Dear folks
Pl let me know what timeframe to be used for intraday, weekly positional, monthly positional and quarterly positional....
I found 2 mins or 5 mins timeframe suits intraday....2 hrs for weekly n 4 hrs for monthly n daily for quarterly positional trading....
By quarterly positional I mean entry n exit positions within a quarter period...thru 3 months future contract...
Kindly guide..
Pl let me know what timeframe to be used for intraday, weekly positional, monthly positional and quarterly positional....
I found 2 mins or 5 mins timeframe suits intraday....2 hrs for weekly n 4 hrs for monthly n daily for quarterly positional trading....
By quarterly positional I mean entry n exit positions within a quarter period...thru 3 months future contract...
Kindly guide..
Your words say that you are new to trading/TA and you are not ready for trading.
This is just a word of caution:- Don't trade during the learning phase and loose your trading capital.
My suggestions would be to start from the Basics
Spend more time in understanding chart reading/Price action/Learn TA.
Start from candle sticks
Price Pivots
Support/Resistance
Trends
Importance of Higher Time Frames
Price patterns.
Trend lines
MA's
Oscillators
Then ichimoku - how it is constructed
Ichimoku trade setups.
Advantages/Disadvantages of Ichimoku.
Then backtest your trade setups/system for the stocks/commodity you are planning to trade.
Stocks/Commodities are subjected to International trading/news over night risks and gap openings.
USD/INR fluctuations too will affect the commos.
Meanwhile do paper trading in Mt4.
And find out which time frame and risk tolerance level matches with you / you are comfortable.
So study/observe the markets for 1year before thinking of positional trading - this is just my view as I am risk averse and not comfortable to
trade (stocks) with out hedging positional and no way to hedge commodities.
If you are planning to invest long term in gold/silver better go for physical delivery than MCX.
Also check out the transaction costs involved in trading.
Taxations.
And after back testing(including the transaction costs) and having a system - and after successful trading in paper trading for few months start real time day trading.
Wish you good luck !!!
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