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So many forex traders are trading the currency market in 5, 15, 30, 60 minute, and 4 hour time frames.
Why not trading the forex market with daily price bar time frames just like stocks?
Daily bars help remove all the intraday noise from the situation and show the current real trend that that may or may not be in place. The primary trend has the ability to earn investors and traders the most return with the least amount of risk than any other type of investing trading there is.
Trading daily price bars creates the need to increase stop-loss targets compared to intraday trading, so lesser leverage is very much advised. Over leverage is a very common reason small traders blow out their accounts in short amounts of time, so lighten the leverage and don't be so greedy so fast.
Lesser leverage is good for a number of reasons.
First, lesser leverage allows for intraday volatility to not affect your stop-loss, and or the market going on a stop-loss hunt when there is nothing else happening to move prices.
Second, lesser leverage allows a trader to capitalize on the real current main trend of the market, so big profits can still be realized, but with a longer time period involved, and getting rich from forex trading slowly is better than cooking your account within the first week of trading a newly opened account.
Bigger forex players trade with stop-loss of 200 pips or more with the potential to make hundreds of pips from the main trend, which is very possible over time.
Below is a current daily price bar chart of the EURJPY with the MACD Indicator. As you can see the EURJPY is in a downtrend currently with the MACD Indicator confirming such.
