Higher timeframe for investing, lower for scalping or swing trading. Basically you have to choose your trading style first. In the first case you make small amount of trades, save on transaction costs and don’t care about execution quality. In the second case you have to be more demanding on this matter and may spend some time to search a broker that suits. Personally I tend to develop and use scalping strategies and use Hotforex raw spread account to test them. The best timeframes that work for me is 15M and 30M
When I started trading, I used the 5 minute time frame but now I have moved to the 4 hour time frame. With time, I realized that higher time frames have low noise interference and hence, I get to trade better.
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
I use the 1hr and the daily chart on most days. They have been very helpful. If you are an active trader and concentrating on only trading at a time, then you might want to give a shot to lower timeframes.
Higher timeframe for investing, lower for scalping or swing trading. Basically you have to choose your trading style first. In the first case you make small amount of trades, save on transaction costs and don’t care about execution quality.
In the second case you have to be more demanding on this matter and may spend some time to search a broker that suits. Personally I tend to develop and use scalping strategies and use Hotforex raw spread account to test them. The best timeframes that work for me is 15M and 30M
The lower time frames can be risky because traders generally tend to make more mistakes during those time frames. A single mistake can cause a tremendous amount of loss in terms of capital.
NY cross over, 12-5PM GMT I’ve found is the best times.
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Low time frame trading is generally for scalpers; use very low amounts of money for trading. It is the best method for being safe in these lower ranges. Also low time frames can give you endless opportunities for trade but it cannot give you the whole market trend like the 24 hour charts.
The spreads are equally important in the low time frames because if you don’t consider the spreads in security like forex, more than 20 percent of the profit can go into spreads. Moreover choose the brokers which have low spread like I am using Alpari, XM, Fxview and IB because I don’t want to lose money in spreads. Near zero spreads is the best thing which can happen in low time frames.
Day traders can use the lower time frames with good indicators like the Market Depth, Stochastic oscillators, RSI etc. which helps to make the right decision for the trade. Along with the spreads there are other things like leverages and positive market trends which would help in scalping.
Automated trading can be a boon for traders because you can fix the position for the upcoming trades. So for example for the upcoming 15 minute to one hour blocks you can set the script for the same. The MT4 and MT5 platforms offered by various brokers like Fxview, FXTM, Oanda etc. are very easy to code scripts in. I just wish that MT4 and MT5 platforms scripts were compatible with each other.
MT4 is the best, compatible with almost all EAs.
I think the London session is the perfect time to trade. It is possible to understand the momentum of the market by trading at this time.
MT5 is way better bro because it supports integration with Python. I use MT5 from Hotforex after making my strategy automated and transferring it into VPS near their servers I finally saw welcomed progress.
Though the choice of time frame will solely be yours, generally, most professional traders prefer trading on the higher time frames. The reason for this is that they give you better control over your emotions and because of the slow price movements, you can properly analyse the market and take calculated risks.
I agree with you, It depends on the trading style, In case of swing trading time does not play much role
It is different for every trader so you need to decide what suits you and works best for you
I think MT4 is the best platform for trading. I like that platform a lot. And I feel very comfortable trading on that platform.
yeah i feel the same but am looking at moving over to the MT5 platform i feel a lot more is moving this way and the bugs have been worked out of it now its like upgrading to windows 10 took a while but you will have to go at some point
Personally, I don’t believe in anything like the right time to trade. Every time when you know in which direction the market is going and have the money to put into the market, it is the right time to trade. In fact, instead of waiting for the right time, you should focus on honing your skills so that every time turns out to be the best for you.