Victorial
Active member
Forex and crypto trading involves predicting the rise and fall of the market values for a particular pair of coins or currencies. Traders use different time frames to predict the direction of the market. On a chart, there are 1 min, 5 min, 15 min, 30 mins, 1 hour up to the daily and weekly charts. However, this depends on the kind of trader you are.
I am not a day trader, nor a swing trader. I always involved in scalping trading and as a result, I use the 5 mins chart and 1 hour as my confirmation signal. This helped me to use the strategy to the fullest. Most traders believe using the 1 min timeframe is not reliable as the market is usually noisy and it will have a negative effect on the trader. There will also be no clear signal to use.
What is the best timeframe to use as a scalper or as a day trader and state your reason if any?
I am not a day trader, nor a swing trader. I always involved in scalping trading and as a result, I use the 5 mins chart and 1 hour as my confirmation signal. This helped me to use the strategy to the fullest. Most traders believe using the 1 min timeframe is not reliable as the market is usually noisy and it will have a negative effect on the trader. There will also be no clear signal to use.
What is the best timeframe to use as a scalper or as a day trader and state your reason if any?