Long Term or Short Term Forex Trading
If you are newcomer, begin with the short-term trading, if you can’t make money in the short term your chances of making it in the long term is miserable.
If your short-term decision is wrong, the long-term will also be wrong, start with the short term where you can notice your mistakes and rapidly correct it not leaving in hopes that it will turn your way.
How long is long-term and how long is short-term make the difference i.e. if ’short term’ is trading anything shorter than the daily time frame you will get ‘nailed’ if you don’t know what you’re doing for the simple reason that on time frames shorter than the daily you are ‘wide open’ for ’surprises’ like ’spikes’, ’stop hunting’, ‘news data’, etc.
If you are a new trader, the ‘odds’ of you having the ‘experience’ to ‘react’ quickly enough or ‘judge’ the market in the short term are very slim.
Looking at ‘long term’ charts meaning ‘daily or longer’ does not take a genius to see where the general trend is going. The disadvantage of ‘long term’ i.e. daily and longer: bigger stops, greater potential losses. The positive factor of course: bigger potential profits. What will ‘nail’ you even quicker though is not having the patience and discipline to see the ‘long term’ (meaning daily or longer) trades through to their conclusion.