Fine Chart
Beginners Stock Trading: Understanding The Power Of Stock Chart Timeframes
Picking the right Chart Timeframes is an important part of beginners stock trading and in setting up your chart. Depending on the length of time your trades typically last, you need to choose a timeframe that is compatible. In selecting your primary chart timeframe, it is important to also pick a shorter- and longer-term chart. These give you more insight into support and resistance levels, and also let you fine tune your buys, sells, and stop-losses. This article will explore three common investment strategies and their typical chart timeframes.
A beginners stock trading “day trader” typically holds stock for as little as five to ten minutes, or up to a couple of days. Because trades last only a short time, day traders need a chart with a short time period. The chart will show more detail, as each new bar or candle will appear more frequently. A good primary chart would be a 15- or 30-minute chart. You could even go for an hourly chart, if your trades last upward of a couple of days. To see important support and resistance levels, look into a 3 hour or daily timeframe. Choose a 1, 5, or 15-minute timeframe to time your entries and exits. You’ll be able to spot quick direction changes more easily.
Swing traders hold stock for anywhere between a couple of days to several weeks. This is to ride more significant moves in the stock price. This moderate timeframe doesn’t need as much of the detail that day trading charts show. There should not be as much concern over intra-day blips in the stock price. A daily chart would be perfect for the swing trader and beginners stock trading, in general. Following the same pattern as before, a weekly chart would identify important price levels, while a 1- or 3-hour timeframe would help the trader fine-tune stock purchases and sales.
Long term traders, or position traders, usually hold onto stock for a couple of months up to a number of years. This is typically seen in retirement accounts and other long term investment strategies…not necessarily in beginners stock trading. Chart timeframes will get significantly longer, with this type of investing. A perfect basic chart should be the weekly chart. Looking longer term, the monthly timeframe would show significant support and resistance levels. On the other end, a daily chart would be short term enough to help identify entry and exit points.
As you can see, a chart’s timeframe is an easy, and important, piece of your charting knowledge. It gives you a giant leap in your beginners stock trading abilities. Choosing too short a timeframe for a longer term trade introduces too much detail, and small, insignificant moves on the chart may cause too much worry…potentially ending in rash decision making. Likewise, the opposite is true, in that longer term charts on shorter term trades don’t show enough detail to make an informed decision. Choose a trading strategy that works, then choose your timeline accordingly, and your trading will improve.
About the Author
About the Author: Adam W. Porter is a successful investor, and has been trading stocks for over a decade. Adam is the owner of PowerfulStockTips.com, where he offers stock tips and advice through a free newsletter. Learn more about Adam and sign up for his newsletter by visiting PowerfulStockTips.com today.
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