At a time when market trends change almost daily, the only correct exchange strategy is day trading. That is trading during which the duration of transactions does not go beyond the boundaries of one day and is not transferred to the next day.
It seems that there is nothing complicated in intraday trading, but at the beginning of trading, all traders are faced with the main question – what timeframe to choose for this type of transactions?
Most suitable timeframes
It should be noted that there is no best time frame for day trading, and a trader needs to learn how to work with charts in all periods. Most professionals advise using the range from M1 to H1 for intraday trading, that is, from one minute to one hour. But in addition to the duration, one should also take into account the scale of the chart, it is desirable that it displays a trend for no more than three or four days.
This will create a price channel that most objectively characterizes the existing trend.
Intraday trading strategy
It all depends on your preferences, if you like more dynamic trading, then choose scalping on M1, M5, or M15. This will allow you to use the maximum leverage and significantly increase the volume of transactions.
Scalping, you can trade both on the main trend and on the price correction in the opposite direction, which is often cyclical. Trades on these timeframes rarely last more than half an hour, and sometimes they close even after a couple of minutes if your broker allows it.
But at the same time, trading itself has increased risk and requires constant attention. There are also requirements for the size of the spread, it should be as small as possible, otherwise, you will not be able to make a profit in a short time.
M30 and H1 are suitable for those who prefer more relaxed trading and emphasize the choice of an asset rather than the spread.
At these time intervals, one should consider the general trend and its technical indicators for the previous few days. Moreover, they are perfectly visible on the chart.
There are no special disadvantages to trading on M30 and H1, the main thing is not to open a deal at the end of the day because if you do not want to transfer the order to the next day, you will have to close it before 24:00, regardless of the current financial result.
The best timeframe option for intraday trading is the easiest to choose practically, try to work on the above-mentioned timeframes and just choose the most effective one for you.