Know your Time Frame


I have found that one of the reasons why so many people fail in trading is due to a lack of perception on which time frame best suits one’s needs.
As you can see by doing a quick search on Google, day trading is very popular, yet many struggle when trying to implement it.
As a general rule of thumb, keep in mind that the shorter the time frame you trade, the harder is to make money. Of course, there are many good day traders out there, but despite its huge popularity, this technique may not be the best for you. The same applies for swing trading or any other form of trading. The easiest way to discover which is the best time frame that works for you, is by trial and error.
You may start trying swing trading just to realize that you cannot sleep at night because of the fear of what might happen while holding positions overnight. On the other hand, you chose to be a scalper and your blood pressure increased to levels which you cannot deal with.
We all will or have dealt with these and many more issues, and the lesson to learn is: despite the number of books about trading you have read, what others say, the moment of truth is when you go live and experience the real action by yourself. Trading is a process of self-knowledge, which only time will help. What it’s absolutely essential is once you find one method that makes you feel comfortable, stick with it and make the necessary adjustments to perfect it. Don’t start jumping from one method to another just because you made a mistake or you heard that someone else is making tons of money while you are having a difficult time. Believe in yourself and remain focused. This is the only way to be consistent and achieve great performance in the long run.

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