If you’ve ever wanted to become a fulltime currency trader but without spending hours on end staring in the screen then you are in luck thanks to the many benefits of trading the daily chart.
This commonly overlooked style of trading lets you be in the flow of opportunity from only minutes a day, meaning that you don’t have to give up the day job or make any time sacrifices in order to profit from the market.
Imagine, with the right forex training, being able to make as much money from the markets from only trading for minutes a day compared to someone who trades intra-day and spends hours every day trading. This is possible and people are doing it. After all, time does not equal money in trading and it is essential that you remember this when you learn how to trade.
In fact, when it comes to financial markets trading, less really is more. When you daily timeframe, you are able to get a better monetary gain for less time spent in the act of trading over the course of a month. On the flip side, if you sustain a drawdown for the month then at least you would have spent less of your time enduring this drawdown!
Take two traders; Jack and John. They both make a 6% return the month. However, the key difference is that Jack trades the daily chart (end of day) for no more than 30 minutes an evening where as John spends four hours a every morning trading as an intra-day trader on the 5 minute chart.
There is, on average, 22 trading days in the month. Whereas Jack has a total of 11 hours spent glued to the screen while John has a total of 88 hours!
So who do you think ultimately makes the better return on their money in exchange for their time spent “working” for it? You may have guessed it, Jack Even if both traders had made a % loss, Jack would also still be better off given he has made the same amount as John but has spent less of him time actually making that loss. Instead he would have been doing other things which could include other income streams.
Here the key benefits to end-of-day (daily chart) trading
- Be in the market from minutes a day
- Trade only the best, highest probability set-ups
- Have your money working on autopilot
- Takes the stress and emotion out of trading
- Frees up time for you to do other things
Trading the daily chart end-of-day gives you the chance to be in flow of opportunity of your strategy from only minutes a day. This is not possible when trading any other smaller intra-day timeframe.
If you know your strategy and accept the importance of following its rules methodically, there is no reason why you cannot do the same and enjoy the benefits of this brand of “lifestyle trading”, and the increased time benefits it can give you.