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What is the best timeframe to trade Forex? This question has no answer, as it depends on many factors. First of all, you need to do market research and detect which type of trader you are: scalper, day trader, or position trader. If you are impatient, scalping can be a good choice, but if you are afraid of fast price actions, you better start with long-time trading.
Day trading probably the most spread Forex trading styles. The novice traders may mistakenly think that this method is the easiest and most reliable one. Many newbies think that day trading is simply opening a trade in the morning and closing it at the end of the day with a profit. I wish everything was that simple but this trading style has a lot of pitfalls.
Determining key price levels and putting this information into action is the most important thing in technical analysis. It is crucial to understand how to find key levels in Forex. That's why it's recommended to learn about psychological levels at the beginning of the career.
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