Learning the Set and Forget Concept – Price Action Traders Mindset Part 11

Welcome to part 11 in the Price Action Traders Mindset series. In this part we move onto something a little more new and that is the concept of learning and using set and forget. This is a concept that is often left unheard of, yet is a way in which a trader can move past many emotional obstacles when trading the higher time frames.

Now you are probably wondering, what is Set and Forget, well rightfully so, in basic terms it is the concept of setting up a trade on the higher time frames such as the daily or weekly chart and then going and doing something else.

Below video: Video going over the set and forget concept


In Summary it can be Described in this Way:

Doing the analysis, looking at potential risk ( where to place stop loss ), looking at the potential reward then setting it up and then after, walking away or closing your MT4. You see many traders assume or fall into the habit of believing that trading needs to be watched or something similar.

meditation zen

The truth is that unless you are a day trader then watching the charts can literally hinder your performance. The reason being is it creates an emotional battlefield for most traders. That is where sayings such as “sitting on your hands” or “tied down to a position” come from as they represent to emotional force causing the trader to force themselves to stick to there trading plan while watching the charts. Does this sound familiar?

That is where setting and forgetting comes in and has its advantage, you see it literally takes if trading the daily chart around 15 to 20 minutes to go through around 30 pairs. If it takes you a little longer do not stress, with practice it becomes quicker and quicker. This can be done after New York close candles and once done you either have one of two things, you either have a trading opportunity or you do not. If you do, you can then just simply place the trade, place the stop loss and targets and not come back to check until the next daily close time when checking for new signals.

– Set and Forget Until Next Assessment, when Daily Charts that is the Next Day New York Close candle, If Weekly, that is the next week market open New York close candle..

By doing this activity, you give yourself a certain type of edge, first edge is that you have taken away emotional control, the need or feeling for many traders to close there trade after opening and secondly you are following your business plan. Nearly all those that watch charts continuously if trading the higher time frames have this fault, the reason being is they are seeing trading like a job, when in reality you should see it like an investment instead.

engulfing trader packageIf you are following a good strategy ( such as The Engulfing Trader ) and your trading plan, then that is all you need to know, you have done your analysis, you have done your work, now it is time to let it develop.

You see watching the trade only causes frustration, fear, anxiety and conflicts in your trading plan ( when not day trading ) and it is not a needed reaction. Instead you can disassociate yourself from that emotion completely by following your plan and keeping it simple.

Overall, it comes down to this, controlling emotions, controlling fear and the Set and Forget concept can help remove you from that association. Not only that it gives you another benefit when trading the higher time frames and that is Time, another valuable currency.

About Timon Weller

Timon Weller is the professional Trader behind the blog Forex Reviews as well as a Teacher of Price Action Trading and creator of the popular Training Series teaching people how to trade Price Action effectively called The Engulfing Trader. For other Forex Training available here at Forex Reviews click here.

For more on Timon Weller Click Here. To Learn more about How to Trade the Market and get updates Click Here.


  1. Hi Timon!

    We all know that we love our money. We all have emotional attachment with it. But we have to adopt “Set and Forget” concept in our Mindset to accomplish long term goals. For example, when we do back testing, we are not emotionally attached with it because we are not risking our money. So, the results are in front of you. Your strategy makes solid consistent profits.

    So, we have to completely destroy this emotional kind of odd feelings and become close to a robot. If you have “belief” in your strategy, money will come consistently.

    Love your videos Timon. Keep up with this good work. Thank you!

  2. Very true words there Umar, thanks for the comment.. 😉

  3. Hi there Timon,

    I hope your having a great Easter Weekend.
    I have been following your price action mindset series and I was wondering if you could recommend a good price action book on the subject.

    Thank you for everything ! I really appreciate it.

    • Yeah, good question Edwin, I will bringing out a book on high probability price action setups in the near future called The Price Action Traders Handbook.
      There are many books on this subject however most are lacking in showing what to look for in high probability price action trading.
      Will keep you all posted on when this is available.


  4. John Rungen says:

    Thank you Timon,
    Great video and excellent tips and concept. I am of those trader who sit and watch a trade .
    I will take on the set and forget methodology.
    Best wishes,

  5. Hi Timon thank you for the great tips ,very good information. Thanks again Jim

  6. Hi Timon

    Yeah, I have gotten over the fear factor now after The Engulfing Trader Series and am more focussed on the analysis which is how you should be. I do check a couple of times a day at work though in case I need to make any adjustments but if I don’t it is not an issue to me.



  7. A very good description of human behaviour, the sincerity and clarity of these words are really
    a wake up call to a better way to trade. I will stick to it from now on.
    Many thanks.
    Alfredo Garcia

  8. Christos says:

    Man this information is gold in the stage of my forex career! Thank u

  9. Ken Morand says:

    Timon….this video was just totally inspiring ! Thank you so much.


  10. craig donald says:

    Hi Timon, I have just watched part 11 of the video series on Mindset. As ever I found it both useful and informative. I have to say that I do get emotional when trading the lower time frames. That is when I felt trading the daily and weekly charts would be better for me. Yes I have found that sometimes I get stopped out but I just put it behind me and continue.
    Afterall there is high probability but no 100% guarantee! Many thanks though Timon.

  11. Hi Timon
    B Rgds

  12. This is a great series; the set and forget has just come at the right time for me; the over analysis thing is me to a tee; is totally counterproductive; the temptation being that you exit the trade early like you say; and the analysis is done; I have lost sooo much good money looking at the charts for too long . Thanks once again for all the work/vids!!
    (Will be going over the other 10 videos again soon!)

  13. Timothy Sejeng says:

    Hi Timon,

    Thanks for the Set and Forget Concept video and I’m looking forward to becoming such a Trader, because that will be less stressful .

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