Going with the trend

[nameless]

Hi

I am relatively new to Forex and after a bit of advise i opened a practise account with Oanda.com.

I have spent a bit of time gleaning info from various sources and an overriding tip is the statement "dont go against the trend" or "the trend is your friend".

the problem i see is the trend changes depending on what timescale you look at on the charts on a 15 minute chart it might be a downward spiral but if you switch to an hourly it is on an upwards direction.

Discuss.......

[n_aftab]

Hi there,

there are variuos appraoches to this, long term traders look for the long term trends on the weekly charts and daily.

If you are day trading then i`d guess you would look at the hourly charts for the trend and then and a lower time span for your entry.

There is a blog that bigpipin has started the cowabunga system he`s named it, have a look at that as that goes through an example of what i have said.

good luck!!

[nameless]

Thx n_aftab

I was under the impression that most people day trade, do many people trade long term? if so how do they get round the problem of interest rates or is that not a big issue?

[vladv]

I personally trade intraday most of my time,but now I use to do swing trading,as well!

[n_aftab]

hi mate

I trade gpbusd, so there is very little charges in terms of interest, in regards to intraday trading or swing trading or even longer term trading its down to your personality, some people get stressed trading everyday and some just love it, you`ll have to give it a go and see what suits you.

regards

[rhodytrader]

You definitely have to trade the timeframe that best suits you. Despite what you might read here and in many other places, most people in the markets are not day traders. It's just that day traders are the more visible and vocal group. They're the ones that have time to post on forums.

The question about interest rates was asked. The influence of them varies among the pairs based on the spreads. Certainly, if you are a longer-term trader you want to consider that part of things. If you are a day or swing trader, though, that's probably not a big worry.