I have been demo trading for a while and tend to get overwhelmed by which timeframe suits me best. I may have an hour or so in the early morning from about 4 am to 5 am then later at night after I’ve put the kids to bed anywhere from 9 pm to 11 pm. I like the idea of being a swing trader so I don’t have to constantly check my trades but I also like to see instant blue like a scalper. Thoughts on this?
you cannot dictate the market to hours that suit you .the market will move and trend only 20% of the time so you are not going to be able to succeed with the time that you allocate.sorry to be blunt … if of course you are doing as a hobby then thats different have fun with a demo account try different strategies.the one hour always works best for day trading but make sure the 4hr and dailly are in sync, to start with best to be a trend trader as pullbacks are only for experienced traders .risk to reward 1.1 or higher hope this helps
Preferred time frame will depend on preferred trading style. However, I would recommend getting accustomed to using multiple time-frames, regardless of trading style. You can do both, scalping and swing trading, but if you are a beginner, then you may see quicker results by focusing your efforts on one trading style at a time, until you have mastered it.
Totally agree. There are many ways to trade. The right strategy will help earn more money and depend on prefer trading style. If trader can see on the screen all day , he/she might be scalping or day trade to create their strategy. Swing trade is also option!
success on scalping strategy or other something, completely depends on which money management you have , without MM there is no trading approach which works accurately.
There is no such thing as universal best time frame, what time frame is best for an individual trader depends on their strategy. As you say that you don’t have the time to constantly watch the charts I think that you may want to look into long-term trading, so you have to check on them only once or twice per day.
As it was mentioned before, there is no one “best” timeframe, suitble for any purpose. It all depends on strategy. For example, 5M could be used for intraday trading or to look for entry point wit low risk-reward ratio.
Daily charts could be used for analysing situation in general, while 1W chart is for long term investors only.
Well said, you can’t stick to one time frame as the best since the market can fluctuate at anytime. So we should be flexible while trading and adapt to the changing circumstances in the market.
I would say to experiment with different time frames. Because there is no such thing as a best time frame. The difference here is the amount of tick data available in one bar so the larger the time frame is, the more data is available. I think that you cannot settle with only one and if you can take a look at the market only twice a day then probably you should check the H1, H4 and the daily. Bigger time frames could help you identifying the current trend. Of course, like any individual trader, it would be better to make multiple tests first so you can adjust your strategy.
In your case where you have few hours per day I would choose daily trading only because you cannot be focused all the day on trading on smaller time frame than Daily.
During those few hours I would make a strategy and every day check how it is going and prepare for new trade.
Daily time frame can give you more relax and you do not need to watch terminal every hour. You can take a look once a day and it will be enough.
Smaller time frames are much faster and you need to focus on them and watch what is happening what requires more energy and time.
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