You can totally change the time on the chart by using the cool toolbar at the top. It has buttons that say M1, M5, M15, H1, H4, D1, W1, and MN. Just click on the button for the time period you want, and the chart will magically show that time. It's super easy to switch between different time periods and see how things change over time.
M1 – One Minute
M3 – Three Minutes
M5 – Five Minutes
M15 – Fifteen Minutes
M30 – Thirty Minute
H1 – One Hour
H4 – Four Hours
D1 – One Day
W1 – One week
M1 – One Month
Hey there! So, let's say you're using this thing called Metatrader 4 Platform. It's pretty cool because it helps you analyze currency pairs. Now, when you're looking at the charts, you can choose different time frames. For example, if you pick M1, each bar on the chart will show 1 minute. If you go for M5, each bar will show 5 minutes, and so on.
Now, when you first start using this platform, it's a good idea to update the chart data for the currency pair you're studying. This is helpful when you're using indicators and expert advisors. Don't worry, it's not too hard to do. Just click on your chart and then click on each time frame in the periodicity bar. You might see a message that says "waiting for update" on your screen. That just means the chart is getting updated. Easy explain, right?
Pros and Cons of the Different Time Frames:
Short-term time frames
Good stuff: You can make more trades because you only have to hold them for a short time. This means you won't have to worry about fees or unexpected changes when you're not paying attention.
Not so good stuff: It's hard to come up with a plan because things happen really quickly and you can't analyze them properly. Since you'll be making lots of small trades, you'll end up paying more fees. Moves happen so fast that it's easy to get stopped out by sudden changes. Trading will be intense because you have to make quick moves and have perfect timing.
Median time frames
Good stuff: You can use really good trading strategies and take your time to think about your trades. You can still make lots of trades in one day. The moves happen slower, so you can usually see when the market changes direction or stops, and then you can make smart decisions.
Not so good stuff: You'll still have to pay more fees because you're making trades more often. Your timing for getting in and out of trades might not be as perfect.
Long-term time frames
Positives: You get to look at longer trends and make more money. It's less likely that sudden changes in the market will mess up your trades. You have more time to think and make smart decisions. You won't have to pay as much in fees because you won't be making as many trades.
Negatives: There won't be as many chances to trade. If you hold trades overnight, you'll have to pay extra fees. Since there are fewer trading chances, you need to make sure your system works well with longer time frames.
There's no right or wrong time frame to trade on. You should use the time frame that works best for you. But remember, just because you focus on one time frame doesn't mean the others won't help you. Take the time to understand how they all work together so you can be a successful trader.