Are you successful, or not?
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The daily chart has wider daily ranges of price action naturally so we need to have wider stop losses than we would on an intraday chart so that we leave room for the market to move and not stop us out prematurely. We Use Wider Stops Since I trade the daily charts most of the time, I run my stops according to daily chart price action setups and to the dynamics of the daily chart price action. March Special Note: You need to have discipline and patience to excel at trading and this is built through waiting and only taking high-quality setups and learning to ENJOY passing on low-quality trades or when there is no trading edge present.
Beginning traders often do not understand the fact that being flat not in the market is a position. So, the question becomes, where are you now with your trading? A professional trader knows that price will sometimes just violate the low or high of a signal before moving in their favor, this is one reason they choose to use wider stops than an amateur who would likely put the stop exactly at the pin bar low which would have resulted in a loss. The great Warren Buffet teaches this exact same approach. This is a very important part of my personal approach.
[PDF] Forex Trading For Beginners: Habits of Highly Successful Forex Traders! Forex Trading
You are looking at almost 5 months of price data on the daily chart each bar is a day vs. This lesson aims to provide both beginner and advanced traders some much-needed insight into the mindset and activities of a professional trader, allowing you to start mimicking these habits and ultimately improving your trading results. In the chart below, notice that price moved slightly beyond the low of the pin bar signal in the chart, before rocketing up in favor of the trade.