How to Avoid Spending Hours Watching the Charts?
#505: How to Avoid Spending Hours Watching the Charts?
In this video:
00:33 – I’m going to save you a lot of time
01:49 – Don’t know when to look at your charts?
02:05 – The fix
02:35 – The Weekly charts
04:12 – Pick the times to look that suits you
05:45 – Trade through Blueberry Markets
Today, I’m going to show you how you can avoid spending far too much time glued to your chart, sitting at a computer and not making any money. Does that sound good? Well, it should do, because with this one simple trading tip and technique, I’m going to change all that for you. Let’s get into it right now.
Hey, the traders, Andrew Mitchem here at the Forex Trading Coach with video on podcast number 505.
I’m going to save you a lot of time
And that’s right. I’m going to today save you a lot of time. I’m going to save you a lot of mixed emotions and probably make you a lot of money as a result. So it should sound pretty good to you. Unfortunately, most people out there, most people watching this, most people listening to this will be spending far too much time sitting at their charts watching every pip movement up and down, scared to leave their charts, forcing trades, getting emotionally involved in their trading.
And as a result of that, you’re not doing yourself any good. You’re not making any money, not doing your health any good, and you’re wasting too much time. Look, I know I used to do it myself long time ago when I started trading, and it’s a very easy trap to fall into. And it doesn’t do you any good.
It doesn’t make your longevity as a trader any good because you’re forced to sit there hour upon hour because you’re scared about moving missing a move. It also means if you’re in a trade, you tend to find that you forced yourself into trade. And if you’re in a trade, you tend to jump out early because you see the trade moving in your direction.
Then it pulls back. And I should just take it now because something’s better than nothing, right? And it’s an issue that so many people face.
I’m going to save you a lot of time
It also means that they don’t know when to look at their charts. And that confusion and from looking at maybe like, can I say, a 15 minute chart saying the market’s moving up and our chart says it’s moving down a daily moving up and you get this complete mix going on and you don’t know what to do.
So a very, very easy way of avoiding all that is only look for a new potential trade set up upon the close of a candle. And what does that mean? Well, the forex market opens at 5 p.m. Eastern Standard Time. That’s New York time every day. That’s when the new day starts. So the market opens 5 p.m. on the Sunday New York time and it closes 5 p.m. on a Friday New York time.
The Weekly charts
So at the beginning of each week, just once a week, you could look, let’s say at the weekly charts, you know, when they open, they open the beginning of each week. They’re not going to change throughout the week or the previous weeks. Information is going to change once the weeks close. You look at the weekly chart, you can make your analysis exactly the same on a daily chart.
You know, when the daily chart opens, it’s 5 p.m. New York time. At that time, the previous day’s candle is complete. You can make your analysis. So if you traded just once a day on the daily charts, you can do very, very well. Also, you could then say let’s go something slightly shorter. You could look at the 12 hour charts.
Now conveniently, they also open at 5 p.m. New York time and of course, 12 hours later will be 5 a.m. New York time. So if you wanted to look at the 12 hour charts, you could look just twice a day. And that will give you a lot of trading opportunities within a day. Of course, you could go down to an eight hour chance, which of course three, eight, 24, 24 hours and a day.
They open three times a day for sorry, six hour charts, four times a day, four hour chart, six times a day. You know, it’s very, very easy to know when to look at a chart. So base the start of the day off 5 p.m. New York time. If you wanted to look at the next four hour chart, don’t even bother between 5 and 9 p.m. New York time because the candle hasn’t closed.
At 9 p.m New York time, the next four hour candle will close. Everything’s set. Doesn’t matter what levels you use and what indicators you use. Nothing’s moving from that previous four hour candle.
Pick the times to look that suits you
So if nothing else, pick the timeframe charts that you like. The look of all the times of day when you can have a look, know what that is in your local time and look at your charts at that time.
Once the candle has closed. It takes emotions out of your trading because you can see everything’s set. It makes the analysis a lot better. You can take some time. You can look at strength and weakness of other pairs that have closed as well. You can get your stop losses, your profit targets all in place. You can say, well, does this have anything to help protect the stop loss?
Is my profit target a good level? You lot size everything that you need to look for you can do without emotion because you have time. You can also know when to go and look at a chart. So as I mentioned, if you wanted to trade, say like weekly charts, daily charts, 12 hour charts, really you just need to look twice a day on the 12 hour charts, once a day, daily, once a week weekly.
That’s it. Job done. You’re not sitting there watching every paper movement go up and down. You’re not scared to miss something. And so that’s how you can really help yourself with your trading progress there. Absolute certainty you’ll enjoy it better. Absolute certainty you will take higher quality trades because you’re not emotionally involved and you’re not scared of missing something.
So that’s a massive tip there that will help your longevity and your profitability and your enjoyment. So take advantage of that information.
Trade through Blueberry Markets
If you’re out there looking for a suitable broker, I can highly recommend Blueberry Markets that based across the ditch from me. I’m in New Zealand, they’re over in Australia. But it doesn’t matter where you live in the world.
Most countries you can open the account and trade through Blueberry Markets. Great people, the Metatrader 4 Metatrader 5 broker platforms and a large variety of different markets, both Forex and now non forex markets, especially on that MT5 platform. Hope that helps. Do not sit looking at your charts or take Do not get emotionally involved in your trades.
Do not make stupid rash fast decisions. Take your trading back, slow it and know exactly when to look at your charts. Know what to look for you do far better hope the helps us see this time next week. This is Andrew Mitchem at The Forex Trading Couch. Bye for now.