Good day traders
I have a problem as a begginer trader with the application of time frames i dont know which time frames are suitable to hold a position for a certain period of time like for example if you are looking to hold a trade till market close for the day or which timeframe is best suited to scalping when doing analysis
Your feedback would be most appreciated…
IMO, the Daily chart provides the necessary information regarding the long term trend. Scalping could take place there, when support and resistance zones are in play or at any lower time frame, where shorter supply and demand zone price movements could go any which way.
Only experience will gradually lead you to where you feel comfortable enough to focus on one process that is your edge.
As for more info, on Youtube, Trader Nick is genuine and his explanations of his trades make a lot of sense - and which should also help you understand whether it would work for you.
I could write a book on this, as have many others, but do more of what works for you and less of what doesn’t.
Best of luck.
I’d say start with 4H or 1D timeframe and read the chart and their pattern so that you can try to find out S&R levels and make your way with your order… All to be in demo just to be safe.
Hi, leave day trading and scalping, get more knowledge as a start and back to this idea in couple years. Regards Greg
Setting your goals to include long-term, mid-term, and short-term time frames will not only help you create a more comprehensive plan but also allow you to more easily identify your accomplishments along the way
scalping is really profitable but sometimes it causes a great risk in spite of having good money management , so it is more appropriate not to scalp most of time.
New and thinking of scalping. I wish you a good luck.
Take it as a advice - Never take impulsive decision in trading. Start analyzing charts on good charting platforms first and make trades on demo to understand it better