pls huz am new in fx trading and since then i have been losing money, pls what the best time frame and indicator one can use as a beginner.

elipec 

pls huz am new in fx trading and since then i have been losing money, pls what the best time frame and indicator one can use as a beginner.

Hello elipec,

This is a very good question you ask.

Your questions leads me to ask other questions such as :

1. How much profit/reward are you seeking per trade?

2. How much loss/risk are you willing to tolerate per trade?

Thanks

goodoboy 

Hello elipec, This is a very good question you ask. Your questions leads me to ask other questions such as : 1. How much profit/reward are you seeking per trade? 2. How much loss/risk are you willing to tolerate per trade? Thanks

base on the size of my equity, i actually propose making ten thousand naira per day and am ready to lose five thousand naira as well
thanks

elipec 

base on the size of my equity, i actually propose making ten thousand naira per day and am ready to lose five thousand naira as well thanks

Thanks

So Risk vs Reward is 2 per day.

Do you want to close positions by the end of market session? If yes, this means you are an intra-day trader, which means IMO, the charts should be looking at 1 hour to 1 min time(1hour, 50 min, 40 min, etc?) frame charts. This way you can monitor price action for more defined entry.

elipec 

base on the size of my equity, i actually propose making ten thousand naira per day and am ready to lose five thousand naira as well thanks

Sorry to say, but with your risk proposal it is pretty clear that even with very cheap FX brokers you will
have a lower limit problem. (Or you use e.g. bucket shops which hide the fees within their spreads.)

You regularly pay minimum fees and your fees per trade show double-digit percentages (>10%) compared
with your P/L per trade - right?

Generally the dominant wavelengths of the market will carry more information and should be easier to trade for the beginner: think hourly or daily. However, you can gain more experience on shorter time frames which could translate into greater advantage.

If the tolerable risk per day is about converted $15 that has absolutely nothing to do with time frames,
much less with rapidly debasing currencies like naira and even much less including minimum fees.

Even taking the naira and buying physical $ or € and sit on it would be more sensible than trading with that profile.

elipec 

pls huz am new in fx trading and since then i have been losing money, pls what the best time frame and indicator one can use as a beginner.

use weekly charts for supply and demand levels, use hourly carts for entry timing... this trading is not easy as pie, forxpeace has a free course that is very good..it starts you in the first grade all the way through collage. coghlan capital has a service that gives good levels for all fx pairs..a lot of the fast money traders on cnbc use them..hope it helps

elipec 

pls huz am new in fx trading and since then i have been losing money, pls what the best time frame and indicator one can use as a beginner.

use weekly charts for supply and demand levels, use hourly carts for entry timing... this trading is not easy as pie, forxpeace has a free course that is very good..it starts you in the first grade all the way through collage. coghlan capital has a service that gives good levels for all fx pairs..a lot of the fast money traders on cnbc use them..hope it helps