What time frame should a new forex trader be most concerned ?…. with: 1 hour, 4 hours, 1 day, or 1 week? One of the reasons newbie forex traders don’t do as well as they should is because they’re usually trading the wrong time frame for their personality.
New forex traders will want to get rich quick so they’ll start trading small time frames like the 1-minute or 5-minute charts. Then they end up getting frustrated when they trade because the time frame doesn’t fit their personality.
For some forex traders, they feel most comfortable trading the 1-hour charts.
This time frame is longer, but not too long, and trade signals are fewer, but not too few. Trading on this time frame helps give more time to analyze the market and not feel so rushed.
On the other hand, some people can never, ever, trade in a 1-hour time frame.
It would be way too slow for them and they’d probably think he was going to rot and die before they could get in a trade. He prefers trading a 10-minute chart. It still gives him enough time (but not too much) to make decisions based on his trading plan.
Another person may not be able to figure out how forex traders trade on a 1-hour chart because he thinks it’s too fast!
He trades only daily, weekly, and monthly charts.
So you’re probably asking what the right time frame is for you….
Well buddy, it depends on your personality.
You have to feel comfortable with the time frame you’re trading in.
You’ll always feel some kind of pressure or sense of frustration when you’re in a trade because real money is involved. That’s natural.
But you shouldn’t feel that the reason for the pressure is because things are happening so fast that you find it difficult to make decisions or so slowly that you get frustrated.
When I first started trading, I couldn’t stick to a time frame.
I started with the 15-minute chart.
Then the 5-minute chart.
Then I tried the 1-hour chart, the daily chart, and the 4-hour chart.
This is natural for all new forex traders until you find your comfort zone and why i suggest that you DEMO trade using different time frames to see which fits your personality the best.