Trading with Forex is popular with people who are seeking online jobs. When people get into Forex trading, they are now called traders. When traders get to join the Forex trading market, the traders have the tendency to start thinking about leaving their day jobs to focus solely on trading, since it gives them more profit compared to their day jobs.
In Forex trading, there are also circumstances that traders develop an obsession with trading that they end up neglecting their families and friends for spending time in front of the computer monitoring their charts. Trading should not be like this, it should not take over one’s life.
Traders should keep in mind not to treat trading as their new obsession- the answer to all their problems financially wise. They should remind themselves that by joining this community of traders, having the spare time is the luxury they needed and wanted, aside from the profits of course.
There is a strategy to this online trading to achieve the luxury of having a spare time and it is to deal with the larger time frames such trading the weekly and daily charts.
The Pros in Trading The Weekly and Daily Chart
The beginners in the Forex market are taught to stick to trading the weekly and daily charts, which are the longer term time frames. This rule is not only for the first time traders but it also applies to professionals with day jobs that can prevent them from monitoring their hourly charts.
These are the pros of trading the weekly and daily charts:
Trading outside the “noise”- Trading the weekly and daily charts can be helpful to traders in determining the trends and flow of the market more accurately, minus the wild swings that a 15 minute charts offer. Trading the small time frame such as the 5 minute chart has the tendency to react with instability making the traders hard to profit even though they are on the right track.
Lifestyle- The Forex traders can check their daily chart once a day during the closing as they can manage their trade, make entries and take profit from their trades that exist. There is no need to check their daily chart hourly, they can check their chart once a candle closes, which happens every 24 hours.
Traders can keep their day job- The traders can go on with their day jobs because trading the weekly and daily charts can only be placed once a day. The traders won’t need to monitor their chart all day long because the market will do its own job in doing targets and stops in places.
It’s simple and easy to use- Trading the weekly and daily chart is very straight forward than trading the intraday chart. Traders have enough time to make up their minds or assess whether to enter or exit a particular trade.
Stick To Trading The Weekly and Daily Charts
The traders get the chance to place trades more accurately without sitting down in front of the computer. Experts highly recommend that the beginners should stick to trading the weekly and daily charts because they have the time on their hands unlike the intraday charts. The intraday chart is hard to stick with because every second count, you will not have enough time to make up your mind. The more time you spend making up your mind, the costly it gets.
Once the Forex traders are profiting more in the weekly and daily charts they can then embark on the intraday charts such as the 4 hour. Choosing the most comfortable method in trading is important and the best choice for traders is trading the weekly and daily charts.