What do you think of an advice to use larger trading time frames if you are the beginner and you don’t spend a lot of time trading? Is it easier and less time/effort consuming?
Not wishing to self promote, but if you look at my thread 301 Moved Permanently the first few pages describe exactly what you are suggesting.
Enjoy
If you are learning you might try time frames like 5M and 15M since patterns form more quickly (which later you can use on higher time frames).
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Thank you for the idea, I will try!
What are your requirements? Just curious.
I would recommend longer time frames. I am a newbie like just and I had the very same problem. Having a full time job and a wife that needs my attention I simply don’t have the time to check my trades every 5m or 30m.
I solved that problem by finding a simple system that is easy to understand so I don’t spend most of my time analyzing the chart, and use longer time frames my personal fav is the the H4.
H4 time frame moves at a pace I’m comfortable with. Not to fast like the risky minutes and not so slow that I get bored like the daily’s. Trading on the H4 I check my trades twice a day for no more then 20 minutes at a time.
Another time saving tip that I would recommend is the amount of pairs you trade on. I am currently monitoring only three pairs and they keeps me busy. I think any more would be to much for me personally.
Hope this helps and in the end it comes down to if you don’t mind watching your screen for hours use the minute time frames but if you still want to have a life go Loonnngggg!
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I also went through the same thought when I first started many years back. Perhaps my journey was similar to many people who first get into trading FX. I started on the 5min, then 15min where I constantly tried to work at making constant profits and I never manged to nail it - at least not month after month. Finally I chose the 1H TF, and that’s where I have found my comfort level ever since. I just need to check the last five minutes of every hour in the standard trading day (UK and US sessions) and the rest of the time is spent doing other things to keep myself busy. Having already developed a sound trading method on both entry/exit and risk management all that needs analysing now is the actual results (should they under perform a given bench mark of historical expectations).
I guess some other traders may disagree and like to use various TF analysis in order to find the trade of their choice. However I find sticking to the 1H TF simple with less distractions and conflicting objectives.
The 4H / Daily charts are good for identifying various key levels. I find then using the 15m charts for the actual trade entry are good - helps me identify the momentum when price is at a level that I’m interested in watching. As I work full time that means watching the 15m action on my phone sometimes but if you’ve planned ahead so you know your entry, stop and target profit levels you can enter away and then let things play out while you go do other things.
I think all of that comes down to the individual traders. There is no such thing as one approach fits all.
There is no easy way especially for beginners. If you really want to succeed in trading than you have to spend a lot of time in education and than you will see what suits you the best.
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When I started 4 years back I’ve came to know about Nial Fuller who trades on daily time frame. Back then I though how can anyone trade on daily time frame!!! Its so boring. Then I keep on practicing trying several trading systems from different forums but success hit me only then when I demo trade for full one month only on daily time frame. Then I realized that I had wasted about 16 months of my life and trading on useless indicator based systems.
I totally agree with you and advice you to base your trading solely on daily time frame using price action. There is huge material about price action on internet, search for it, read and implement it.
Thank you for your response and for sharing your experience. I’m more and more convinced that day trading is the best idea.
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I think the important point made in most of these responses is something that you’ll hear from just about any successful trader in any market - [B]Don’t mold yourself to try and fit a system. Mold a system that fits you.[/B]
Whether you trade tick charts or the weekly time frame is an arbitrary detail. Traders of all kinds and backgrounds are able to be successful with various strategies, both short and long term. The best system is the one that [B]you[/B] can trade effectively - one that agrees with your skill set as well as your other life goals.
Trading longer time frames is not bay any way easier. It is a fact that the trading signals will occur lot less, but that doesn’t mean that you should spend less time or effort if you want to be consistently successful trader.
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