A TRADER'S LIFE Daniel Munday | Keep it simple - trading the higher timeframes
May 28, 2024
Daniel Munday, an experienced forex and CFD trader, focuses on higher timeframes and runs a mentorship program. He shares his journey from a day job to full-time trading, highlighting the psychological aspects that underpin his strategy. Munday details his level-based approach, emphasizing key market alignment and trade execution. He discusses the importance of monitoring multiple FX pairs and adapting to post-COVID market uncertainties while mentoring others on discipline and probability. His future plans include a move into wealth management.
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Remove Pressure Before Trading Full-Time
- Do treat a trading edge as data-backed and execute it robotically without emotional attachment.
- Remove financial pressure by keeping savings or part-time income while you learn to trade.
Stack Levels With Market Alignment
- Daniel's core strategy is stacking key technical levels with market alignment across majors.
- He increases edge by cross-referencing correlated pairs and majors hitting levels simultaneously.
Avoid News-Driven Trades
- Avoid trading technical levels when fundamentals are dominating, especially around major releases.
- Sit out big releases or remove pending orders and wait for volatility to settle before re-entering.
