Forex Fantastic

Forex is indeed a very volatile market, and you need to go the extra mile to determine market direction and make profitable trades. That is why I always remind new traders to have the right point of view; forex is not a get-rich-quick scheme and efforts are needed to be profitable. One of the things you can do to be more profitable in forex is to trade multiple timeframes.

Common forex trading software usually has different timeframe settings. You can set the chart to display movements in different intervals, from 1-minute to 1-months. A good rule of thumb is to have at least three charts if you want to trade multiple timeframes. Start with the lowest chart timeframe you usually use, and add two more charts to help you analyze market movements.

The lowest timeframe is called short-term, followed by intermediate-term and long-term. If you use 15-minute for the short-term chart, you can use 1-hour chart for intermediate-term — that is four times the lower chart timeframe — and 4-hour chart for the long-term analysis. If you generally use 4-hour chart, add 1-day and 1-week charts to help you.

You can confirm trends and analyze movements better with multiple timeframes. No matter what trading style you use, using multiple timeframes properly can help you be more profitable and catch more trends. Formulate your own strategy of how you can use the multiple timeframes to support your current trading style, and you will be much more profitable in no time at all.