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27.04.2015 admin
Many traders love the allure of the volatility of the forex markets and prefer to trade intraday by opening and terminating positions within the hours of each other. Trading off the daily chart will reduce the frequency of trades, but will also allow the trader more time to assess a trade setup and trade it with greater certainty. From this daily chart above, the Stochastics crossed at oversold levels of 24.1 at the 50% Fibonacci retracement line. Novice and veteran traders trying to trade the Forex market with daily charts run into a variety of hurdles. The easiest way to remain patient is to keep a trading journal and join a trading community.
Traders that are trading on a daily chart should be aware of the larger intraday swings of the market. If you need help identifying how much of your capital is at risk on any one trade, check out the Risk Management Indicator at the FXCM App store. Claim your FREE universal membership to DailyFX Internet Courses& save yourself hours in figuring out what FOREX trading is all about. DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.Learn forex trading with a free practice account and trading charts from FXCM. Trading the daily charts is not very common because many traders lack the necessary patience to follow a trade for weeks on end to its logical conclusion.


Trade targets are larger, and a trader can make money from a few trades that will far outstrip what he will make by chasing pips all over the place.
Pullbacks are a normal part of trading because there will always be early bird traders who got into positions very early in the trend and will be looking to take some profits off the table.
Often these longer term graphs can be deceptive and have traders falling for predictable mistakes. One of the benefits of trading the daily chart lies in the long drawn out moves of the Forex market.
Going back and referencing this price data on a daily chart allows us to identify market direction, while creating a trading bias. In my experience this allows you to hold yourself accountable for following your trading strategy.
One frame of reference is to never risk more than 1% of your account balance on any one trade. In the course, you will learn about the basics of a FOREX transaction, what leverage is, and how to determine an appropriate amount of leverage for your trading. To help combat some of these issues, today we will review three helpful tips for daily chart traders.
If the trend is up, daily chart traders will wait patiently and look for opportunities to buy the market.


For instance if you are trading with CCI on a daily chart, such as the example below, your trading journal should only show two entries! Using this rule traders can still trade conservatively even on a daily chart by limiting their leverage. You can then tell just by looking at the chart to see whether the trend is up, down or ranging.
Remember that trading with Daily Candles may only yield one or two appropriate positions on a single currency pair for a whole year. Even if you are trading with a large or small account balance, if you are having problems with this consider using smaller lot sizes. This means staying out of the market and keeping your trading capital free until an opportunity emerges.



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