Strong-Uptrend

Which Forex Charts Should You Look At

I believe this must be the number one question that most of you are asking when you open your forex platform. I remember when I am new to trading a few years ago, I have absolute no idea which time frame I should look at after I log into my trading platform. Therefore I like […]

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    I believe this must be the number one question that most of you are asking when you open your forex platform. I remember when I am new to trading a few years ago, I have absolute no idea which time frame I should look at after I log into my trading platform.

    Therefore I like to take this opportunity to share with you more about the forex charts so that you will not be stuck with it.

    Below are what you need to know in order to know which forex chart you should use.

    Type of Trader You Are

    There are several different type of trader in the market. You can choose to be a scalper, day trader or position trader.

    As a scalper, you are looking to enter and exit your trades within minutes and therefore you should be looking at the lower time frames like the 1 minute or 5 minutes chart.

    As a day trader, you are looking to enter and exit your trade within the same day. Therefore you will be looking at charts like the 15 minutes and hourly chart.

    If you decide to be a position trader, you will be looking to enter and exit your trade within a few days to a few weeks. Therefore you should be looking at the higher time frames like the 4 hourly and daily chart.

    Therefore knowing which type of trader you want to be will directly affects the time frame you should be using in your trade.

    Type of Forex Strategy

    Besides type of trader, you must also be very clear which forex strategy you plan to use in your trade. There are several types of strategies that you can use namely, forex scalping strategy, forex swing strategy, forex breakout strategy, forex trend strategy and forex reversal strategy.

    In fact, all the above strategies work on all time frame except for the forex scalping strategy which only works on the lower time frame. Do note that all the strategies that I have shared with you here

    I hope that I have give you some tips on which time frame you should be using in your trade. So stay tune and I will continue to share with you more information about trading here in this blog.

    If you are still struggling in your trading and do not have a working strategy on hand, this is one course that you can consider.

    Click Here For More Information

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