Hi Anna…found your web on google…very informative…been trading for a short time now on indices…1m.5m.15m….but wish to try longer time frames…weekly or daily but the wider stops are off putting….need your advice…many thanks…..Alex
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- GBPJPY – Moving Lower January 30, 2012Last Thursday’s short call on the 240 min gbpjpy chart duly in the overnight Asian session, since when the pair has continued to move lower. The chart shows a healthy red trend, with a red heatmap, red volume with my double timeframe also red I am not expecting a reversal higher any timeRead More... […]Anna
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Dear Alex
Thank you for confirming the market you are trading. I have to say that from my own experience I would always recommend starting with a longer trimeframe before progressing to the 1m, 5m and 15m. There are several reasons for this:
1. As a novice trader longer time frames will avoid the emotion that can come with very fast moving markets.
2. In fast moving markets when you are scalping companies may well widen spreads anyway and in some cases even remove automation completely, making it extremely difficult to trade through news annoucements etc.
3. Longer time frames do indeed require wider stops but if you are look at it from the other perspective of having a hundred trades per day with 10 point stop you are effectively risking 1000 points. With longer term trades you may only have 2 or three positions but perhaps with 100 to 150 point stops so your exposure may be half.
Ultimately you must decide which strategy suits your trading style and risk tolerance but please remember that many small losses can appear superficially comforting but can soon amount to a big loss.
I hope the above helps and I should also mention that there is a spread betting site due for launch next week which will cover these issues in more detail.
Kind regards.
Anna