Sorry this is a super noob question.
I’m aiming to be a day trader.
They say to be a day trader, less than an hour time frame is for day trading.
Now which minutes is best for day trading?
1 minute?
2 minutes?
5 minutes?
10 minutes?
15 minutes?
30 minutes?
45 minutes?
etc…?
and why?
another questions are when to use 1 minute? 5 minutes? 15 minutes? 30 minutes?
or 45 minutes? and why?
Thank you very much.
It rather depends on what sort of trading you’re trying for. If you’re a scalper you won’t mind a busy chart, bordering on frantic, if you’re looking to capture a move then you’ll want something a tad slower.
Personally, my Intraday trading is entered off the 5 minute chart and the Hourly, capturing little 20 pip moves quite often. I find the 1 minute pretty meaningless for my purposes. But there are plenty of traders who look to scalp the 1 minute.
According to me, daily & H4!
The Daily is my preferred chart to trade from, but the OP asked about day trading.
Bingo!
4-H, daily, following weekly trend potentially or could be contra on The daily trend or even the 4-H trend before you pick minutes think about a strategy, think about protecting your capital, understand leverage of your account, leverage provided by the broker and the myriad of other questions I’m sure people will bring to your attention.
Welcome to The Forum! It’s a great place to learn with super friendly people!
KC
I use the 1H chart and it works fine for me, I dont like less than that.
Only H1; or H1 mainly (and others time frame according to market requirements).
That depends on what kind of trader you are or what kind of trading strategy you use. For example, scalpers usually use 5 minute to 4 hour chart.
Whatever the trading style I trade, I always count the Day time frame as my major time frame (without scalping only). That’s why, I mentioned.
1 Hour is usually what I base my decisions off of.
I do use the 1H with the 15MIN & 4HOUR to give me perspectives from both extremes.
Hi and welcome.
In my opinion, there is no such thing as a super noob question. These questions cause many to pause and think about their own strategies and plans.
You have stated that you are aiming to be a day trader. That is a good start. That also means that you plan to be in and out of a trade without holding the pair overnight. So I’d say start off by trading only on Mondays thru Thursdays, or even Tuesdays thru Thursdays. I have read many a “guru’s” advice that a day trader should be cautious about trading on Fridays - I don’t exactly know why they say that but it must be because results may be less predictable than those on the other weekday (trading) days.
Now we come to choice of when to enter the market. Many traders prefer to plan just before European opening and enter their trades either just after Frankfurt opening, but more frequently just after London opening. In any case, I’d say that the time frame to determine at which price to enter and in which direction most often is the daily (I’ve read quite a few strategies and plans over the past 30 years), and some say to use the 4 hour candle to try to get timing entry correct - and enter just after the end of the four hour candle (that being, I assume, to be 8am London time, but could be another time depending on where the broker is based.
I am not sure whether my answers can be of any use to you until and unless you have decided what your trading plan is going to be, and then the ideal timeframes and entry times should be part of that plan.