How to Avoid Spending Hours Watching the Charts?

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#505: How to Avoid Spending Hours Watching the Charts?

In this video:

00:33 – I’m going to save you a lot of time

01:49 – Don’t know when to look at your charts?

02:05 – The fix

02:35 – The Weekly charts 

04:12 – Pick the times to look that suits you

05:45 – Trade through Blueberry Markets

Today, I'm going to show you how you can avoid spending far too much time glued to your chart, sitting at a computer and not making any money. Does that sound good? Well, it should do, because with this one simple trading tip and technique, I'm going to change all that for you. Let's get into it right now.

Hey, the traders, Andrew Mitchem here at the Forex Trading Coach with video on podcast number 505.

I’m going to save you a lot of time

And that's right. I'm going to today save you a lot of time. I'm going to save you a lot of mixed emotions and probably make you a lot of money as a result. So it should sound pretty good to you. Unfortunately, most people out there, most people watching this, most people listening to this will be spending far too much time sitting at their charts watching every pip movement up and down, scared to leave their charts, forcing trades, getting emotionally involved in their trading.

And as a result of that, you're not doing yourself any good. You're not making any money, not doing your health any good, and you're wasting too much time. Look, I know I used to do it myself long time ago when I started trading, and it's a very easy trap to fall into. And it doesn't do you any good.

It doesn't make your longevity as a trader any good because you're forced to sit there hour upon hour because you're scared about moving missing a move. It also means if you're in a trade, you tend to find that you forced yourself into trade. And if you're in a trade, you tend to jump out early because you see the trade moving in your direction.

Then it pulls back. And I should just take it now because something's better than nothing, right? And it's an issue that so many people face.

I’m going to save you a lot of time

It also means that they don't know when to look at their charts. And that confusion and from looking at maybe like, can I say, a 15 minute chart saying the market's moving up and our chart says it's moving down a daily moving up and you get this complete mix going on and you don't know what to do.

The fix

So a very, very easy way of avoiding all that is only look for a new potential trade set up upon the close of a candle. And what does that mean? Well, the forex market opens at 5 p.m. Eastern Standard Time. That's New York time every day. That's when the new day starts. So the market opens 5 p.m. on the Sunday New York time and it closes 5 p.m. on a Friday New York time.

The Weekly charts 

So at the beginning of each week, just once a week, you could look, let's say at the weekly charts, you know, when they open, they open the beginning of each week. They're not going to change throughout the week or the previous weeks. Information is going to change once the weeks close. You look at the weekly chart, you can make your analysis exactly the same on a daily chart.

You know, when the daily chart opens, it's 5 p.m. New York time. At that time, the previous day's candle is complete. You can make your analysis. So if you traded just once a day on the daily charts, you can do very, very well. Also, you could then say let's go something slightly shorter. You could look at the 12 hour charts.

Now conveniently, they also open at 5 p.m. New York time and of course, 12 hours later will be 5 a.m. New York time. So if you wanted to look at the 12 hour charts, you could look just twice a day. And that will give you a lot of trading opportunities within a day. Of course,