Time Frame Used for Forex Trading
The thing that makes many newbie traders fail is because they use the wrong time frame that doesn't suit their character.
That's because those who are new to the forex trading business are easily tempted by the term get rich quick money so they use very short time frames such as 1 minute or 5 minutes. And as a result, many of them are stressed or frustrated when what they expect doesn't work as expected. And in this time frame you hardly have time to analyze market conditions.
Some traders may be very suitable and comfortable using the 1 hour time frame. This time frame is longer but not too long. In this time frame very little signal can be obtained but not too little either. Trading using this time frame gives you less time to analyze the market and doesn't make you rush to make decisions.
But on the other hand there are some people who will never even trade forex using a 1 hour time frame (scalper type) and according to them this time frame is too slow. He will die before he can open a trading position because he waited too long.
But there are also those who only trade with daily or weekly time frames because with this time frame they can do market analysis well and the signals are clearer and not too fast.
So where are your options? whether to use a time frame that is too short or too fast?
To choose this you should adjust to your abilities and character. If you are still working and don't have time to always keep an eye on market conditions, then you can learn to use charts with slower time frames because this can help you focus more on analyzing the price movements of currency pairs.
I first traded forex using time frames of 1 minute, 5 minutes, 15 minutes and 1 hour. Because many experience frustration due to not being able to properly analyze the market then try using the daily time frame. And all of these things are natural when you first enter this business.
And almost all forex traders must have experienced this until they found a comfortable and safe zone for forex trading. So before you use real money for business, please use demo money (free) and choose a time frame that matches your personality or character in trading.
Related Post:
1. Forex Trading With Multiple Time Frames
2.Time Frame Used for Forex Trading
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