Would you like to have some control over what happens when you trade Forex as a currency trader? One of the best ways to do this is to trade at the time of the Dow Open or the opening of the New York Stock Exchange. Why does this give a trader control? Because it puts them in the same position each day with the ability to read the markets ahead of time and determine the direction the market opening will move a particular currency pair.
Over time, as you keep on using your inner confidence scale, you will be able to know this is a high probability trade. In the beginning, you may trade on your hunches but with the passage of time, you will be able to develop the inner scale that tells you that this is a high probability trade.
If the market is at the bottom of the channel on the fifteen minute chart, I’ll switch to a one minute chart, and enter my buy trade on a MACD crossover signaling a buy. As before I revert to the fifteen minute chart to monitor the trade and the stop loss is placed based on subtracting twice the difference between my entry and the channel bottom from the entry price. However, the trade is not entered if the price has moved more than one quarter of the way to the top of the channel.
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You must also estimate where you reasonably expect the stock price to go to. You must decide in advance how you will exit your trade to maximise your profits when you reach your waypoint. When your trade reaches your waypoint you need to implement your exit strategy with strict discipline. It is not a good idea to simply exit the trade when you reach your waypoint. It is better to remain in the trade as long as it continues to run in your favour. But you should get out of your how to day trade for a living at the first sign that the market is putting your unrealised profit at excessive risk.
People can keep their jobs and still trade. Obviously if traders are trading the daily timeframes they can place trades and then hop of to work or come in from work and check the market depending on which country and time zone they live.
Trading channels is a relatively high probability approach and is available most of the time. It may not be the same as catching the monster trend but a profitable trade is always a good thing in my book.