pips, and of identifying the main S&R levels - in short, giving a good overall view of the big picture. On the flip side however, it can also cause confusion and technical overload, which is why my guess is that so few traders have...
Dear Cat,

In my view, I think there is the multi-TF traders that do the analysis and narrow down and others that run each TF that is of interest to them due to indicator limitations I would imagine. In my trading I use higher TF EMA's and take note of the levels and then narrow down for a lower TF sniper entry. Since I only run 1 desktop and 1 laptop, I have to compromise and most likely narrow down or expand the time-frame as needed. How do you find keeping your focus on which screen/ screens are most important in the situations prior to a confirmed entry or signal for your strategy?

Kind Regards,
Tzamo
"Work hard, put in the effort, and follow your dreams..." -Me
Quoting tzamo
{quote} Dear Cat, In my view, I think there is the multi-TF traders that do the analysis and narrow down and others that run each TF that is of interest to them due to indicator limitations I would imagine. In my trading I use higher TF EMA's and take note of the levels and then narrow down for a lower TF sniper entry. Since I only run 1 desktop and 1 laptop, I have to compromise and most likely narrow down or expand the time-frame as needed. How do you find keeping your focus on which screen/ screens are most important in the situations prior...
Dear Tzamo.

I guess it's a bit like driving a car - at first there a hundred things to think about and the brain can get muddled, but with practice it all falls into place. So I find that now at least, I can focus on all of them at the same time, not that I need to, but having the selection of tfs open keeps me well informed, with just a quick glance. Do I really need to have all these screens for my trading to work? No, I don't, but I prefer them as it is what I am used to. When I go and stay with my mother for a week or so, I have an office there with only 4 screens, and I do fine, but it's always good to get back to my 8.

As I am in and out of trades frequently, I my most important tfs are the 1m and 3m, and I've recently thrown a 30 second one in there as well as it gives me extra confirmation of a trade opportunity on the 1m, which always needs to be backed up by the 3m. The 15 second I use only to narrow down the entry with the small stop losses I use, typically 15 pips, sometimes a bit less, sometimes a bit more depending on the range. The 10 minute and above I also use to help with entries, but the higher the time frame the less important they become for choosing an actual entry, though they are important for exit levels. H1/2/3 and 4 I have open to help with this, as they can all be significant. So for example, on today's Dax fall, all of my support was broken up to H3, which has the 100sma coming round underneath, and it is this MA, on this time frame, that I was watching once H2 support was broken. It may go lower still, but for now, it is holding the price, and I always try never to over stay my welcome on trades..far better to take profits when the first signs of exhaustion become apparent, which of course leads us onto another subject - exits, by far the hardest part of trading, so perhaps we can have a discussion on those one day.
Just to add one more thing. If you are using several time frames as I do, they must, as far as possible, complement each other, so ytou have to choose them carefully and work out which ones to use and which ones suit your particular strategy, otherwise you just end up getting loads of conflicting information. So for example, if you use moving averages as I do, each time frame needs to add to the last one, not overlap it or confuse it. This will happen of course, some time frames will be giving conflicting information, but once you become fully accustomed to the ones you have settled upon, it soon becomes obvious which tfs are the odd ones out.

An quick and easy example I have used before on this thread is if you have say moving averages A,B and C. You are looking at a buy opportunity develop say on the 10m tf, but C is just above the price, which would indicate, as it is a topping MA, that this is not a good place to go long. However, if C is below the price on the 30m tf in a supporting and bullish position, then you will know that you can override C on the 10m tf and ignore it. This is a simple explanation, but it gives some idea of one of the ways a multi-time frame approach can be used.
By far the biggest favour I did myself as a trader was to be honest with myself.

When we are losing, we must ask ourselves why, and the answer can often be uncomfortable. Whatever the answer is, it has to be addressed and solved. Far too often, we ignore our weaknesses and focus only on that which we desire rather than on that which exists. In trading terms, this means that we continue to trade, and lose, without really facing up to and dealing with the reasons why we are losing. We want success and we pursue it even when our knowledge of the markets and our entire psychological approach to trading ensures our failure.

If you are already a consistently profitable trader you have nothing to learn from this post or this thread, but if you are not, then ask yourself why, and be brutally honest. It may well be the most useful bit of self-introspection you are ever going to make, but it will only be so if you identify where the problem lies and then set about fixing it.
Many of you will already have watched ' Free Solo ', the Oscar winning documentary about Alex Honnold's incredible solo climb of Yosemite's El Capitan rock face. If you haven't, then I would recommend doing so, not that it has any direct correlation to the sedentary world of retail trading, but because in terms of having the correct mindset and preparation to succeed, it is very valuable, because what Honnold achieved would not have been possible without the right amount of preparation and conditioning, both mental and physical.

The reason the majority of traders fail in this business is exactly the same as the solo climber who falls to his or her death due to insufficient preparation and/or complacency. Just as there is absolutely no margin for error with this type of climbing, so neither is there in the world of forex, for although we do not die after one lost trade, we die a thousand cuts if we attempt to trade a live account without being fully prepared, with a fully tried and tested strategy, and do not know exactly what we are doing.

The entire mind-blowing documentary is on BBC iplayer at the moment, and no doubt streaming everywhere on social media, but here is a very interesting link to a talk by Alex Honnold in which he explains exactly how he prepared for the climb, and in his approach, there is definitely a lesson to be learnt for us traders.

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Quick return to this old thread of mine.

Not sure if I ever posted this, but for aspiring traders, I consider this one of the most important pieces of advice ever given.

Jesse Livermore was one of the greatest traders who ever lived ( read ' Reminiscences of a Stock Operator ' to see why ).

I passionately believe this quote to be so. One does not need knowledge of fundamentals to trade intra-day or even intra-week/month. One only needs to understand price movement and what the charts are showing. Anything else is interference and will act to inhibit progress.

Psychology is a major factor in trading, but, learn how to read the markets, and this will take care of itself.

That is all. Have a great year!
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Quoting cat
I'd be interested to hear from any multi-time frame traders out there, as this is an approach to trading that is rarely discussed. Having several time frames open in front of you rather than just one or two can be a very effective way of knowing best when and when not to take a trade, the trade's potential in terms of pips, and of identifying the main S&R levels - in short, giving a good overall view of the big picture. On the flip side however, it can also cause confusion and technical overload, which is why my guess is that so few traders have...
It is the easiest and most comprehensive way to analyse the market . Never use more than one screen for multiframe analysis. Use MTF open and closed candle horizontal lines .
Practice makes a person perfect
Quoting cat
I passionately believe this quote to be so. One does not need knowledge of fundamentals to trade intra-day or even intra-week/month. One only needs to understand price movement and what the charts are showing. Anything else is interference and will act to inhibit progress. Psychology is a major factor in trading, but, learn how to read the markets, and this will take care of itself. That is all. Have a great year! {image}
I strongly believe the same. There's no need for fundamentals except to know the time of red news release to prepare expectation of increased volatility.
Trade the value
Quoting BWilliam
{quote} I strongly believe the same. There's no need for fundamentals except to know the time of red news release to prepare expectation of increased volatility.
Sure, and that's not a time to be in the market. Anyone who says the market is random and that technical analysis doesn't work has no idea what they are talking about. Price action and TA is everything in day trading. Nothing else matters, except what demons are rattling around inside your head.
Quoting simnz
{quote} It is the easiest and most comprehensive way to analyse the market . Never use more than one screen for multiframe analysis. Use MTF open and closed candle horizontal lines .
Disagree with that. I use four screens, including one 32 inch, and I trade only the Dow.

But as always, each to their own.
Quoting cat
Sure, and that's not a time to be in the market. Anyone who says the market is random and that technical analysis doesn't work has no idea what they are talking about. Price action and TA is everything in day trading. Nothing else matters, except what demons are rattling around inside your head.
The problem is majority of members on here has no idea. This large group forms the much louder voice that drowns out those few who know.
Trade the value
Quoting BWilliam
{quote} The problem is the majority of members on here has no idea. This large group forms the much louder voice that drowns out those few who know.
It is a problem I agree. It is the reason why I post a lot less than I used to on ff, but to be honest, all trading forums are the same, and many are a lot worse than this one.

I don't like giving advice unless it is asked for, but, I will say just one thing of great importance to aspiring traders. Treat forums as entertainment if you need it, and most day traders sitting alone at home need some form of entertainment, but, do not be under the illusion that you will learn how to trade successfully from anyone here on ff, because you won't. Traders will recieve some really useful guidance and information from experienced traders here, but that is all, for there is no substitute for the long hard slog involving many thousands of hours of trial and error sitting alone in front of a computer screen working it all out for yourself step by step, none whatsoever. Provided people realize this, then they have as good a chance as anyone of making a real success of it.

Trading really is just like a complex puzzle that can be deciphered given enough time and perseverance. There are really only two places you need to be focused on. One is on your screens in front of you, and the other is inside your own head. Sort those two out, and you are there.
Quoting cat
It is a problem I agree. It is the reason why I post a lot less than I used to on ff, but to be honest, all trading forums are the same, and many are a lot worse than this one. I don't like giving advice unless it is asked for, but, I will say just one thing of great importance to aspiring traders. Treat forums as entertainment if you need it, and most day traders sitting alone at home need some form of entertainment, but, do not be under the illusion that you will learn how to trade successfully from anyone here on ff, because you won't....
The best advice sir. New entrants to this forex trading business have to read this thread before they get started. That's my advice.
Trade the value
The other most useful quote in trading apart from the Jesse Livermore quote above, by the late great Mark Douglas.

You can be the greatest technical analyst in the world, you can make 1000s of percent gains on a demo account, but if you are racked with fear every time you put on a live trade, you may as well punch yourself repeatedly in the face for the good that it'll do, because you will get smashed by the markets every time.
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Quoting cat
The other most useful quote in trading apart from the Jesse Livermore quote above, by the late great Mark Douglas. You can be the greatest technical analyst in the world, you can make 1000s of percent gains on a demo account, but if you are racked with fear every time you put on a live trade, you may as well punch yourself repeatedly in the face for the good that it'll do, because you will get smashed by the markets every time. {image}
The day I learn to change fear into opportunity that's when things change.
Trade the value
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  • Last Post: Edited 10:48am Jan 30, 2021 10:38am | Edited 10:48am
Quoting BWilliam
{quote} The day I learn to change fear into opportunity that's when things change.
Once a trader learns how to read the markets, and I mean really read the markets ( losing traders will always tell you that this is not possible ) then the only obstacle remaining is you. Both are enormous challenges, way above the abilities of most people to overcome, hence so few consistently profitable traders. Which is the tougher obstacle? Difficult one to answer. Personally, I think most aspiring traders are not prepared to put in the hard work necessary to learn how to really read price action. They put on live trades before they have proven to themselves that they know what they are doing, and obviously they lose trade after trade. Psychology is irrelevant for such traders, because even the best mindset in the world will not help a trader if he/she does not know what they are doing.

Many traders I see, especially here on ff, somehow think they are smarter than everyone else, and that they will be able to outsmart the market. The consistently profitable professional retail trader does not try to outsmart the market, he/she learns to move with it, and that is the big difference between the 5% who make money and the rest.

There's no luck in this business, so I wish you well.
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