Most Forex traders have no idea how or why Forex prices move and make key mistakes in the way they trade over time. In this article, we will look at three popular time frames and see which is the best time frame to trade in your trading strategy.
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In the Forex markets, all the main news about supply and demand will be shown in the price action, as well as the views of all traders, so let’s divide the price action into 3 time frames.
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Long-term trends
Major trends in currencies that last from several weeks to many months and reflect the economic and political health of the country’s currency. These big foundations are slowly changing from expansion to contraction, which is why these trends have been going on for so long.
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Intermediate trends
While large fundamentals prevail in the long run, in the short run traders’ emotions can raise prices far up or down, and this can be seen in intermediate trends, within the big trend, which can be either with the main trend or against her. Usually these trends will last from a few days to about a week.
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The short-term trend
This is the action within a day and in fact it is not a trend at all, but just a random price action. In one day, prices can go anywhere and they do.
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What is the best time frame for trading?
From the above, it is clear that trading with long-term trends can give you the most profit with the least amount of work. All you do is enter the trend and keep it – but long-term following the trend is really only suitable for a trader who is patient and disciplined.
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Trading intermediate trends can be very profitable and requires less patience and discipline than trading long-term trends. You can make money in both time frames and the one you choose will simply depend on your personality.
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I haven’t mentioned day trading yet and this is the most popular time frame for trading, but it doesn’t offer you a real chance of success. There is a large industry that sells unwanted robots and other so-called low-risk daily and scalping strategies, but they don’t make money and day traders lose.
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If you want to win in Forex trading, do not make the mistake that the majority makes, and trade short-term – trade longer-term and you will have the chances on your side and you will be able to make a great second income.
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