iVSA Trading Tips and Plans

Tip 4 - Do Not Trade or Make Decision Using Intraday Chart

Joe Cool
Publish date: Mon, 12 Oct 2015, 12:12 AM

Time does not equal money in trading. Far from it, you can trade from only minutes a day – in your spare time. You can still become full time trader by using end of the day chart. Therefore you don’t have to quit your job to do this, end of day trading lets you trade alongside your day job.

Decisions made during the day when looking at intraday chart are generally spur of the moment decisions based on emotion. Many people have the mistaken impression that watching a screen with prices flashing everywhere gives the watcher the divine right to know the next price. Unfortunately this is a total fallacy.

You should make your trading decisions when the market closed, then those decisions will be based on your analysis and plan. iVSAChart focus on end of day by tracking the footprints of Smart Money, and you just need to follow your trading plan based on the screener from iVSAChart. Therefore, it eliminates risk and emotion.

Some of the benefits of end of day trading are as below:
1. Too many noises in a major trend using intraday chart.
2. Saves the stress of watching the daily ups and downs.
3. The easiest path to profits in a trend is to let the profits run.
4. Less decisions you have to make therefore less emotion involve.
5. You can save 100 hours of your life for other things.

Watching intraday chart can be exciting however for most people it does not lead to higher trading profitability. On the contrary it usually leads to over trading, therefore high brokerage costs and erratic trading.

 

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