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Chapter 23, Part I. Multiple Time Frame Intro. Page 3

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 23, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

    Aug 28, 2009
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    Commander in Pips: This is cracking thought and another error of newbie traders. They think that 5-min chart is better than the hourly and by looking at 5 min they can be ahead of the hourly chart and predict it, but they are wrong - all time frames react simultaneously on the price, since you see price moving on all charts at the same time.

    Pipruit: So, what we have to do then?​

    Commander in Pips: First, you should try to trade on different time frames. You will find many traders who trade at absolutely different time frames. As a result you have to find the time frame that is most suitable for your personality. It’s absolutely true that you will be under pressure during trading that will be explained by the fact that you trade with real money. But this pressure should be explained by too fast trading or too slow. If you frustrating, since you have to wait for next trading signal too long and this presses on you – that’s not good. Or when you trade too much and in this rush you can’t think and that pressures you – that is not good also.

    You have to find such a time frame where you feel comfortable. First, you peacefully prepare your initial analysis, place orders if it needs to and so on. Then you wait for price action. If the situation has changed – you need time to re-analyze conditions. This also should be in done peace and quiet without any rush and haste. Then again, you look at price action. If this waiting presses you too much, then try a bit lower time frame. Say, drop from 1-hour to 30-min and so on.

    If sitting on front of your PC makes you nervous and you think about other things every time – maybe it’s better to trade on the daily basis. You will have to make your analysis just 1-2 times per day. From the other hand if daily trading is too boring and you need more action – shift to intraday time frames etc.

    That’s why we strongly recommend Demo trading first.
    #1 Sive Morten, Dec 23, 2013
    Lasted edited by : Oct 1, 2016
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