What time frame should I use.
This is a question that I get a lot for any kind of trading strategy or trading system.
It really depends on many factors but I suggest you to try different timeframes with this strategy and
choose the one that best fits your personality and your availability.
If you are a very calm person and you don't like to open a man trades in the same day you probably don't
want to trade that the five minutes and the 15 minutes charts the same.
If you have a job from 8 to 5 and you only have the evening to dedicate it to Forex trade and you probably
don't want to trade the short time frames because you don't have time to monitor that several times
a day.
Having said that I'm here to help you choose the trading style that is perfect for you.
The first category of traders that I want to show you is scalper.
Scalpers usually hold the day's trades from a few seconds to a few minutes.
The goal is to get a small amount of paper trades.
Scalpers usually focus on very low timeframes like one minute or five minutes at mossed.
This technique is a double edged sword because it is true that you can earn the money in seconds but
you can also lose money in seconds.
Also you need to consider that for small targets the spread has a bigger impact on your positions.
In addition low timeframes are very hard to raids and have many false signals.
If you are at the beginning of your journey as a forex trader will not suggest to start from here.
The second category is a day trader day traders focus on short and medium term trading usually holding
down positions for less than one day.
The main time frames used by day traders are 15 minutes and the one where if you are a kind of trader
who has time to trade who likes to trade during the day but doesn't like the crazy fast action of scalping.
Then that day trading is for you last category is a long term trader.
Usually this category is also subdivided in swing traders and position traders swing traders usually
focus on four hour and daily charts.
But sometimes they also like to use the R and the charts.
I'm a swing trader for example and they mainly traded the one hour chart position traders gave more
importance to daily and weekly charts and they usually hold day positions from several days to several
months.
I have studied and tested their strategy the strategy that we're going to study in this course.
Any timeframe.
I mainly traded with the 15 minutes and hourly chart.
I have once opened a longer term investments that I publish on my Twitter page using this strategy on
the weekly charts.
There is no perfect timeframe for this strategy.
There is only the perfect time frame for you.
So spend the time to think about it try to trade all the time frames to understand which one is suitable
for you and then you're ready to apply this strategy successfully.