|
Re: How vital is the timeframe that you pick for your charts?
Absolutely vital. One of the fundamental bits of the trading plan is instrument to trade and time frame to focus on. (maybe with a higher time frame for context and a lower one to trigger entries).
Its one of the key things you have control over. Along with position sizing it has a direct impact on risk. (and of course potential reward). I think that's one of the reasons new traders and people with small accounts are attracted to ever smaller time frames. Of course the other key variable is position size but if you are trading 1 lot you cant go much smaller. Its tough they get forced down a particular path.
Many other considerations too (lifestyle as you mention...scalping 5 tick charts is demanding & tiring). Its a major decision and not to be taken lightly.
Cheers.
|