jcorp01 wrote: ↑
Sun Jul 05, 2020 2:24 pm
RplusT wrote: ↑
Sat Jul 04, 2020 3:21 pm
Don't want to do that? Then this isn't the business for you. .....Absolutely incorrect. It makes no sense to me glaring at the charts for 24/7. Impossible to keep focussed too.
This is the very reason Xard suggests to use the 30 m TF. But even if you'd use the 1m , just simply switching to look at the 5m or 15 m once in a while would be sufficent till you see this....Now, that does not require to glare at the computer. Not to talk about the need to compensate for the losses you occur from the erratic price action of the 1m.
But then, of course I respect that everyone is entitled to trade as he wants.
I respect your opinion... everyone is different. Having been consistently profitable every week I've found the 1 min chart to fit my way of trading... and are you saying that a new person SHOULDN'T put in chart time?
If someone came to me and said they wanted to create a BUSINESS from trading, and not long-term or swing trading but more day-trading/scalping, then I would absolutely say you need to watch the charts for hours, especially in the beginning. After you put in the time, and know the movements of your chosen pair/instrument, then do what you want. But to say it's absolutely incorrect is giving false hope to people... I'd rather err on the save side and tell people the truth about the importance of CHART TIME... it'll weed out the lazy folks quickly.
"..and are you saying that a new person SHOULDN'T put in chart time..." Nope! But the same statement for you and me is not the same. It's not glaring at the charts 24/7. I don't know the movements of my instruments either. Nobody does. I wish I would. CHART TIME....I mean education! Trading naked (no, I keep my clothes on..lol), purely on S/D levels drawn from weekly and daily charts. This is the business requirement one must refer to if one considers trading a business. Like very other business it is driven by Supply and Demand, period! And that's what I suggest everyone, and beginners in particular. Plus having sufficient funds. More Indicators are just for decoration.
I have the luxury to spend as much time at the computer as I want. But I can't remember that being more than 3-4 hours. Usually it's a lot less with just passing by to have a look "where we are now". And yes, I only day trade because I will never keep an Index open over night.
I also would like to address that trading tons of pairs makes no sense to me. It's actually a horrifying thought. I'd rather trade a high probability trade with 10 standard lots on one intrument instead of 10 instruments with 1 Standard lot. . Again, please, that's just my three Cents. I respect people doing things differently.