Podcast:

Why The Longer Time Frame Charts Can Help Your Trading

In this weekly video:

00:38 – Being able to trade and travel

01:05 – Interview with a Full Time Forex Trader

01:43 – Trading the Longer Time Frame Charts

02:22 – Trade in a way that allows longevity

04:18 – Do the professionals trade 5 minute charts

04:45 – Celebrating 9 years of The Forex Trading Coach helping traders

06:12 – Now it’s your turn to join us

I'm going to explain to you why I love trading the longer timeframe charts and how they could help you in so many ways. Let's get into that right now.

Hi, Forex traders. Andrew Mitchem here, The Forex Trading Coach video and podcast number 270 coming to you from beautiful Queenstown in the South Island of New Zealand. School holidays here in New Zealand and we're at our holiday home here in Queenstown having a great time.

Being able to trade and travel

Just got me thinking about so many things to do with trading because part of trading is being able to travel. It's being able to not be glued to your computer. It's being able to do things like this, come to places like this and still continue to trade. I love trading. I don't want to stop trading. I trade every day. But while I'm here, I don't want to be glued to my charts all day. It will mad. There's just no point in being here.

Interview with a Full Time Forex Trader

It also got me to think about last week when I interviewed Imre Gams, who's a client of mine in Canada, who's now a full-time Forex trader, and Imre was looking at the longer timeframe charts and going down from the weekly charts and matching the strengths and weaknesses of the weekly charts with the data charts, et cetera, and basically pulling things together to give a higher probability chance of success, and that is what the longer timeframe charts give you.

Before you start thinking, "Andrew, I can't trade the longer timeframe charts because my account is not big enough." That's not actually quite true, but we'll talk about that on another video.

Trading the Longer Time Frame Charts

The longer timeframe charts are available for anybody to trade, regardless of your level experience or your account size. In fact, the newer you are to trading, I'd actually suggest that you just look at the longer timeframe charts anyway, because everybody gets involved in wanting to look at the shorter timeframe charts, looking at every pit movement up and down, scared to miss trades, being glued to their charts. Yes, while you're learning, understanding how the charts move and how price moves is really good. It's very important, and we've all been there, been really excited to see our account move up and get disappointed when it moves down. But long term, that's not a good way of trading.

Trade in a way that allows longevity

Long term, it's got to be something that's practical, that it's something that's enjoyable, and when you think about it, the bigger the higher timeframe chart you trade, the more information is contained within that one candle or that one bar. Therefore, the more reliability that candle or that one bar has. That's why I like trading ... See, this week I traded the weekly charts on Monday. I've taken six trades on the weekly charts. I took two trades on Monday on the daily charts, one yesterday Tuesday, and one today Wednesday. I'm recording this bit early, because I'll be on a plane on Friday when I'm normally recording the weekly videos. So far, those daily trades have worked beautifully, and a couple of the weekly chart trades are in as well.

On top of that, I look at the 12 and 6 hour charts just twice a day and that's it. You can do that from being on holiday, and that's the great thing about it. It's all about having something that's reliable. The bigger the timeframe chart, the more reliable the information and the data within that timeframe. Just think about it, logically. You can't have a five minute chart having equal streng...