I am fx beginner. And I trade Daily time frame , is it good for me as a beginner? If no which time frame is the best for newbies
I suggest you spend some time at pipschool then run a demo account. Until you understand fx a bit and see how you can fit trading around your everyday life its not possible to answer your question
OK, thanks for your suggestion
M30 and m15 is best time frame for beginners , they can make small targets and achieve them in short time. This time frame support them to get some profits with short term trading . They can had over view of hourly time frames too.
The choice of time frames are wide so you need to consider some factors to know what is best for you. The most preferred forex time frames for beginners are 1 day, 1 hour and 5 minute so they can test their feel on the trading. Each price bar represents one day showing a change on the chart will be observed once a day. New price bars will appear every hour, putting more data on the chart for analysis. A new price bar appears every 5 minutes, showing market changes fast and in greater details.
There is no such thing as best time frame. There is no such thing as market time frames. Markets are a continuous string of quotes from open to close. Forex markets never close, so how can we assign a time frame of say 15M and say an open and close of every 15 minutes is best?
You choose what time frame you want to trade based on your risk tolerance, how long you want to hold a position, and how many trades you are looking to take. It also depends on what mispricing you are looking to exploit.
Personally, as I noob I traded on 1M and 5M and I thought it was very helpful since it taught me the structure of price rather quickly. The problem with trading the Daily is that you’ll be waiting forever for set ups to occur, so you don’t get the experience fast enough. However, from a loss-taking standpoint for noobs, the daily will be the least hurtful and you may even make something from it.
Once you figure out how markets actually work, you will realize that you can make money on different time frames with different inefficiencies. There is no best in forex.
I think nothing exact times for the best time fram for any beginner traders , its depends on style of each individuals . but almost beginner traders have high pssion to trade more and more then they will choose lower H1 time frame such us trade in M1 , M5 or M15 Time Frame
This depends on what kind of approach you are using. If you are using price action, then the daily is perfect and the lower time frames are horrible because “signals” are practically irrelevant on such a small scale. Think of it like this, the time frames are like fractal representations of price movement. The lower time frames are small movements, within the larger movement. You shouldn’t trade on “noise”.
I am happy for you that you are trading on the daily time frame and encourage you to stick with it. I think the question you should be asking is, what time frame do most successful traders use? I don’t have stats to back this up, but my money is on the daily. There are many reasons why I believe the daily is far superior, based on my experience with price action trading, however even if you don’t trade using price action - consider this…how much thought and planning are scalpers putting in to each trade? I believe that trading the lower time frames encourages gambling type behaviors (with pleasurable and addictive responses in the brain), new traders almost always go through a period of trading lower time frames, I think because they want that constant excitement and action…and most new traders do not make it.
When you have a good understanding about your leverage you can start trading different time frames… usually bigger time frames go with smaller leverage and shorter with higher (when you have a plan that is…)
I thank you guys for your wonderful suggstions and advices
I will add suggestion for you, I think that the best time frame for beginner is using at least 3 TF.
Lowest TF for enter market, and bigger TF for finding and deciding the trend. I’ve trade in forex for more than 7 years guys, in many brokers too. In Liteforex, Roboforex, FxPro, Mayzus are my favorite broker.