Hello friends. I like to trade on 1hour and 4hour charts. It may be day trading or some time hold a trade more than a day… but i have not start it yet and going to practice demo. So guys please help me to practice it. Tell me your succesfull strategies. Moving averages or any ather indicatores or anything you win… i like day trading basically and more than a day is not bad as i think. Help to develop my method. What do you do to get profit with this method… scalping is not good for me so far and i think bigger time frames are better than shoter frames like 30m 15m 5m and 1m.
“Daytrading” and “4 hour charts” are a contradiction in terms.
Even “daytrading” and “1 hour charts” are very close to being a contradiction in terms.
“Daytrading” means not holding positions open overnight. “Overnight” is rather a vague term in forex, with the markets being open 24/5, and most active in different timezones at different times of a 24-hour cycle, but you take my point, presumably? Daytraders are typically using 5-minute and 15-minute charts. 30-minutes at most.
I suggest you read the famous Three Ducks thread - it’s a solid and sensible method, whatever timeframes you use it with, and you should be able to find some success with it, if you have patience, discipline and appropriate position-sizing (most people don’t, of course, so that’s a big “if”).
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That advice from Charlie is the best advice you will ever find. Trade live with a small account and get a feel for what you are good at, scalping or whatever, dont blow your account, ever, trade with stops. Always!