🏛️ 👨🎓 👩🎓 Student Introductions:
Hi my name is Pascal, I'm 37 years old and I'm from Germany. I have been trading for 2 years and I think my biggest mistake was only using timeframes like 15Minutes/5minutes because you don't see the real supply/demand zones. So I like the MagicTraderAnaylsis of the important demand/supply-zones by using monthly/weekly/daily-charts.
🏛️ 👨🏫 Professor:
I am very glad you came to realize that about the lower timeframes. I always tell students that there is a time and a place to trade the lower timeframes BUT without understanding what is taking place on the higher timeframes, it would not be advisable to try on the lower.
In a recent Level 3 session we were talking about this very subject. Trading
on the lower timeframes is like walking into a room and without knowing what the conversation is all about and where it is leading, you interrupt and start talking about what you want to talk about. You'll be very lucky if it matched the current conversation BUT most likely it will not and you will be looked at unfavorably!
What you want to do is enter the room, watch an listen to see what the conversation is all about and see where the conversation is heading and then think about what it is you know that you could contribute and then wait until it is a good time to insert yourself and speak.
Trading on the lower timeframes is like this. It is a good way to trade BUT only when you know when to insert yourself based on what the overall situation is!