People always ask me which is the best time frame to use on charts for traders.
Well there is no specific rule to this. If I were to simply reply to this question, i will just say it depends on individual character.
As a Trader, you must understand how much time you have and willing to burn. Identifying your personality and time spent is very crucial to getting consistent result.
Look at it this way, if i have only 10 mins to focus but my strategy requires 20 mins, how is it possible that I will be able to put my 100% on it. In trading, when I fail to give 100%, mistakes are bound to happen and thus reflecting in an inaccurate result(Possibly burning the account unnecessarily).
How I can help is basically giving a rough estimation on how much time is needed for the different time frames.
Minimal effort required and suitable for those working long hours/shifts, parents with young kids, people who are not familiar with usage of computer typically the older generations.
Maximum Holding Period : 1 – 2 months
Time required : 30 – 60 Mins per week
Suitable for everyone who wants to trade at least twice a week. Analysis can be done on weekend.
Maximum Holding Period : 1 – 2 weeks
Time required : 1 – 2 hrs per week
4 Hour TF
For those who have access to charts almost every 8 – 12 hours. This are for people who can afford to have spare time during working hours. Needs to be fast in terms of calculation. Recommended only for those who are able to calculate accurately mentally.
Maximum Holding Period : 2 -3 days
Time Required : 30 – 60 mins per day
Any Time Frame Lower
This are only for those advance traders. This traders are typically full time traders. Most of their trades are intra – day or scalps.
Maximum Holding Period : Less than 1 day
Time required : Lots of time
So base on my experience, this is what i can conclude if you ask me which time frame is the best. So by using this guide, i hope you can better understand yourself and get better result with this guide.
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