Is the one minute time frame good for day trading or should i use like a one hour time frame
Kyng, I use the following;
5M for 3-5 Pips possible runs to 10 pips. price action scalping
1H for 10- 25 pips. if lagging I close at 5 Pips. price action scalping
4H & D1, 25 Pips or better. drill down or thread the needed scalping.
hey Midwest thanks much man will try the 5 min and the 15 min.
hey which broker do you use?
I trade with a Fund, they are not a broker.
My sandbox account is with Oanda.
I use Tradingview.com for my charts.
It depends on your trading style-i made best experience (scalping some seconds or 1 -2 Minutes) with entry signals 1M, but only if at the same time 5 M says nothing against it .But i also developed an eye for the “overall situation” on higher frames, but as i said, it depends on your entry/exit rules.
OOh okay Kashmaster Thanks much i am currently=y working on my trading strategy
The funds platform is great for trading maybe the best but for charting not so much.
This is really interesting, and by no means a “dig” at you midwest
But, you’ve mentioned pips in your answer. I think it’s important to understand that certain currency pairs move (in terms of pips, which is a terrible measure for this very reason) in varying ranges. Some pairs may have a typical ADR of 50 pips, whilst other exotics may have a 300 pip ADR.
I personally also use the 4H chart, looking to target a 2:1 RR, which at today’s ADR equals about 110 pips from a profit point of view on both EU and GU - this is several multiples away from your 25 pip suggestion when looking at a 4H / Daily timeframes.
What’s important here is that pips are an indirect dynamic measure… you should be focusing on a percentage return vs risk, regardless of the market in which you are trading.
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Oh okay so your saying its best to use different charts from what your broker provides just trying to understand this
yes in this case.
I agree with your emphases on overall equity gain. I average just about .5% daily, overall that’s not too shabby in my book.
As I mature as a trader in experience and confidence and learn the wisdom of leverage AKA sizing I will increase that to 1% and then 2% per day as the piers that I trade with. No, they are not all scalpers in a traditional sense but in my book traders that can consistently earn from 1% to 3% daily I want to learn from.
BTW can you lose the image now?
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Glad to see we’ve come to an agreement Mr West
I’ll make jackshite for about a week or two, i’d even go into negative equity - but i’ll follow that up with a built in position like this week of +20%
More fantasy. More phony balogney.
Average 0.5% per day for 10 years, starting with $2,500, and you end up with just over $200 billion in 10 years. Keep dreaming though, it is good motivation.
Not sure I have 10 years left to live I may have to settle for less,
BTW I only trade about 200 days annually did you adjust for that?
No need to reply. But that for the inspiration.
BTW thanks for changing you icon, looks like you may be a real person with a family.
@midwest Can’t argue math. Yes, I know how many trading days are in a year.
Yes, my picture is 100% real, unlike your claims of fantastical (and phony) rate of returns.
For me 4H time frame is working, so you can also try it. Many traders will suggest you to trade on big time frames so that you can earn more pips.
For me; H1 & H4; yes I mainly use these 2 time frames for day trading.
okay Butter_kiss when i try the 4h i get bore distracted it takes a bit too long but i understand that the larger time frame get you more pips
How many trades you get in a day peter really want to know too me 1h and 4h are slow and would carry over into the next day