I’m a newbie trading Nadex spreads. I need some general guidelines for trading Spreads. Please help. I want to trade Daily (22 hours to expiry) indices spreads for trending and breakout strategies. But I’m having trouble picking the right time charts. Should I use the daily and 4 hr charts for trend confirmation then the 1 hour for the trigger chart (entry/exit)?
I would greatly appreciate any advice I can get. Thank you in advance.
I have asked a similar question:
Most people here will tell you to use the tools in the Elite Membership. Are you an Elite Member? If so, the answer is possibly in whatever tool you use. If not, then telling you to utilize the tools of Elite Membership does not help you right now.
There was one person who gave a somewhat direct answer to my question:
My limited observation: I’ve seen other traders use timeframes ranging from 4 hour charts to 15 minute charts to 5 minute charts. I use 15 minute charts, but, depending on the market (like Daily), I also view other timeframes to see a possible pattern. My guess is that if you want to do Daily (22 hours to expiry) trades, larger timeframes should be used.
I’m curious to see what responses you will get, because I’d like to know, as well.
Hello @EINFO2ME
@D58DEC53 is correct, most of the advice you will get in these forums will point you towards the Elite Membership tools. To realize the “full benefit” of the Apex Membership, being an Elite member and utilizing all of the tools offered in the toolkit are absolutely necessary. That being said, if you are not an Elite member you still have options available to you. I’m going to answer your question with the assumption that you have a basic membership only.
Basic membership provides you access to two very powerful tools, the Apex Deviation tool and the Apex Deviation Levels. I would encourage you to learn everything you can about those tools in order to use them effectively. You can find information on them in the forum section titled S6-Study-Apex Indicators. That is where I would start if I were you.
Many of the Apex systems use non-time based bars (Diagnostic Bars, Continuum Bars, Shadow Bars) therefor there is no cut and dry answer to your question as was the case when I responded to @D58DEC53 question in his post (shown in quotes above). My best advice is utilize the news trading plan and learn to trade Iron Condors and Straddles using Nadex Spreads. There are usually a dozen or so trade scenarios offered up on the News Trading Plan each week and an opportunity to start generating profit with these trade types to help offset, or even cover entirely, the cost of the Apex Elite Membership Subscription. Like I mentioned earlier in my response, having access to the Elite Membership tools is necessary to realize the full benefit of all that the Apex community has to offer.
We are a community of traders helping other traders. Many of us started exactly where you are starting right now and those of us that have found success have done what you are doing right now, asking questions. Trading success itself is a slow methodical journey and not a quick sprint. You can look through my post history and you will see that I did exactly what I am suggesting that you do. It wasn’t glamorous but it was rewarding. As you grow, you will discover the kind of trader you are and you will look back and understand my answer that there is no real cookie cutter reply to this question. What works for me may not work for you, so if I told you that you should trade a 5 minute chart, 30 minute chart or any other type of chart, you may not find success doing so. However, if you find an Apex System that appeals to your nature, learn it, become a master at it, then you will see that it is the trading system, not the duration of your candle (i.e. 15 minute candlestick chart) that will help you become the trader that you desire to be.
Please understand this is my opinion based on my personal experience. The road I have taken on my trading journey has worked very well for me, and that experience is what I am drawing from.
I wish you all the best, and remember you have a community of people to reach out to who are always willing to help if you are willing to help yourself.
Best regards,
Peter.
Great Response. You give direct answers to questions that don’t need multiple back-and-forth postings.
Basically, there is no direct answer to the question. It’s a matter of preference. For many Apex members, their preferences are the Apex Tools.
I’m curious to know if this helped @EINFO2ME.