Watching Price Action on a Live Forex Charts Platform

By Content-mgr - on July 31, 2016

Generally speaking, the wise CFD forex trader is not a disciplined trader and always looks to think deeper. Because they will have to fade and disobey some of their best indicators each and every day. But in day trading, due to time limitations and the pressure involved, especially when dealing with losing trades. There is the need for some discipline, so that time is managed efficiently. A live forex charts platform can be handled best when the trader follows a simple routine action. And this is for reading the charts faster, and only the relevant ones. The wise CFD day trader looks at a couple of different time frames, and few indicators. By confirming price action on two different time frames on the live forex charts platform, mistakes are avoided. Day trading forex live always requires taking fast action, within the best possible degree of statistical accuracy. No forex trading strategy is complete without an element of doubt and personal judgment. Day trading doesn’t leave much time for such thinking. But it is nonetheless possible to think the entire trading session, in advance. So that before the first trade is made, some risk areas are taken into account. It is up to the trader to decide how disciplined they want to be during fast trading action. All that matters is minimizing confusion and the chance of making mistakes. And do not assume that you will not make dumb mistakes. Because when working under pressure we all make the dumbest of mistakes.

Use a Live Forex Charts Platform — When working under pressure, during medieval naval battles, the sailors had to work in discipline so as not get in each other’s way and so as to know where to find everything. They had to always walk through the corridors while having the sea on their right side etc. That’s all in the interest of saving time and avoiding collisions among sailors. But that’s where discipline stopped. The captain was actually allowed to break the classic rules of engagement and do many odd things. And that’s how day trading needs to be. Too much discipline doesn’t work, but total abscence of discipline and order doesn’ work either, due to the element of time pressure.

A Live Forex Charts Platform is Seen as Finite in Day Trading

New day traders have the tendency to deal with open losing trades the wrong way. That is having a lot of confirmation bias. And jumping from one chart to another seeking for the one clue. That will confirm their original trade was right. By applying some discipline here, they could eliminate this problem, so as to make their chart analysis finite and limited. So that it doesn’t involve more than 2 or 3 charts. If the trade is confirmed to be a loser on these 2 or 3 charts. Then that’s it, it’s a loser and it has to be closed or hedged. There is no point digging further into the charts. That’s discipline in day trading! It’s easy to get carried away in the convenience of a live forex charts platform. Thinking that we will find confirmation on a single chart somewhere. Day trading forex live requires being ruthless in that regard and taking losses when being very wrong. Some losing trades can be hedged with another trade, and may possibly turn around later in the day. But because there’s no time to think, hedging comes to the rescue, all through CFDs. Once the losers have been hedged, the trader can think freely, under no more pressure.

Day Trading is Intimidating Due to Pressure

Day trading is perhaps the most intimidating kind of trading. Since emotions run high. Even veteran traders find it difficult, as history doesn’t exactly repeat itself. The forex market can be handled though, through the right blend of discipline and rule-breaking, all at the same time. Forex trading info sources tend to advice against breaking any rule in day trading. But it’s really simple, all that matters is getting pressure out of the way. You only need to be disciplined until the pressure of the moment is gone. After that, rules can be bent or broken. That’s all there is to it.