One of the most common mistakes that people make in trading is not having a clear plan or strategy. Many people approach trading with a haphazard, ad-hoc approach, buying and selling on a whim without any clear idea of what they are trying to achieve. This can lead to poor decision-making, rash trades, and ultimately, significant losses. A well-defined trading plan can help to prevent this type of mistake by providing a clear set of guidelines and rules to follow. A good trading plan should include a set of specific goals and objectives, a defined set of entry and exit..
In trading, the daily and weekly time frames are considered to be the best for a number of reasons. These time frames provide a good balance between short-term and long-term perspectives, and offer a number of benefits that can help traders to make informed and profitable decisions. One of the main reasons why the daily and weekly time frames are the best in trading is because they provide a more comprehensive view of the market. While shorter time frames, such as the one-minute or five-minute time frames, can be useful for identifying short-term opportunities, they often lack the broader context..