Podcast:

Confusion over which time frame you should trade?
In this weekly video:
00:27 – Which time frame chart should I look at?
01:11 –  A few options for you
02:02 – Only trade on the close of the candle
02:58 – Dedicate 1 hour a day to trade the shorter time frame charts
03:31 – I trade for 1 hour a day
04:44 – Different charts showing different things
06:10 – Complete confusion
Do you get confused trying to understand which timeframe Forex chart you should be looking at and you should be trading. If that's you, listen up, I've got some really important information.
Hey Forex traders, Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 297.
Now a lot of people come to me and they say, “Hey, Andrew, I'm confused with which time frame chart I should be looking at.
Which time frame chart should I look at?
Which is the best time frame? Should I be looking at 15 minute charts, should I be looking at hourly charts? You also talk about trading daily charts, Andrew, so which is the best?” Now the answer is there is no one right or wrong time frame chart to trade. And it really depends on a number of things but also it depends largely from your point of view, the things you can control is what type of trader are you? And how long, how much time per day or per week do you really want to start or sit looking at charts on your screen? So you've got a few options. You could be the sort of trader that likes to sit and watch charts and you might like that price action, seeing price moving around quite a lot.
Which time frame chart should I look at?
If that's you, then you should definitely be trading for shorter time frame charts, probably one hour charts and below, so 30 minute, 15, 5 minute, that type of thing.
However, if you are the sort of trader who likes to trade less and you've got other things to do, you've got jobs, you've got family, you've got other activities that you like to do, and you just want to say, I want to trade for a few minutes once a day or like that, then you should definitely be looking at the longer time frame charts. Now things like four hour charts possibly might be the shortest that you go to and you might like the longer time frames charts like the daily charts, weekly charts and even the monthly charts. And the great thing is with the way that I trade is, I only look at taking a new trade or potential new trade at the close of any candle.
Only trade on the close of the candle
So we are now into November, now we've just taken six trades based on the close of the October charts. Because they are monthly chart trades, they have some very big rewards to risk ratios, up around four to one. Now I've just placed those trades this week. I put six of them on and they've got half of one percent risk each. Now if they, if three of them make a profit and three lose, I'm potentially going to make some very nice profits but it took me just ten minutes to scan through the monthly charts at the close of October and into the first day of November and see the trades that were setting up and taking the trades.
So it all depends when you like to trade, how often you like to trade, that type of thing. The other thing you can do is you like the shorter timeframe charts. There's nothing wrong with those time frame charts.
Dedicate 1 hour a day to trade the shorter time frame charts
What you could do is say, I'm just going to pick one hour a day that I focus on trading, say five or fifteen minute time frame charts, just because you like the shorter time frame charts mean to say you are completely glued to your screen, however the danger is a lot of people either become too reactive with their emotions as in like they force themselves to see a trade because they're trading fiv...