I trade mainly off the daily charts, and I teach my students to do the same. If you want to have a realistic chance at making a living as a trader, you need to master trading the daily charts before all else. This is one of the most important pieces of the puzzle of being able to trade for a living.
The daily chart gives us the best combination of accuracy and frequency of price action trading setups. Meaning, you will get a much clearer, accurate, and more relevant view of a market’s price action on the daily chart than you will on any time frame below it. The weekly and monthly charts also provide a good clear view of a market’s overall movement, but they do not provide enough trade setups to be practical enough for the short to mid-term retail trader. The daily chart gives us enough trade-worthy setups each month to be able to make consistent money, while at the same time filtering out a lot of the “random” and less reliable trade signals of the lower time frames. So, the daily chart should be your primary or “core” price action trading chart.
Trading full-time is not about over-analyzing and over-trading, it’s about being a “sniper”; making sure everything is as “perfect” as it can be before risking your money. Combining this high-reward / low-risk “sniper” mentality with a high-probability trading strategy like price action, is your edge in the market, and you must learn to trade the price action setups that I teach on the daily chart first. Focusing your efforts on trading higher time frames will give you a much better perspective on the markets and will greatly reduce the amount of trading mistakes you make.