M15 is good for scalping, you cannot day trade or swing trade on such low time frame. Day traders don’t go below H1 in most cases.
I hope this isn’t slightly off topic but I feel it’s an important part of it. You say you’ve started on demo and hopefully you’re on your way to determining some kind of strategy or under standing of how to trade etc.
if you’ve not already done so it’s very important to trade a demo account with as close as possible to the amount you will have to use on a live account.
The forum has a decent number of people stating that they have started and been trading their strategy on demo and it’s working but when you go a little deeper they’re trading a demo account with $50,000, $100,000 etc but can only fund a fraction of that when they start live. It provides unfounded expectation. It’s easy on a demo to make thousands profit when trading large imaginary balances. Not so easy when it’s a few thousand or less of real money.
My advice is while you spend time to understand what time frame and indicators to use is open a demo with as close as possible the amount you will be able to/feel comfortable trading because live is very very different to demo.
Good luck,
All the best,
Shyfx
I personally like 1h time frame because most of my trading is day-trading style. Scalpers mostly like 5M time frame and long term trader prefer 4H or daily time frame. So it is all about out nature that makes a time frame suitable for use, No fix rules here.
The best time frame for me is D1. I trade on daily time frame as its the most easy and profitable time frame to trade on. Majority of newbies start with low time frame but eventually they understand that trading on higher time frame is best for them.
I Have Three Choice . First M30 when i start scalping . H4 when i start week trading.and D1 when i start month trading.its only my trading knowledge.
WEEKLY!!!
-Adrian
hello… i agree to all the replies above… but i would also like to add that… set your time frame according your trade holding… like when you play Intra-day you can go for time frame of 5, 15 or 30 min but if you are a long trader… you can look for longer time frame charts like daily or monthly. And it is not important all the indicators will follow same chart… but instead of changing your time frame i would suggest you change your indicator… try to make some strategies with the combination of two or three indicators… like many traders follow MACD and RSI together. this will help you in giving more clear picture than just one Indicator.
I agree with the above too but it is your personal preference which you will find the more you trade and the experience you pick up. I am a longer term trader not very often when I will scalp the market. I use 1D for direction and get in and out of the trade using 4H or 1H.
Try drawing SR lines on a daily chart over a weekend. After the following week ends, look at a 1H or 15 chart and take note of how often and when your daily SR lines were indicative of SR. I use weekly and daily to help figure out direction, and refine it down as I go 4H, 1H and I trade off of 15M, sometimes 5M.