Your Forex trading has to revolve around the daily chartFirst of all you are going to quit your 5 minutes charts. What is this? Day trading?
If you are a day gambler I have a few words for you. It is the most obviously stupidest scheme I have ever seen.
Not only retail day trades this is true, there are some institutions that day trade Forex too. The pros. The big boys.
Not a single one of the "pros" makes money day trading (playing directional). Academics literally took the entire trading data from banks and found 0 profitability.
That's for the results. Now what is the purpose of it? Hedging market risk in the next hour? Who hedges intraday? Banks? China? The Saudi wealth fund? Amazon? What do day gamblers think the purpose is? The market was created as a casino for the forex lifestyle?
According to the BIS triennial survey approximately 30% of the FX volume is in spot, 50% in swaps, 15% in outright forwards.
The smallest swap maturity is for the next day (overnight), the smallest forward maturity is 2 business days.
In the Forex market, THE CONCEPT OF "INTRADAY" ITSELF DOES NOT EVEN EXIST.
The only type of forex intraday contracts were binary options, some obvious scam created by brokers targeted at retail "investors" to fleece idiots of their money, the scam was so blatantly obvious the regulators all agreed to totally ban it.
www.bis.org
If you have been day gambling for over a year you have lost money to your broker and odds are you lost money to one or two laughable "forex day trading education" courses, possibly from a "legit from the industry" and "actual institutional trader" that never made money once in his life and whose job was to execute clients orders.
So if you want to argue come with a live account track record, show me your years of consistent profit and then defend this scam.
Daily chart. If you want to check the monthly or weekly you don't need to look at those every day, and nothing is happening there, unless you are looking at some emerging country or something.
And none of that 600 minutes, 12 hours, and other nonsense. No one cares what happened inside of that daily candle; it might as well not exist at all.
We live on planet earth, we have a daily cycle, we all sleep every 24 hours, for the most part. So daily chart.
And businesses, countries, banks do not take "daily" decisions, it's month to month, quarter to quarter.
Only the daily chart makes sense. Or are you going to explain to me that there is a fractal FED interest rate decision, a secret mini rate hike that you only hear from if you look at the 5 minutes chart?
