I'm a beginner trading from France with EURUSD currency and would like to know which time frame is the best to trade and has a lesser risk of losing trades?
First of all, congratulations Aurelie, on starting to learn to trade the Forex market. I like the modesty you show in choosing to focus on one currency pair, and in asking other traders for input.
The answer to your question depends on what kind of trading you want to do. I would recommend using a Demo account with the broker of your choice for at least three months to get familiar with all the ins and outs of your trading terminal and software you plan to use, and get familiar with how the EUR/USD pair tends to move. If you know how to enter and exit trades complete with associated stop loss and take profit levels, and understand how to plan a trade before you enter the market, using a Demo account allows you to see how your chosen strategy might work out without losing real money. This is very important if you have a small amount to trade with like most beginning traders.
If you will be using a small account of real money to start 'live' trading like most beginners (less than $1000.00) you will likely need to trade small amounts per trade. Use the same small amounts to trade in your initial Demo account, even though you usually have $50,000.00 of 'play money' in the account. It will make the transition to using real money easier as the trade sizing etc. will stay the same.
These small trade sizes will make it necessary to trade the smaller time frames to make it possible to trade a bit more frequently and gain experience faster. If you take a trade on a daily chart, for example, the pip values for your stop loss will necessarily be so large that you will be limited to only one trade at a time, and you may require a duration of weeks for a typical trade to play out. That is a lot of sitting around without trading.
I would recommend using the 1Hr to 4Hr time frame to plan your trade and execute the entry and exit on a 5Min to 15Min time frame. The 4Hr time frame seems to work very well if you use Fibonacci levels to determine entry and exit points.
Please use the 'Forex Calculators' feature on the myfxbook home page (hover over the 'Home' tab and click on 'Forex Calculators') to determine your appropriate trade size before each potential trade. Plan to limit your risk for each trade to between 2% and 5% of your account to minimize the chance of blowing up your account.
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