For some reason I see newbie traders trying to trade from the 5 minute charts, trying to scalp the market, and are getting slaughtered.
Now, I am not going to get too detailed on one of my favorite Forex trading strategies when trading from the daily charts.
How to Scalp the Forex Market January 04, 2015 By JoshTaylor Scalping the Forex Market can be very profitable…or your worst nightmare. Forex Market Review 12-17-2014 December 17, 2014 By JoshTaylor Hope everyone’s week has been great.
There seems to be 1,000,001 traders out there telling you that they have the best Forex trading strategies for beginners and pros alike. Though trading from the 5 minute charts works well if you are scalping the market, the lower time frame charts can also cause a lot of stress because of the quick movements it can make.
Market volatility, liquidity and news announcements can make forex scalping an exercise in insanity. So whether you are a complete Forex beginner or you are a seasoned trader who may be struggling with your Forex strategies. Now, if you are trading from the 5 minute charts you need to be in front of our charts constantly in order to find a solid trade. You can also register for free to receive Free Forex training., Forex trading strategies and Free Forex Entry Strategies here. But once a trader has their equity management plan and they learn how to trade simple support and resistance from key levels, most of the problems that I see with traders who are struggling with their Forex trading come down to the chart time frame they are trading. And unless you are a very skill as a Forex scalper, trading from the 5 minute charts is NOT one of the greatest Forex trading strategies you can implement. But when you trade from the daily charts you can plan way in advance what your trade will be because you are going to be taking your trades from key levels.
I am going to suggest that you scrap the lower time frame charts and adopt one of the best Forex trading strategies…start trading from the daily charts.
Trading from the daily charts allows you to clearly see when you would find potential trade setups and plan your trades accordingly. We will get more detailed on other Forex trading strategies such as trading from key support and resistance levels and price action on how and where to enter these trades from the daily charts. This is the exact same chart as the chart above but I changed the candlesticks to Heiken Ashi.
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