Millionaire Tradersmaking shorts on a shorter-term basis. The daily charts can show
the general direction. I use the minute charts to determine whether
the price is the best price to get in at. If I am looking to buy into
a trend, I want to get a nice price, which is really the benefit of
using shorter-term charts. If the minute charts show short-term
weakness and the potential for a 20-point dip, then that could be a
20-point better entry for me.
Q: Do you think one-minute charts are really more reliable and
better than five-minute charts?
A: I feel that the one-minute chart gives you a closer more instant
look at market behavior and is a truer reflection of current market
activity.
Q: Have you always used the combination of daily and one-
minute charts, or is that something that you discovered later on?
A: It’s definitely a technique that has evolved. I feel that when it
comes to trading, one is always evolving whether you realize it or
not. It’s all about change for any investor, including myself, Right
now, if you ask me if I have the best strategy, I may say yes. But
in a year, things may change and a scenario that hasn’t happened
in the past may have happened. As a result, I may have to react
to that as well. It’s all about challenging yourself to adapt to the
changes.
Q: Do you feel that the changes along the way have been big?
A: I think it really has been a small evolution along the way and
not a big change. Training yourself to be a good trader is not like
rebuilding a house, where you can completely strip the old house
and its foundation and start from scratch.