Hi iota.usdt
Hi With only one hour to dedicate to trading per day the answer depends quite a bit on where the trader lives and in which timezone. However, I would say that the trader would, in any case, be advised to concentrate on the daily timeframe charts. In which case the following points need to be addressed:
decide whether trading trends lasting a few days to even weeks, or day trades for the next day based on the current day’s candle.
decide which currency pair to trade and what method is used to select the appropriate pair (e.g SW analysis, trendlines, MA slopes, etc).
decide entry method, limit orders, pullbacks, at market, etc
decide risk policy concerning percentage of account at risk per trade/over all positions
decide stoploss policy e.g. multiple of daily ATR, S/R, etc
decide position size from the pip value derived from risk amount and stop distance
decide take-profit policy, e.g. target level, trailing stop, indicator signal
decide policy on scaling in/out of positions
BTCUSD
decide whether trading trends lasting a few days to even weeks, or day trades for the next day based on the current day’s candle.
decide which currency pair to trade and what method is used to select the appropriate pair (e.g SW analysis, trendlines, MA slopes, etc).
decide entry method, limit orders, pullbacks, at market, etc
decide risk policy concerning percentage of account at risk per trade/over all positions
decide stoploss policy e.g. multiple of daily ATR, S/R, etc
decide position size from the pip value derived from risk amount and stop distance
decide take-profit policy, e.g. target level, trailing stop, indicator signal
decide policy on scaling in/out of positions
BTCUSD
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