Hi folks, what in your opinion is the best time frame to trade?
I like the 4 hour chart or the 1 hour chart, the only issue I have is the psychological aspect of seeing the trade going badly and the large pip movement when it does go bad affecting money.
Anyone any opinion?
Many thanks.
It is considered that the higher the time frame, the more probable so Month, Week and Day.
Do you need to constantly check your trades or do they either hit SL or TP? I personally make rash decisions when I obsess with my trades.
Definitely higher! Focus on the macro trends first. Use monthly and weekly for key support/resistance. Then daily.
After I’d consider what kind of trader do you want to be. Intraday? Then 4h, and 1h are your friends.
Don’t have time to trade every day, all day? Then swing is your best bet and stick to the daily so you can allow yourself 24 h to react.
Best of luck!
Hi DomBhoy67,
If you are a beginner, I will recommend you to trade the big time frames like Monthly/Weekly/Daily. If you go lower than the daily chart you will easily get confused base on my experience. Once you get used to these time frames I then try to trade the lower time frames.
Hopes it help!
I recommend scalping lower time frame charts as the variance in higher TF charts is huge and more suitable to larger accounts. Howevever whatever you decide to trade I recommend sticking to that chart instead of trying to understand the market on every TF. That takes years of experience.
guys gave you good opinions.
Additionally, took me years to actually understand what it means that the price will go through the least resistance. It is a cliche that sounds almost stupid, cause you gonna ask, how do you supposed to know? It just goes and there is no real tell.
Before swing trading it is a good idea to reap the market just from level to level. On S/R watch for the price action and for reverse patterns. I dont mean patterns particularly by the the book, but by your own observation. That will let you use tighter stops. And also good to have on mind, once your bias is made up, trying to get fill as close as possible to your determent SL.
It depends on your trading plan. Do you have one ?
Let’s say your trade plan demands you 1000 pips by week, 4000 by month. Now, we have a measure to give you a possible better timeframe. Because will be hard and highly risk a trade of 1000 pips in one day. But, maybe, in two or three assets you could do 4000 pips by month. Would am I being clear ?
So, I guess that a good tip would be: don’t get stuck with the timeframe. Worry about be correct in your trades. If you did a trade, and it were right, you can carry this trade for days, weeks or even months. The timeframe isn’t the most important. Correct entry points and exits, yeah, it is.
I hope it could help you,
Raphael,
FXBR Team.
Thank you guys some great response as usual.
Beginner should always try to start with higher time-frame which is daily, weekly or monthly. Although, daily is the best bet for you. Do not let the psychological aspect get to beat you. Keep practicing more before you feel you are ready to do it.
Thank you for the points, since I’m new to trading and looking for some strategy before entering into live trading.
week ,day, descending but with practice and an inquisitive mind you find out for yourself