How to know what chart to use?

I have been trading for a few weeks now, doing okay with it.

The question I have, How do you know when to use certain charts & graphs.

I have been day-trading/scalping with success for the most part, but I want to make or start making more long term investments {2days-months, etc}.

But It seems like once you get to that part of it, there are less who know what to do and a majority tend to be followers of ‘forecast’, etc. There is nothing wrong with that, I just want to rely on knowing what I am doing along with looking at forecast.

Aside from the 3 levels of Support & Resistance, what are some other techniques for using graphs & charts for making >1day investments??

Search for Swing Trading. Most use fibonaccis etc…

Trendlines definitely, also you can try daily/weekly S&R levels, fibs and candle patterns.

Sounds like you still have quite a bit of studying to do…

So, my best advice, keep your trading scale small, and keep up the good work of trying…

Learn about money management, that’s really the key anyway…

Good luck.

Most important step you can achieve is to understand that you are trading with money you can afford to loose. Then you don’t care about the results and your unattached to the money. If you are trading with money you can’t afford to loose you will age 3 years in 1 year with the anxiety. Once you have money you consider lost, then you can let it grow.

Then pick 1 system you like. That depends on how much you want to trade. Your question, which Chart should I use? Stems off the first question what system should I trade which is determined by how much time do I have to trade. If your answer is only a few hours a week then your a swing trader who uses day charts and buys and sells pull backs and rides channels.

Once you have your system in place paper trade it for 6 months. And keep a journal of all your trade. Learn to trade options as well during your time.

If you can do all the steps and give it a fair shot before you place your real money on the the line, you will be a successful trader.

If you decide you can’t wait and don’t paper trade for 6 months and jump ahead you will fail because the unseen killer in the trading world " your emotions" will take you down.

The reason you paper trade for 6 months is to know a trading system so well, you already know the variables so well your prepared for anything.

If you can manage to heed my advice you will succeed.

Quadpips

Hit the nail on the head.

Having the patience to let your trade unfold over days is a pretty tough skill to acquire in my experience. There’ll be times when retracements might eat up chunks of your profits before continuing in the right direction for you again (or not at all). Sitting through those retracements can be tough to do - it’s something I definitely need to improve on. On the longer trade timeframes having a very solid grasp of the macroeconomic fundamental factors driving the moves is essential in my opinion if you’re going to know when to stick or twist.

You are correct, I have been doing well enough with short term trades.

But I can’t develop the means of making any longer term {12 hours +} investments.

I have developed a system that works for short term, but I am not sure what to use for the longer term gains.

And with news breaks, what is the best way to anticipate news?

also, I have been sticking with 4 currencies … 2 pairs pretty much hedging against 2 pairs}. But even though it is tempting to try more, I like just knowing these four.

I have been doing this for fun {I still take it very seriously so please don’t flame} and I might want to do it very long term {career}.

Are you trying to kill the guy?

Please stay well away from options untill you know what you are doing. Speculaters buy options like poor people buy lottery tickets - and about as many win…

Well capitalised experianced professions write options for amatures who cant afford to swing the positions they want to in the cash market - and the amatures get killed 99 times out of 100…

I am not an amateur at trading, I am new to ‘Forex’ … no offense, but why do people ‘assume’ that newbies to forex are new to everything & anything trading.

I just want to trade forex mainly because it isn’t fee/commission based on the same level as stocks & ultimately I have more control over what I do & don’t do.

I only want to do Forex, nothing more at-least for now.

Anyways, actually it is a good idea for anyone to ‘learn’ anything as he suggested, learning doesn’t hurt … practicing it does if you don’t do it correctly.

My main concern was just that I want to know the best ‘tools’ from opinion on how to trade 12+hours bids.