New traders will like to trade in short time frames like 1 minute or 5 minutes however, these timeframes can be pretty bad for them.
On the contrary, every trader should test out the timeframes and pick the one that suits their personality then trade in such a timeframe.
The two criteria to put in place are:
- Does this timeframe allow me to study and plan out the trade before I make a decision?
- Does this time meet my ‘Not Too Long Time Period’ i.e. Will you be patient enough to see out the trade-in this timeframe?
If you can come up with a timeframe that meets those two criteria, then you are good to go.
There are some traders that think the 1 hour timeframe is too long, and they can’t simply wait for 1 hour before making a decision.
On the far contrary, some traders don’t even trade the 1 hour timeframe. And it is not because the time is too long, but because they believe it is too short for them. Such trader’s trade daily, weekly and monthly timeframe, a popular example is Yusuf O Ganiyu and Warren Buffet.
In conclusion, use the two criteria to determine where you fit. Another thing you should put in mind is your capital. The shorter timeframe will mean more trades and more trades will require more spreads. Longer time frame less spread.
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