MT4 Chart Settings and Strategy

Trading Tech and Tools
1

Hello all
4 weeks into Forex. Demo account looking to go live in a few weeks My “strategy” for Forex so far - need some help

  1. Only trading EUR/USD
  2. Only trading trades for 1 day max- take it im a “daytrader”?
  3. Can scalp but can trade longer but trade longer than two minutes but tend to close trade even if it makes a small profit
  4. Maximum size of lot will only be 1 lot max!
  5. When start to make loss I tend to hold on for 3 days or more until Ive wiped my account- using Stop losses

My issue is when I open a trade what chart setting should I be looking/focusing at M1, M5, M15, M30 or H1? Issue is when I make a profit in the demo account its decent focusing on minute charts when I make a loss its very heavy- not knowing on what chart to focus on or what zoom level (candles etc)

Any advice welcome
Thanks

2

Hello Waqar,

It is not extremely crucial to decide what time frame to use, as a rule of thumb if you are looking to trade several trades throughout the day then it’s better to use short time frames, but if you place one or two trades per day then you might want to look at longer time frames. Don’t focus too much on the time frames because there is no perfect formula.

On the other hand I was just wondering and reading your strategy, you don’t actually reveal what you base your strategy on?

Please keep in touch I’d like to know how things go.

AS

Regards
AS

3

Although I am a bit new to my I thought good to occasionally open order at the time in EURUDS and USDJPY because I realized that always move in the opposite direction so I go to the market contrary in each of the markets and love guided me by e, moving average on 9 and 21

4

Can someone tell me about chart settings- does a 30minute chart mean you should only be in the trade for 30mins etc?