The only thing I still find tricky using the Daily charts alone is that most of the time when I have a chance to look at the charts there is a gap of about 1 hour since the new daily candle opens. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results. The other aspect which need to be taken into consideration is the amount of lots you put on. If you have all those in place, then you can trade on a weekly basis, make plenty of trades to be engaged, not have to hold positions for days on end to see a result, and only need a few hours to trade per day. Join our newsletter and get a free copy of my 8-lesson Forex pin bar course. By making this one simple change, you drastically increase your odds of success.
The “50 pips Daily- Set & Forget” system is a very easy set and forget system where you don’t have to watch the market day and night. It is perfect for beginners and people with 9am-5pm day jobs. Bands Trading Breakout Forex Strategies Daily Strategies Momentum Forex Strategies Pattern Trading Renko Chart Scalping Strategies .
Hi Nials, Thanks for the great article!. I tried intraday trading and its too stressful. I want to thank you nials for comfirming to me the right way to trade. So i got home from work in the afternoons read a few market reports, put one or two trades on and leave it for the rest of the night.
So it just goes to show that if you can be patient enough you just might make alot more. Yes I am re-reading this article also. After giving it a thought of do I want to try and read the minds of millions of traders or do I read and absorb your mind though your articles and apply to my mind. Even then the task is sometimes taunting. If I had learnt about trading price on the longer term trend — Daily, I would have been a millionaire by now.
Just came across this article and I have to say, I thought Nial described me!!!!! Every single word in it is so true. Should have learned that before i started trading: Well done Nial, cant wait to find out more about your experiences. And, like many of us, I am a true convert from intra-day to swing trader.
So thank you very much Nial for sharing your in-depth knowledge with us. I read this article this morning and laughed to myself, because its true, higher timeframes are the best.
Just been on holiday for a week and decided to trade on a higher timeframe 1hr — 4hr Less stressful and very profitable too. Thank you nials for your great articles, they are worth there weight in gold to me and my family. If I am not there to keep an eye on the trade i could end up losing a lot more money. I totally agree with this article, chart watching is stressful and my trades on higher tf has proven more peaceful and profitable.
I have enjoyed the videos and wish you continued success — Delvin , Jamaica. Nial, thanks for the video and comments. This message hits straight to the face. I have the same conditions that almost mention here. I have full time job but analyzing the long term trend in 4hr charts, but trading and taking entries in 15minmin charts at early US seesion.
I could not follow well the market and stay disciplined with stops. My family time had been impacted by me, follow the markets PC Screen almost all day. This Set and Forget approach would be great if I really can learn it and apply it. I will make my best to make it.
Thanks for continuing to take the time to keep stating the obvious facts of Forex trading. Not great for the heart rate. I guess you just have to relax and let what will be, be. What you are saying in regard to higher time frames makes absolute sense.
This article hits me straight in the face. I am guilty and I plan to change my problems. That is by learning Nials set ups, and set it and forget it. It took me five years to completely understand the gist of these words. Once I did, things became much easier and profitable. Hi Nial, Nice article. Their still geting hit and then the trade does turn out as planned.
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Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets.
Don't trade with money you can't afford to lose. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results. Forex, Futures, and Options trading has large potential rewards, but also large potential risks.
The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets.
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Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results. Less is more in Forex: Checkout Nial's Professional Trading Course here. Dan June 14, at 1: Dora Bacon April 23, at Well structured content about FX.
Loved the way you have prepared and expresses it. But, I also have price action strategies which are completely quantitatively based over 10 years, meaning the statistical edge has been demonstrated over the last 10 years. Thus, if you trade them as is, going for a fixed target, you can and will profit based on their edge. First off, there is nothing wrong with trading intraday time frames, using anything under 1hr charts.
There are traders making money on every time frame across the board. The time frame is not so important, but more a personal and stylized preference also availability. However, with limited time to find setups, monitor charts, etc. Generally, the lower the time frame, the more detailed analysis you have to do and more variables you have to incorporate. And time is commodity you have less of. Statistically, various patterns such as pin bars, inside bars , engulfing bars, etc.
But plug the same method and system on a 30m time frame or less, and the accuracy diminishes tremendously. In fact, accuracy for these 1 and 2 bar systems tended to degenerate tremendously below 1hr time frames. Now it should be noted this is not the case for all systems, and our statistics indicate some systems actually perform better on the 1hr time frame vs.
Now getting back to the point, 1 and 2 bar patterns are pretty easy to spot and take little effort. However with the forex daily charts, these are much simpler as you have one main candle to analyze for the day and the overall trend can be easy to spot. With the 4hr chart, only 6 per day. So overall, much less work, yet still enough to keep you active on a daily basis.
Some people state the NY Daily Close is the best. But statistically, this time fails for many patterns and pairs. In fact, a pairs performance can vary wildly for the same price action pattern across different server times.
Imagine you are trading an inside bar pattern on the daily time frame for a certain pair, based on the NY Daily Close. Please do take some time to read and study the method, then put some real time into the practice and demo so that you can gauge the performance of the system and know if it can suit your style or now. Suggestions and trading ideas are welcomes. That is why everytime they are wrong about the direction…..
Which resulted in losing trades…again and again…. Another very interesting, yet not difficult and easy to grasp, strategy. Thanks a lot, bossxero!
I have never looked in breakouts in that way, I will definetely try it immediately tonight with my demo account. With some screen time on the charts, it can be quite effective, and still stressless. First day of trading today, still not finished.
I put the orders last night, 6 currency pairs got triggered. Let's hope the strategy get's popular so that we can get at least one simple EA that can put the orders automatically, because it took me minutes to put all the pending orders for 8 pairs.
Nevertheless, it is a really small price to pay if the strategy can keep positive results. I will write a script to ease the placing of orders and it will definitely go quicker for you. There are indeed very nice results. Hi all, First post for me, This thread has got me interested, Kingofsofia, how are you getting on with this? So is there an EA or something to help take these trades?
pips daily Trading System. SETUP Let me introduce this, the World’s Set and Forget Strategy. This. Do set & forget trading strategies really exist? Some strategies can work this way, but they must be used with appropriate caution & understanding of the market. Do set & forget trading strategies really exist? Some strategies can work this way, but they must be used with appropriate caution & understanding of the market Forex Articles. Set and Forget Forex Trading – Keep Your Day Job By Nial Fuller in Forex Trading Strategies By Nial Fuller Last updated on October 11th, October 4th, | 48 Comments ‘Set and Forget Forex Trading’ is as simple as its name implies; you simply “set” the trade up and then “forget” about it for a period of time.