FOREX THEORY

#forex #trading #elliottwavetheory

Why You Should Look at Multiple Time Frames When Trading Forex

Before we explain how to do multiple time frame analysis for your forex trading, we feel that it’s necessary to point out why you should actually flip through the different time frames.

After all, isn’t it hard enough analyzing just one chart as a forex trader?

You’ve got a billion indicators on, you’ve gotta read up on economic news, you’ve got basketball practice, a Call of Duty session, a hot date at McDonald’s…

Well, let’s play a game called “Long or Short” to show why you should be paying attention and putting in the extra effort to look at different time frames.

The rules of the game are easy. You look at a chart and you decide whether to go long or short. Easy, right? Okay, ready?

Let’s take a look at the 10 minute chart of GBP/USD on July 1, 2010 (7/01/2010) at 8:00 am GMT. 

We’ve got the 200 simple moving average on, which appears to be holding as resistance.

With price testing the resistance and forming a doji, it seems like a good time to short right?

We’ll take that as a yes.

QUOTE OF THE DAY

#quoteoftheday #forex

"Worry is wasting today’s time cluttering up tomorrow’s opportunities with yesterday’s troubles.”

By Unknown Author.

I LUV SSL FXGURU

#forex #trading #video 

QUOTE OF THE DAY

#quoteoftheday #mobilemarketing 

"Hold up your head! You were not made for failure. You were made for victory. Go forward with a joyful confidence."

By George Eliot.

SSL FXGURU'S SERVICES

#forex #trading #video 

QUOTE OF THE DAY

#quoteoftheday #forex

"Hold up your head! You were not made for failure. You were made for victory. Go forward with a joyful confidence."

By George Eliot.

FOREX THEORY

#forex #trading #elliottwavetheory

What Time Frame Is Best for Trading? (Part 2)

You also have to consider the amount of capital you have to trade.

Shorter time frames allow you to make better use of margin and have tighter stop losses.

Larger time frames require bigger stops, thus a bigger account, so you can handle the market swings without facing a margin call.

The most important thing to remember is that whatever time frame you choose to trade, it should naturally fit your personality.

If you feel a little uptight like your undies are loose or your pants are little too short, then maybe it’s just not the right fit.

This is why we suggest demo trading on several time frames for a while to find your comfort zone. 

This will help you determine the best fit for you to make the best trading decisions you can.

When you finally decide on your preferred time frame, that’s when the fun begins. This is when you start looking at multiple time frames to help you analyze the market.

QUOTE OF THE DAY

#quoteoftheday #forex

"The more chance there is of stubbing your toe, the more chance you have of stepping into success."

By Unknown Author.

FOREX THEORY

#forex #trading #elliottwavetheory

What Time Frame Is Best for Trading?

Well, just like everything in life, it all depends on YOU.

Do you like to take things slowly, take your time on each trade? Maybe you’re suited for trading longer time frames.

Or perhaps you like the excitement, quick, fast paced action? Perhaps you should take look at the 5-min charts.

In the table below, we’ve highlighted some of the basic time frames and the differences between each.

QUOTE OF THE DAY

#quoteoftheday #forex

"Change the changeable, accept the unchangeable, and remove yourself from the unacceptable.”

By Denis Waitley.

ABOUT SSL FXGURU FOUNDER DR,HARIHARAN SUBRAMANIAM!!

#forex #trading #video

QUOTE OF THE DAY

#quoteoftheday #forex

"Every success is built on the ability to do better than good enouigh."

By Unknown Author.

FOREX THEORY

#forex #trading #elliottwavetheory

What Time Frame Should I Trade? (Part 2)

Well buddy, if you had been paying attention, it depends on your personality. You have to feel comfortable with the time frame you’re trading in.

You’ll always feel some kind of pressure or sense of frustration when you’re in a trade because real money is involved. That’s natural.

But you shouldn’t feel that the reason for the pressure is because things are happening so fast that you find it difficult to make decisions or so slowly that you get frustrated.

When we first started trading, we couldn’t stick to a time frame.

We started with the 15-minute chart.

Then the 5-minute chart.

Then we tried the 1-hour chart, the daily chart, and the 4-hour chart.

This is natural for all new forex traders until you find your comfort zone and why we suggest that you DEMO trade using different time frames to see which fits your personality the best.

QUOTE OF THE DAY

#quoteoftheday #forex

"The ones who say “you can’t” and “you won’t” are probably the ones scared that “you will”."

By Billy Cox.

WHY JOIN SSL FXGURU?

#forex #trading #video 

QUOTE OF THE DAY

#quoteoftheday #forex

"Try not to become a person of success, but rather try to become a person of value."

By Albert Einstein.

FOREX THEORY

#forex #trading #elliottwavetheory

What Time Frame Should I Trade?

One of the reasons newbie forex traders don’t do as well as they should is because they’re usually trading the wrong time frame for their personality.

New forex traders will want to get rich quick so they’ll start trading small time frames like the 1-minute or 5-minute charts. Then they end up getting frustrated when they trade because the time frame doesn’t fit their personality.

For some forex traders, they feel most comfortable trading the 1-hour charts.

This time frame is longer, but not too long, and trade signals are fewer, but not too few. Trading on this time frame helps give more time to analyze the market and not feel so rushed.

On the other hand, we have a friend who could never, ever, trade in a 1-hour time frame.

It would be way too slow for him and he’d probably think he was going to rot and die before he could get in a trade. He prefers trading a 10-minute chart. It still gives him enough time (but not too much) to make decisions based on his trading plan.

Another buddy of ours can’t figure out how forex traders trade on a 1-hour chart because he thinks it’s too fast! He trades only daily, weekly, and monthly charts.

Okay, so you’re probably asking what the right time frame is for you.

QUOTE OF THE DAY

#quoteoftheday #forex

"What you release into the world is donated back to you."

By Robin Sharma.