Forex Trading - Trading in Your Own Time

Beginner forex traders often get frustrated with the way their trades are working out. They either get impatient longer timeframes or get flustered with shorter timeframes. The obvious reason for this is that they are not using the timeframe that is right for their personality and trading style. They are also most probably missing out on the big picture by sticking to one timeframe. It is recommended that a beginner forex trader starts with finding and choosing his preferred timeframe. And then, once he has chosen and become adept at his chosen timeframe, he should move on to looking at more than one timeframe just to validate his indicators.

The directionality of the trading trend helps the forex trader determine whether to go long or short in his trade. Stop and profit targets can be strategically set based on the trends indicated in the timeframes. It is a good idea to look at multiple timeframes in forex trading. When watching a set of timeframes, you can compare and possibly catch trends in forex trading that are not indicated in the current timeframe you are using. About three timeframes would be good enough to watch and compare.

Use multiple timeframes to validate market indicators in your chosen timeframe for forex trading. Once you have observed the trends in long-term charts, you can then go on and make your entry and exit decisions in your current timeframe. Stepping back to see the big picture will allow you to make a more accurate reading of the market and consequently make better decisions on your trade.