Which Timeframe is Best for Trading?
The three most common timeframes are intraday, daily, and weekly. Choosing which time frame to use is almost as important as selecting the strategy that fits your trading style and personality.
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It is generally advised for beginners to trade Higher Time Frames Charts as they have less false moves.” noise” and the patterns (Double Tops, Double bottoms, Head&Shoulders) are more reliable.
Intraday charts are the 15 min, 30 mins and 1hour charts. (Those less than 15 mins are for scalpers)
To trade intraday charts you will need to devote a lot of time to the markets, and this may be impossible if you have a full-time job or other responsibilities-cooking, taking your kids to school et.
Trading intra-day, however, guarantees a profit at the end of the day provided you hedge your trades by entering different pairs. Any losses will balance with winning trades giving you either small loss, profits, or breakeven.
Daily Charts are the most common chart used by most traders because all traders – fulltime or parttime can review the charts at the end of the day. To decide the trend- Is it a trending or chopping market? They can also make a bullish or bearish bias for the next day.
Weekly charts are difficult to trade because they require discipline. You must do your analysis during the weekends and stick to your bias till the next weekend. It is very easy to change your trade direction in the middle of the week, to move your stop loss, or to take your profits early.
You need to resist looking at the live charts constantly during the week and to keep your emotions in check. If however, you can master the weekly charts, there is much money to be made, and you will ride the trends longer.