On mt4, it’s free! You can watch YouTube tutorials. Hope this help.
I have a question related to this; when changing time frames, should you also adjust your indicator parameters. how do you know which indicator parameters are good for which time frame. if i am using the stochastic with default values on a 1hr chart, will those values still be reliable when i move to a 5min. chart to find an entry?
The minimum risk to reward ratio I use is 1:1.5 R. This means that my target has to be
a minimum of 1.5 times the size of my stop.
If my stop is 100 pips, the minimum size of my target is 150 pips (1.5 x 100).
If my stop is 75 pips, the minimum size of my target is 112.5 pips (1.5 x 75).
If there is a major barrier like the next support and resistance area in the way of my
minimum target I skip the trade, how can I know more about REWARD RISK RATIO? Thank you
For Me when I say reward to risk, I specifically mean I can only risk a certain amount of money. Eg. only 5% of my account. If 5% of my account is $100 than the value of my stop loss must not exceed $100. If I want to use a 200 pip stop loss then I will have to divide the $100 by 200 pips in order to get the Lot size that I will use for the trade. This is my version of Reward to Risk, I hope it helps you.
Thank you for your help
I am not a supporter of using multiple timeframes at a time. It will make you undecisive throughout the day. If you are a longterm trader then you have to stay in higher timeframes as you have to stay long on the market. If you are a scalper then you need to stay in lower timeframes.
Yes, it is! Even, we can verify the market trend by using multiple time frames.
Hahaha, great quote
He didn’t specify the indicators. I think we should work on our analysis and how we jump into trend. I shoot from my hip most times and the result have affected my account
Just felt like commenting, I know you weren’t asking me though
LOL! I used to day trade/price action the 5 &15 minute. My personality began to change. I found myself revenge trading and trying to corner and beat an imaginary broker and beat the house. Went all in once too often. Won big. Lost even bigger. No risk management whats so ever. After 3 blown accounts, am a recovering price action co-holic committed to 2% and use of indicators for now.
hows it going now?
nice and dandy
You mean you are no longer using price action?
To be honest, I use to do exactly this but it got really confusing because each time frame looks different. I didn’t start becoming consistently profitable until I just stuck to one timeframe, the daily chart. I only ever check the 1min chart to see whats actually going on with that pair before I place my trade to make sure it’s aligned whether I buy or sell.
That M15 will get you account eaten up. I prefer the M30 instead
What higher time frame do you use with 30 minutes? 4hr to spot over trend then 30 minutes for entry yeah?
I use both the 4hr and the 1hr to spot trend then place my trades using the 30 min timeframe
Frankly, multiple time frames analysis is super important! 1st of all, we need to findout the trend and in that case, daily time frame plays an important role to know the direction of market!
Yeah @waltoncharles. Totally agree with you. Using the daily time frame is highly helpful, mainly during a new trading week.
I do the same; daily time frame is my main weapon for understanding the market trend! And small time frames are helping me to understand my entry point!