The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. You might be wondering why I am not a big fan of intra-day trading. For a skilled easy forex investments who is already successful, intra-day trading might be something to consider.
Keep your day job End-of-day trading basically allows you to fit in trading around your schedule, whatever it may be. You can keep your day job with no problems. Many people seem to think that if they can’t sit and watch the markets all day then they can’t trade, this is simply not true. As an end-of-day Forex trader you can live your life exactly as you are now, but instead of spending 30 minutes watching television at night, you can simply analyze the markets according to your trading plan and look for price action trading setups.
After that, it’s as simple as checking the markets each day after the New York close and seeing if your trading edge is present. Once you develop this into a routine it really should not take more than 30 minutes or so for you to decide if there’s a signal worth trading. Meaning, the REASON they are frustrated and confused is because they are over-complicating the easiest part of trading, which is analyzing the charts and looking for a trading signal. NY close where you can simply check the markets for a signal real quick and then walk away.
You scan your favorite markets and first look for a clear signal of one of the setups in your trading plan. After you have mastered your trading strategy this should be a very easy and quick task, taking no more than about 10 to 15 minutes. You’ll have to draw in the key daily chart levels at the start of the week and then analyze and adjust them if needed each day after the New York close. This is also not something that will take much time after you get some education under your belt and understand what a key level is vs. If it’s trending is it in a strong trend or is it slowly grinding higher or lower?
Is the market in distinct trading range? Where are the obvious key boundaries of the trading range? Make sure your signal makes sense in the context of the current market conditions. Using the guidelines in your trading plan and the three points above, go over your favorite markets each day and make notes about what you see, actually write or type it out so that it becomes a habit. Then once you finish with your top 5 or 10 favorite markets, go back and re-read your comments and see if anything really stands out to you. Either way you should walk away.
You either enter your trade parameters or you do nothing, and either way you should leave your charts until the next day, then come back and see what happened. This 24 hour break from the markets shows that you release your arrogance and that you truly understand you can’t control the markets. Summing up the end-of-day trading strategy As you can see, end-of-day trading is not only a good strategy, but it’s also a philosophy. The philosophy of not being glued to your charts, of accepting that the market will do what it wants, and of generally just being less involved with the markets is a mature trading philosophy that shows understanding of how the markets work and of how the trading game is won. This philosophy is at the heart of my personal trading style and you can learn more about it in my Forex trading course and members’ community here. Even my broker keeps sending me emails to trade intraday. It perfectly suits my already complicated 9 -5 daily work life.
I believe i have at last found the right path to profitable forex trading. Forex market and am really blessed to have read your posts in my early days,its really helping. I spend in Thailand and the other half in the U. I continue to re-read when it pops up again from time to time. I just want to take the time to thank you! I’ve learned more about trading currency in the last few weeks, since coming to your site, than in the last year and a half fooling with these other so called gurus.
You make it so simple to understand. Plan on becoming a member soon. Living in England, the closing day is late, can lo do it first thing in the morning? 15 minute or 30 mins scalper glued to the screens much of the time for 3 months, I now set my trades as Nial said, end of day, well for the last few months.
I need to take Nial’s advice and let he market do the work. Kindly give me your suggestion on trading a weekly chart. Which chart is better for trading the daily chart or a weekly chart. And How can a weekly chart help you on trading in a daily chart.