It is important to find the Forex strategy right for you! When I began learning to trade the Forex market I was introduced to intraday trading using 5-minute charts. I gained an understanding of the nuances of market movements and the importance of technicals tools, such as Simple/Exponential Moving Averages and Fibonacci. These proved to be valuable lessons coming from the options world.
OK, truth be told … I hated it!!
This style of trading just did not suit my personality. It was a necessary step, but as soon as I felt comfortable and confident in the 5-minute trading style I dialed my chart right out to the hourly charts and beyond. I know lots of people that like the fast pace, simplicity of this style and are some of the most successful traders I know.
I am just not one of them!
My personality fits a longer term view and I just did not thrive in the faster paced decision making required in the 1-minute and 5-minute styles. My focus is on swing trading on the 240-minute chart and intraday trading on the hour and 15 minute charts. It is important while you are learning to trade FX you maintain an open mind to all Forex strategies, but in the end your personal trading style must recognized and exploited for long term success!