Hello, When I started trading about a year and a half ago, I started on a 5mins time frame then decided to move up 30mins and then finally to 1hr. I had major losses and minor gains. Recently I decided to move to the daily timeframe chart and I’ve just been observing the chart movement and the pips movement and I’ve been amazed. I have not traded yet on this time frame. So the question is, which time frame is better to trade on, shorter or higher time frame?
This may help , as went through the time frames
Consider how long you can hold your focus and how much willpower you have. I used to trade 5 minute charts for 8 hours plus then I realized my decision making skills died after about the first hour. Beyond that I started to do dumb things.
I tried daily charts but not enough action for me.
I don’t think it should be about which time frame is more accurate–it should be about you and what you are capable of. Some are fast thinkers, some are slow thinkers. There’s a time frame for everyone.
Well no time frame is best or good for all. Each trader has his/her own trading way and accordingly, time frame selection can vary. You have to select one depending on your skills and capabilities.
It depends on your trading style and the time you want to dedicate to Forex trading.
I find shorter time frames really stressful. I also have a day job which means I can’t be staring at charts the whole day. The best time frame that works for me (and I think works for those with jobs, too) is the 1D time frame. You just have to have a lot of patience in holding trades and really have a trade plan in place.
Well, a lot depends on your pace of life and your approach to the market, I generally believe that a trader should do what he or she wants and provides comfort in the market.
Your trading style decides that. If you are scalping you need to pay closer attention to the market on the day you trade whereas in swing and position trading, you are less affected by the time of the day you place your trade.
I think so, if a person is used to high dynamics and wants to work as actively as possible, it is better to work with short-term positions. And if you are used to a measured and calm trading or can’t devote much time to it - then it is better to pay attention to long-term positions.
Selection of a time frame will depend on your trading style, whether you are into scalping, swing or positional trading. Also, select a time frame you are comfortable with, do not follow anyone’s recommendations without yourself trying it once.
You are correct. One should not stick to anything without giving it a try himself, just on other’s suggestions. Each trader’s view points and liking can be different.
There are many basic aspects that investors and traders should be aware of before doing share trading. Investing in stocks is an exciting concept, and it is all about time. The share price can suddenly surge and fall instantly, as well. The right way to make the decision is by watching the stocks frequently.
As an investor, you should be aware of the stock market timings. This differs from country to country. For currency or forex market, it works round the clock. However, the timings vary for the equity market. Share Trading is possible between Monday to Friday, and there are other public holidays when the market remains closed.
Unless you are aware of the share market timings like the open and close time, you cannot use your funds effectively for getting better returns from the market. The timings for the market are between 09:15 AM to 15:30 PM, Monday to Friday.
For the equity market, the timings are further divided as –
- Order entry and modification: Open 09:00 hours
- Order entry and modification: Close 09:08 hours*
Share market closing time:
- This is for the share market employees, which is between 15:40 hours to 16:00 hours.
According to me, It depends on a trader and his strategies. In the real world we are bound by a lot of things though yet which is the best time to trade has to be determined by a trader himself.
I am going to agree with you completely.
Nothing is fixed, we have to ourselves find the most suitable for trading.
Correct! Each has got his/her own views.
Profit depends on analysis in the Forex market. If you trade according to market context, you will understand when to trade and when to refrain from trading. Trade should be avoided when the market is volatile. It would be better to trade in London sessions with daily analysis.
The best time frame to trade will vary depending on the trading strategy you employ to meet your specific goals.
Honestly, I do not think that there is a particular best time to trade. It all depends upon the market conditions and upcoming events lined up. But I always avoid trading immediately before or after any major event or announcement to avoid major fluctuation.
Entirely depends on what suits you. Your perfect is not going to my pefect and then next person’s perfect etc.
It totally depends on your approach. If you are comfortable in working actively then you can go for short term positions but if it makes you anxious or lose track then don’t risk it