Once a trader has committed to only trading the larger time frames such as on the daily chart, it is now time to get rid of one of the most widespread trading mistakes there is: Watching the charts all day.
This trading habit is a very serious mistake that many traders make. If traders were to watch the charts all day and not do anything, this would be fine, but from watching the charts all day, traders start to make mistakes like:
- Entering trades when they shouldn't
- Taking trades off when they shouldn't
- Taking profits when they shouldn't
- Tightening stops when they shouldn't
When a trader has committed to trading the daily charts only, they only need to look at their charts once a day. That is it!
When the market closes for the day, the trader should switch their charts on and look for possible trade set-ups. If there is a trade, they should set their entry, stops and targets. If there is no trade, they need to turn off their computer and walk away and do something else!
There is nothing more they can do. The market has to move, and it will do the same thing whether you are watching it or not. Walk away and let the market do its thing.
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