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Note: Which time frames to monitor and trade should be laid out in your trading plan. If you haven't created a trading plan yet, this article will help you establish which time frames are most efficient for day trading. When price retraces, we need to look for Price Action, Fibonacci Level and Pivot Levels to decide to Enter the Trade. Unless conditions are right, we avoid taking any trade in market.
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That’s interesting. I’ll have to look into it. I’ve never tried that myself.
The next type is a Standard account. It is a popular account type with optimal conditions for traders who know what they want. Once a trader is able to develop a trading strategy with an edge, and knows how to manage losses, it boils down to attitude. All three traders agree that discipline and perseverance are vitally important for developing long-term success, especially since it takes time and much experience before traders are able to become effective in their trades.