The Smaller Forex Market Timeframes Will Burn You Out

Once you trade on the higher timeframes with a larger stop, you relaxed and accept the market for what it is, That’s Charles Advice

Charles.U, 40 years old, South Africa.

“The Smaller Forex Market Timeframes Will Burn You Out”.

Charles has just successfully passed our evaluation program with a great trading plan and has become a forex funded trader.

He is now one of our funded traders and is trading with a 52K forex funded account on our platform.

His next mission is to reach 10% of profit and double his funds to 104K.

We spoke with Charles about his trading plan, insights, and lessons gained while trading in the Forex market and on our platform as a funded trader.

Click here for more Inspirations lessons and interviews from our professional funded traders

The Smaller Forex Market Timeframes Will Burn You Out

 

The Smaller Forex Market Timeframes Will Burn You Out

 

  • After how much time did you become a consistent trader? What aspects changed that helped you to become consistent?
    5 years. I have always been so much focused on the small timeframes. (5min – 15min). Once I moved to the 1 hour and 4-hour timeframes I started to become profitable.

 

  • Do you have a specific trading plan?
    I’m a massive believer in the Elliott wave theory. I base my Elliott wave analysis on the Daily and 4-hour timeframes. I will then use my technical indicators and enter the market based on a 1-hour timeframe. I will then try to ride the trend as far as I can. If for some reason I realize I was wrong on my analysis, I will cut the trade immediately.

 

  • Please describe your trading routine?
    I trade 12 currency pairs. I will analyze these about 1 hour before the UK trading hours start. I will then analyze them in detail again just before the US trading hours start. And then I will analyze the 12 pairs again just before going to bed. Once I enter a trade, I will try not to babysit the trade. That’s also why I don’t like trading the smaller timeframes anymore.

 

  • Do you have any risk management techniques? If so, please, elaborate?
    I risk 0.25% on a trade. And I will only have 2 trades at a time on risk. Once my stop loss passes the break-even mark, I will look for a new trade.

 

  • What was your biggest challenge in trading, and how did you overcome it?
    Overtrading. The smaller timeframes have made me be aggressive. I like to be aggressive, but doing this on the smaller timeframes is a recipe for disaster. I moved to the 1 – 4-hour timeframes and implemented strict risk management rules to keep my aggression in check.

 

  • What was the key moment of your trading career?
    Realizing that you can’t control the market. On the smaller timeframes, if the market moves 2 pips against you, it hurts because of the small stop. This made me do stupid things. My phycology took over and I traded out of emotion. Once I traded on the higher timeframes with a larger stop I relaxed and accepted the market for what it is.

 

 

  • In your opinion, what are the most important characteristics for maintaining a steady trading career?
    Trading will be with me my whole life. (Because I love it) I needed to find a way that I can trade for a very long time. Calm and relaxed. The 1 hour, 4 hour, and daily timeframes will ensure I’m still emotionally sane once I’m 80. The smaller forex market timeframes will burn you out.

 

  • Do you apply any mental/psychological routines while trading? Please elaborate.
    No. But I will do meditation during the week.

 

  • What was your strategy for successfully passing The 5%ers’ Evaluation Program?
    I would find a good reason for a potential new trend to start on the 4-hour timeframes. (Elliot wave, indicators) I will then try to get in early on this new swing and ride it out. This will ensure you are not overtrading and also not scalping. Trading on the smaller timeframes is for me like the old saying – Death of a thousand cuts.

 

  • Please share your recommendations for online resources that were/are significant in your trading development. Name and links are appreciated.
    I registered with Elliot wave international a few years ago. I then also registered with Jeffrey Kennedy Traders Classroom at EWI. He is an exceptional Elliot wave analyst and mentor.

 

  • Would you like to share anything else with us?
    You need to find what works for you as a trader. And then become a specialist in that field. The market is unforgiving and will catch you out if you take it lightly.

 

If you want to receive an invitation to our live webinars, trading ideas, trading strategy, and high-quality forex articles, sign up for our Newsletter.

Subscribe to our youtube channel.

Click here to check how to get qualified.

Click here to check our funding programs.

The post The Smaller Forex Market Timeframes Will Burn You Out appeared first on The5%ers | Funding Traders & Growth Program.

https://www.wds-media.com/wp-content/uploads/2020/10/The-Smaller-Forex-Market-Timeframes-Will-Burn-You-Out-1.pnghttps://www.wds-media.com/wp-content/uploads/2020/10/The-Smaller-Forex-Market-Timeframes-Will-Burn-You-Out-1-300x300.pngAdminFOREX
Once you trade on the higher timeframes with a larger stop, you relaxed and accept the market for what it is, That’s Charles Advice Charles.U, 40 years old, South Africa. “The Smaller Forex Market Timeframes Will Burn You Out”. Charles has just successfully passed our evaluation program with a great trading plan and has...