Dear Friends, As I start learning to trade, I see, recognizing trend and trading using a daily chart to be much easier than trading with 1 hr chart or lower. Clearly, this would mean less pips compared to day trading. I was wondering, is it practical to make a living out of trading just by trading daily charts. For a minute, if we assume this is possible, practically, you would be spending an hour or so, every day to make a living Appreciate any inputs from the senior traders in the forum and others who might already have achieved it. Many Thanks in advance, TradeStar. This is certainly possible but it depends on how much you need to make a living and that in turn requires how much you would need to fund your account with.

If you need £2,000 per month to make a living and you think you can return 5% a week on average (which I personally think is feasible) then you need to fund an account with £10k. But you should also consider that you should look to return more than you need so that you can not only pay your wages but increase your pot to make things easier in future. If you are leaving work and considering trading then I can give you some useful advice, since I have done this and it proved to be a big mistake at the time. multi-indicator for trading binary options zenitubbo A) Make sure you are fully capitalised.

channel strategy for forexMoneybookers binary options brokers. That means working out, as described above, how much you need to trade. B) Make sure that you have a cushion of at least six months salary minimum.

This takes some of the pressure off - trading off of daily charts often requires large stops which in turn results in more risk and you get less signals so finding very good setups requires a huge deal of patience. If you feel you have to consistently make money, you are much more likely to take bigger risk or trade more frequently which is the reason why many traders fail in my opinion. C) Have a plan so that you trade with confidence. Know what setups you are looking for, how much to risk and how often you expect to win. D) Make sure you structure your day in advance. This is vital.

When you are only spending an hour a day working (studying the charts) you may soon become depressed and disillusioned. Believe me when I say that I was desperate to leave my boring 9-5 and become independent. Within five months, I could hardly bear waking up each day at home in my flat with no one to talk to and no one to see. Hope this helps, Tom. IgnoredROI of 5% weekly, week on week, year on year is tough to achieve. PowerTrader, to do what you suggest, handle the drawdown and draw £2000 per month would need an account of £20,000+ IMO. Preferably, substantially more.

The ROI being half what Tom feels is feasible. If you achieve the higher return, great, but you need some slack and you must not be under pressure to perform in any market, especially forex.

If you are under pressure you may get out of too many trades at a loss - trades which do become profitable if it wasn't for the early exit - and not let your profits run by exiting too early so you can put a lump of meat on the table at the weekend. Good luck in whatever route you choose.

Sidefx- any currency pair with reasonably low spreads.I also prefer pairs with average daily price movements above 60 pips So here is the GBP/CHF chart a few days on from my last post. 2 Bar Reversal Strategy Recap on Stock Index Daily Charts 1 Aug 2015 Price on two separate stock indices markets formed two bar reversals that I am going to recap and look at what we can learn from them in today’s Forex Trade Setups Commentary. 6 Trading Strategies and Indicators to Trade Forex Daily Chart January 13th, 2015 by LuckScout Team in Trading and Investment With an average daily turnover close to $4 trillion, the forex market is brimming full of investment and trading opportunities.

Thanks to all of you on contributing. I just started trading 3 months back. Basically, trading mini account ($1 per pip) with 1 hour or 4 hour charts. If I look back, out 50+ trades attempted, roughly, I had 30+ wins and 10+ losses. The sad part is, specific 3 out of those 10 losses, swallowed all the profits and the capital (: Essentially in those 3 trades, somehow I thought, the trade will turn around it never did until I gave up. Believe me, it started going right back up, even into profits, immediately after I got rid of it(: Of late, thanks to this fantastic forum and the very kind traders, I started looking at some strategies and hedging techniques and put together some combination on my own trading only day charts. I draw 14 days high/low smas and once the price closes above or below take the trade in that direction (only if that is direction of the trend) and adapt Jacko's hedging, if the price crosses the other side of the tunnel.