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Which Time Frame In Forex Gives You The Best Results? (Podcast Episode 3) - YouTube
Channel: No Nonsense Forex
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this is the Forex Q&A podcast this is VP
professional Forex prop trader here in
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the United States and this is the
podcast where I answer forex trading
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questions that viewers want to know and
how do I know what viewers want to know
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well they ask me they go to nononsenseforex.com hit the ask VP tab and on
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that little contact form you ask me
whatever you want as long as it's forex
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trading related and I haven't answered
it already I will get back to you within
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48 hours way more often than not and if
you like there's a little box there you
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can check says I want my question on an
episode of the Forex Q&A podcast and
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that's how we create our shows through
your questions now far more often than
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not was so great about the answers I
give you is these answers are not your
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common stock answers you are going to
get from most people who are out there
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on YouTube or on Twitter or anywhere on
the internet as far as forex trading
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goes most information out there is
consistently terrible if you have any
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chance of really winning in this
industry you need to go outside
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conventional thinking over 99% of all
forex traders never get to where they
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really want to be in this constant sea
of conventional thinking telling you to
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do the same 15 to 20 things over and
over again is what leads to this number
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being so high if you would like to vault
yourself into that fraction of a percent
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that can actually get beyond this this
is the podcast for you because these
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answers you're not going to find
anywhere else most of these people
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online don't trade for a living they're
not able to they can't get to that level
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they're instructors they're news reporters
and they're very good at doing those
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things but if you want information from
somebody who has actually gotten there
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and you want to get there too this is
the podcast for you now the question
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here in episode 3 I love and as always
I'm not just gonna throw an answer out
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there and don't back it up everything I
say whether it's on the youtube channel
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No Nonsense Forex whether it's on the
blog nononsenseforex.com or here on
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the podcast I always back it up with
everything I possibly can and the reason
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I do that well there's a couple reasons
one is to qualify what I'm saying, two a
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lot of times when I give an answer to
somebody there's a little bit of shock
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and disbelief that goes on with the
answer because either a it's not what
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they wanted to hear or B it's not what
they
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expected to hear or C both so just
like a good lawyer would I try to take
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that answer and go point by point and
explain to you why I feel the way I do
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and why I think it's the right way to go
so here on episode (3) let's go ahead and
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get right into the question Thomas from
the Netherlands asked this question and
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by the way you can put your city on
there too Thomas did not I will give
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your city and your country some love
here on the podcast if you like but he
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asks which is the best time frame to
trade Forex I want the best chance of
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winning so by time frame if you're not
familiar on most charting platforms you
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can trade the five-minute chart at the
15 the 30 the 1-hour four-hour daily
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weekly monthly just depends on what
charting platform you have but those are
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the most common and I like I like what
he said at the very ends is the best
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chance of winning yeah you hear me use
this terminology a lot too winning and
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losing I don't know what he meant by
winning but I can tell you what I mean I
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I don't mean win a trade when have you
have a Plus money day or week or session
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or anything like that when I say winning
and I ask you are you winning in forex
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what I mean is are you making consistent
profit over and over to the point where
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you go long term man you look 12 months
after you started or 12 months after you
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really started keeping track are you at
a consistent clip percentage-wise to
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where you can trade real money and make
a good living off that or at least
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adjust a living to where you don't have
to work a job anymore or are you trading
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at a good enough clip to where somebody
can see this and say wow I want to hire
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that person and bring them on my team or
to a lesser degree are you increasing
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and improving at a good enough clip to
where you're gonna get there soon that's
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winning if you're the type of trader who
just wants to do this as a hobby that's
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fine but almost everybody I talk to in a
perfect world would loves forex so much
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just like I do that they would love
nothing more than just to be able to do
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this exclusively and so that's where I'm
trying to get you and that's where the
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my answer to this question is hopefully
gonna get you one day so my answer is
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and it's not even close the best
timeframe to trade
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if you really want to win consistently
is the daily chart and again it is not
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even close now if you hate my answer
don't worry stick with me I'm gonna
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extend an olive branch to some of you
who like to scalp and use smaller
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timeframes but I'm gonna save it till
the end let me explain why first I
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believe more than anything that the
daily chart is the far superior chart to
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trade when you're trading Forex there's
really four main reasons I'll start with
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the first one these are really in no
particular order but really the one I
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like the most is on the daily chart
everything you use every technical tool
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you use works better and more
consistently on the daily chart than any
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other chart out there if you guys know
my background you know that every single
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day after work I would come home and
test one two sometimes three or four
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indicators over and over on every
timeframe on every currency pair on all
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different levels until I found something
that either worked or I saw enough cases
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where it didn't work that I would throw
it away and move on and if there was one
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constant in all of this research is that
every single time the daily chart turned
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out more consistent results than
anything else even if you're using
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horrible tools like trend lines or the
RSI indicator they work better on the
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daily than they do anywhere else in
other words trades win more often now
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that being the case why would you deviate
from that ever why would you not want to
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stack the deck as much in your favor as
humanly possible and don't worry I
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already know the answer for most of you
and that answer is you like that quick
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money you like the thrill you like being
on top of the market the day trading
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aspect of things and that's fine you do
you but I'm telling you right now
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if you want the best chance of winning
which is what Thomas is asking me the
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daily chart is far superior to
everything else in this regard now the
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second reason that the daily chart is
the far superior timeframe to use is you
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don't have to be a slave to the markets
you get your time back you get your life
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back I cannot remember the last time I
spent more than
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ten or fifteen minutes trading
currencies on any given day I alluded to
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this in episode one you guys know I live
in Las Vegas which is on Pacific
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Standard Time and the end of the trading
day is 2 p.m. usually right before 2
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p.m. i turn on my charts I look at all
the currency pairs and the little
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algorithm little system I put together
tells me one of three things make a
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trade manage a trade I'm already in or
do nothing and move on and that's what I
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do and then I'm done and then I go screw
off and do whatever I want after that so
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for those of you trading the five-minute
chart the 15-minute chart because you
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want to get in and get out and make that
really quick money, know this, you're
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trading a lot longer than I am how quick
is that money really and for a lot of
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you who do scalp who do use those lower
timeframes you you know this as well as
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I do the market doesn't always start
moving when you think it's going to so
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there can be a lot of waiting and
sometimes there's days where the market
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just never gets off the ground so you
did all that waiting for nothing I am so
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glad those days are over for me
a forex traders life can either be
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nerve-racking and horrible or it can be
blissful and wonderful and rewarding the
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choice is yours now I could really just
stop there those two reasons the fact
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that everything works better and you win
more often and that you can knock out a
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lot in 10-15 minutes a day and just get
on with your life I could easily stop
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there but I'm gonna keep going I'm gonna
give you more reasons why the daily
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chart is so superior to everything else
reason number three news events matter a
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lot less to you than they did before
holy shit how great is that now what do
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I mean by this well if you're trading
smaller timeframes even news events on
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particular currencies that don't even
have a lot of significance can knock you
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out of your trade instantly if they
don't go your way or we've all seen this
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before the news event was actually in
your favor but for some reason the
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bank's decided to take the opposite way
even though the news event was good and
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then you're sitting there scratching
your head after a losing trade it's a
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really helpless feeling and I decided a
long time ago if I can get those
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feelings out of my trading it's gonna be
a lot better
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It's gonna be a lot less to worry about because
I really don't have any control over
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those news events I like things I can
control and I will never have full
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control over this market what I like
about it so much and the reason I've
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chosen to make a career out of this is
because forex trading is such a rare
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combination of things that I can
actually somewhat control the outcome of
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can you do that in stock trading not
really can you do that in gambling no
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can you do that in sports betting no but
if you do it right you can't have some
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measure of control in forex trading so
why wouldn't you do that and you do that
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by eliminating the things that you can't
control and eliminating these small to
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medium news events is a great way to do
that and even as far as the bigger ones
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go get this if you're technically on a
technical level going the correct way
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long or short in a particular currency
pair even if a bigger news event does
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not go your way you can absorb it
meaning that more often than not if your
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technical analysis is right and let's
just say the price of the pound dollar
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was supposed to be going shorter and you
just received some negative news on the
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dollar a lot of times it's not going to
hit your stop-loss and then in a very
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short amount of time he maybe even the
very next daily candle it's gonna start
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going your way again to where if you
were trading a 15 minute 30 minute or
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even a 1 or 4-hour chart and negative
news came out on the dollar on a pretty
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big news event you'd be wiped out news
events are killers and if you can find a
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way to avoid most of them and be able to
sidestep most of them you're halfway
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there I barely follow forex news and I
always have my Forex calendar right
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there handy so if any really big news
events are coming up in a particular
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currency pair I can make sure that I'm
not in the market when it happens or at
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the very least not in that pair and
trading the daily chart exclusively
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allows me to do that and if that's not
enough reason number four and if you've
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watched my video on YouTube about the
big banks you will understand this the
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big banks of the world the people who
are responsible for moving price up and
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down employ traders that go to work
every day for the purpose of
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moving the market against the popular
side to knock those orders out and put
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that money back into their pockets so
they can redistribute it back in the
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market and make price go up or down they
do this over and over every single day
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now that being said which traders do you
think they fuck with more the 15-minute
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chart traders or the daily chart
traders
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it's the 15-minute chart traders by far
for a lot of reasons one there's a lot
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more of them and they're trading all the
time which means there's an endless
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supply of traders out there for the
banks to take from it's the same reason
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why Vegas makes most of their money or
Vegas casinos make most their money on
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slot machines because there's always
people there pulling that lever hitting
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that button over and over and over again
a regardless of how much they're
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actually wagering and if you can avoid
being on the radar of the big banks
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that's one less thing out there that can
ruin your trade so not only does
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everything work better on the daily
chart not only can you get everything
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done in 10 to 15 minutes and be done
with your day and live your life you
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have less news events to ruin your trade
and you have less influence from the big
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banks to ruin your trade these are four
reasons four gigantic reasons to trade
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the daily chart exclusively there are
traders out there you might even be one
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of them that are shying away from
trading this market but because you feel
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like you have to be on your computer on
top of the market all the time every day
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and you just don't have the time to
commit to that
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well good news the correct answer was
the daily chart the whole time the
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correct answer was 15 minutes a day and
that's all you got to do and I hope I've
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convinced a number of you to either make
that switch or start the right way from
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the very beginning of your trading
career now I did say at the beginning of
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the podcast that I would extend an olive
branch to those of you who are lunatics
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and love trading the 5, 15, 30-minute chart
and my message to you is this you can do
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both
meaning if you want to do that inter day
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trading do it
set up another profile on your charting
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software just for daily trades duplicate
all of the currency pairs you trade now
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with the system and the tools you have
on your charts and just set them all on
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the daily timeframe and then trade that
the same way you would a 15-minute chart
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I will bet you that over time your daily
chart trading is gonna outperform your
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inter day chart trading but if you got
something going really good on your
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15-minute chart your 30-minute chart
keep doing it just do it my way too
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double-dip if some is good more is
better and if you guys like my approach
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to trading if you want to trade more
like I do but you still want to trade in
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a day you can do that to everything I
tell you is going to work on every
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timeframe it is just going to work on
the daily chart better so for your
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scalpers out there you intraday traders
don't despair I hope you see it my way
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overtime but it's okay if you don't what
I say to you don't use the RSI indicator
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use this instead you can easily do that
on the 15-minute chart too and see
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instant results now before we wrap this
up I did not mention the weekly chart
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that's a longer time frame than the
daily chart right so it's got to work
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better right no I don't use the weekly
chart at all and to find out why check
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out the blog at nononsenseforex.com I
kind of gloss over that it's towards the
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very bottom you can just scroll down and
see but if you're sitting there
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wondering why I didn't mention the
weekly that's gonna be your reason why
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my goal is to keep this podcast under 15
minutes for you so you can go about your
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day and start trading and that's what I
intend to do so hit the subscribe button
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give us a like on iTunes and nononsense
forex.com is pretty much mission central
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for everything you're ever gonna
possibly need and I add to it all the
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time new podcast every week new videos
every week new blogs every week so as we
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cross that 15-minute mark I want you to
take the things that I've told you and
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go attack that market this week go with
confidence and go get it
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