Is it more consistent and profitable to trade using the daily chart and leave positions open for a few days at a time before closing them or is it more consistent and profitable to use a shorter time frame such as 15m or 1h? I know the different time frames are used by different types of traders, but overall, which would be more consistent and profitable?
It depends what you are best at.
Quite, it’s like boxing, you can’t ask which is better, a slick, defensively-minded counter-puncher or an aggressive pressure fighter. Both can be world champion, but the likelihood is that if they swapped styles they would both be beatable.
You can make a double-figure monthly % return on your account using either style. Not that many people mix the two, so I would suggest trying both out. You will probably realize pretty quickly that you find one more natural. That is the one that will make you the pips!
The other thing to bear in mind is that with daily TFs you will need a wider stop than on 15min or 1hr TFs, and hence more money in your account. Your best tactic is to open a demo with exactly the amount of money you would have to trade if you went live and see which fits your lifestyle, personality etc
Not necessarily, unless it is a very small account - I risk 1% per trade, so if it is a 20 pip Stop or a 200 pip Stop the risk does not change, just the pip size. Trouble with replicating the live scenario in demo is that it is easy to get back on the horse after a losing trade in demo, as it replicates the mechanics but not the psychology. So gauging one’s trading personality from demo might only work to a certain point.
I was assuming it was a small account, so you are right, point taken.
Both… you can take a long term position to one side and trade the other way in a smaller TF… depends how much time you have available to make your analysis
just be careful with your money management.