Just because you have been successful with a few Daily trades does not mean you can automatically repeat it on a shorter time frame. Everything moves so much faster on shorter time frames and the shorter you go, the weaker your weaknesses become in addition to the technical being exponentially less reliable.
Some of us, me included, have to feel and go through this pain and nightmare to come out the other end with a totally different view and perspective on trading.
Logically, I still don't understand why anyone would want to go from stress free trading the Daily time frame making 3, sometimes 4, figures in pips per trade, with a 2 minute per chart analysis at the end of the day to watching the one eyed monster all day for a measly 2 figures pips per trade (if you are lucky) and ending up a mental and physical wreck.
It all comes back to PATIENCE & DISCIPLINE.
I suppose many have become bored waiting for Daily set ups and have lost the faith and gone looking for "action" on the lower time frames. Especially in times we see, for the most part, price trendless and in very choppy/back filling conditions.
If this is the case, what you STILL have not understood is the higher order of time frames. If it is choppy and violent on the BOSS, which it is on many pairs, so it will be on the Worker, which it is, and guess what, so it is on H4, H1, M15 and M5.
What the inexperienced don't realise is that the higher order of time frames work AGAINST them on the shorter time frames. For example, H4 is 6 times harder to trade than the Daily, H1 is 4 times harder to trade than H4 (24 times harder to trade than the Daily), M15 is 4 times harder to trade than H1 and so on. This is just based on technical and does not include the stress and mental anguish that builds within you until you eventually "crash" or maybe have a nervous breakdown.
In addition, what happens to your lifestyle? You become so hooked and addicted to trading that there is nothing else in your life. You are LIVING TO TRADE. What fun is there in that?
No matter what you hear, read or want to believe, there are no long term successful short time frame traders. They either crash and burn or move up to higher time frames.
Some of us, me included, have to feel and go through this pain and nightmare to come out the other end with a totally different view and perspective on trading.
Logically, I still don't understand why anyone would want to go from stress free trading the Daily time frame making 3, sometimes 4, figures in pips per trade, with a 2 minute per chart analysis at the end of the day to watching the one eyed monster all day for a measly 2 figures pips per trade (if you are lucky) and ending up a mental and physical wreck.
It all comes back to PATIENCE & DISCIPLINE.
I suppose many have become bored waiting for Daily set ups and have lost the faith and gone looking for "action" on the lower time frames. Especially in times we see, for the most part, price trendless and in very choppy/back filling conditions.
If this is the case, what you STILL have not understood is the higher order of time frames. If it is choppy and violent on the BOSS, which it is on many pairs, so it will be on the Worker, which it is, and guess what, so it is on H4, H1, M15 and M5.
What the inexperienced don't realise is that the higher order of time frames work AGAINST them on the shorter time frames. For example, H4 is 6 times harder to trade than the Daily, H1 is 4 times harder to trade than H4 (24 times harder to trade than the Daily), M15 is 4 times harder to trade than H1 and so on. This is just based on technical and does not include the stress and mental anguish that builds within you until you eventually "crash" or maybe have a nervous breakdown.
In addition, what happens to your lifestyle? You become so hooked and addicted to trading that there is nothing else in your life. You are LIVING TO TRADE. What fun is there in that?
No matter what you hear, read or want to believe, there are no long term successful short time frame traders. They either crash and burn or move up to higher time frames.
If you just a young kid, there is no harm done, you still have your health and your life AND your future. Whatever you lost in monetary terms, you can acquire again. Let this be a very expensive lesson for you - learn from it. Find out what made you do it and confront it and ask what made you give in to it.
Ask why didn't you consider the alternatives, options, risks etc.
Whatever you do from now on, do not repeat this mistake.
Many of you still do not believe that trading searches out who you really are and digs deep down to find your REAL character, temperament and personality. This is a tough and expensive way of finding your REAL you, but you will become a better person for it - PROVIDING you can learn from these mistakes.
The times we see during consolidation, choppy and back filling conditions are there to test our resolve as traders. We can either believe we can walk on water and continue trading and lose everything we have or, we can stand back and watch those walking on water drown while we wait, PATIENTLY and with DISCIPLINE. We will wait for the markets to set up on the BOSS first and then on the Worker and we will know when to trade.
The markets are cyclic in nature, always have been and always will be - Why? Because they are driven by emotions, human emotions who themselves are cyclic in nature.
PATIENCE and DISCIPLINE will always reward those who wait for the opportunity to present itself.
PATIENCE and DISCIPLINE will preserve and keep your capital safe (# 1 Rule and top priority)
PATIENCE and DISCIPLINE will keep you in a sound mind and healthy body.
PATIENCE and DISCIPLINE are the foundations of every successful trader.
PATIENCE and DISCIPLINE will make you a better and stronger person.
I TRADE TO LIVE - why do you trade?
Many of you still do not believe that trading searches out who you really are and digs deep down to find your REAL character, temperament and personality. This is a tough and expensive way of finding your REAL you, but you will become a better person for it - PROVIDING you can learn from these mistakes.
The times we see during consolidation, choppy and back filling conditions are there to test our resolve as traders. We can either believe we can walk on water and continue trading and lose everything we have or, we can stand back and watch those walking on water drown while we wait, PATIENTLY and with DISCIPLINE. We will wait for the markets to set up on the BOSS first and then on the Worker and we will know when to trade.
The markets are cyclic in nature, always have been and always will be - Why? Because they are driven by emotions, human emotions who themselves are cyclic in nature.
PATIENCE and DISCIPLINE will always reward those who wait for the opportunity to present itself.
PATIENCE and DISCIPLINE will preserve and keep your capital safe (# 1 Rule and top priority)
PATIENCE and DISCIPLINE will keep you in a sound mind and healthy body.
PATIENCE and DISCIPLINE are the foundations of every successful trader.
PATIENCE and DISCIPLINE will make you a better and stronger person.
I TRADE TO LIVE - why do you trade?
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