Forex time frame is very important subject to learn Forex and trading Forex profitably but If you are a successful Forex trader then its dose not mater, how you trade, how many trade you take per day, what signal you are using to trade, you are using your own trading strategy or coping trades from others. Those all questions become maters if you are losing your money on Forex market. I am a Forex trader and trading Forex for last few years and I passed those situations step by step. I bought several indicators and signals but end of the day I am now a manual Forex trader and hopefully doing well on Forex trading.
So my dear reader, as like always I want to tell again, Forex trading is very complicated profession. To create a successful Forex trading strategy you have to think many things and make a good plan before you take a trade. Forex time frame is one of the very important parts of the plan and choosing right time frame always gives you an advantage.
If you are new trader then the first question you should ask yourself, what type of trader you want to be? Being frank, taking Forex is only profession for a beginner is very risky. Until a trader pass his first 3 years of trading they even can’t tell, they are going to last on trading at all! Let’s come to the point, there are four types of traders trading on Forex market; (1) Long time trader. (2) Mid time trader. (3) Short time trader and (4) Scalping trader.
Long time trader; long time traders taking their trade for longer period of time and they take very few trades on weekly and monthly bases. They spend very little time on Forex chart and carefully read and analysis fundamental terms. Long time trader’s best choice of trading time frame Forex chart is D1 (daily) and W1 (weekly), even some traders go for MN (monthly) chart too. Usually those trades are for very longer period of time.
Mid time trader; mid time traders other name is weekly trader. They take trades and close those trades within one week. Usually they take trade on Monday, the very much 1st day of the trading season and try to close it before Friday. Job holed and other business man’s best choice is mid time and Long time trades. For trading mid time trades the best Forex time frame is H4 and D1 chart.
Short time trader; short time trader is an intraday trader. It’s a myth in Forex market, intraday traders making the most money on Forex market but this not truth at all. For the beginner traders it’s a bit difficult to make profit on short time market and intraday market price action is very confusing. The news events shake intraday Forex time chart a lot. Short time trader’s best choice of Forex time frame chart is “M15, M30 and H1”
Scalping trader; scalping trading is most crazy trading strategy. Very few scalping traders are making money and most of them are losing money in Forex market. Almost every new trader took this scalping trading taste. They take plenty of trades all day long, like jump in and out from market. The maximum target pips are 5-20pip and Forex time frame chart is “M5 and M15” some traders even dig in to “M1”.
Most of all, to be a successful trader its dose not depends on how many trades you take in a day or a month, it’s all depend on how many trades is profitable and how many are losses. If you wait for the right time, analysis charts properly, gather your knowledge about fundamental elements and with this all calculation if you take only 5 trades a month and all goes to your direction to hit take profit that can give you more money than intraday or scalper traders.
In this Learn Forex Trading – Module No 1 – Video 003 (Forex Time Frame) Forex video lesson will cover:
- What type of trader you want to become?
- Choosing Forex time frame.
- Long time trader, Short time trader or Scalper?
- How many trades per day or months?
- Profit depends on good trade only.
- Trading short frame time is more difficult than long time frame trades.
- Ask yourself which type of trader you are than what time frame you want to trade.
- Intro day trading requires minimum four hours chart analysis a day.
- Trader type and time frame maintenance.
- How many hours a day or week or month you want to make your trading hour.