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1 minute, 5 minute, 15 minute time frames were my go to as a beginner trader. I was making decent money. A few hundred here. A few hundred there. My stop loss was literally between three to five pips and I could easily catch 60-100 pips and even more with no problem.
I 'd trade from sun up to sun down. Now I know some of you reading this are probably thinking I am over exaggerating, but I'm not. I'd wake up to be on my charts by 8 and would sit and watch every single chart tick up and down second by second, minute by minute. It was almost as if I was addicted to the market movement.
I remember one night I was sleeping and I literally had a dream about the market moving up and down tick by tick, but something happened that I was not expecting. Instead of me being happy to be on the charts I was drained. I looked tired. I was emotionless. It wasn't fun anymore.
I woke up the next day a bit overwhelmed. I couldn't shake the feeling for about a month. It made me rethink my purpose as a trader. So, I decided to a break and go back to demo. After my break I came back to the market and began losing trade after trade. I could no longer scalp. It was as if that dream did something to me.
I knew what I had to do. I had to get off the lower timeframes. I thought I was crazy. Me, leave the lower timeframes? No way! I knew I needed to so I could improve as a trader.
So, I went back to demo. I evaluated myself as a trader and asked what was my true purpose as a trader. What did I want to do with my time as a trader. I has somewhat of a trading schedule, but it was too much. I didn't know how to take a break. I wanted to be far away from my charts as possible while the trade ran. I didn't want to fear every candle that looked like the trade would go against me. So, I took my same trading style and implemented it on higher timeframes.
Watch this 6 minute video as I show you how I used multiple time frames to my advantage.
So, I went up to a higher timeframe. Instead of entering in on the lower time frames, I gradually went up to the 4 hour and then the daily, and so forth until I found myself evaluating the monthly timeframe. This led me to day trading and what I love doing most which is swing trading.
It's a bit slower paced, but I have what I longed for most which is time. Time is precious. It's one of those things we can't get back. Sure, scalping is quicker, but my psychology and trading style keeps me on the higher timeframes.
What about you? Have you figured out your trading style and the time frames you are attracted to most?
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