When it comes to
trading, blindly working hard is going to do you no good. Replace this
monotonous, bee-lined approach with working smart and being consistent. A good
Forex trade is a consequence of practicing and strategizing. Forex trading may have a liquidity high
enough to intimidate the best, but there are elements of the trade that remain
consistent. Success in Forex is all about researching these patterns and
devising a plan which works around healthy market positions.
Here are 3 Forex trading strategies guaranteed to
work:
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| 3 Stellar Forex Trading Strategies To Dominate The Markets |
1) Position Trading: This is one of the frequently used trading approaches where trades are held for periods ranging from weeks to months. Position trading heavily relies on fundamental analysis. As a position trader, you will not have to worry about investing lengthy durations into your trades since all your trades will be long-term. Additionally, you will be immune to any short-term fluctuations. However, since this is a long-term process, you will need significant capital to carry the trade. Long-term trades are generally slow-yielding due to their duration and the low frequency of trade occurrence.
2) Swing Trading: The job of a swing trader is to just capture the
market swings promptly. The timeframes while swing trading will be anywhere
between 1-4 hours. As a swing trader, you will be indulging in buying support,
selling resistance, trading breakouts, etc. Being a swing trader can be
beneficial, in that, trading opportunities are amply presented to you, and this
can be done part-time while your main focus remains on your job. The only
predominant drawback of swing trading is it has an overnight risk involved;
during this period of time, there are a number of factors that will work
against your favor.
3) Day Trading: As the name suggests, day trading is a strategy
where you hold, buy and sell, all within a day. The timeframes are as little as
5-10 minutes! Several trends experience volatility within the same day and in a
span of a few minutes or hours; as a day trader, your job will be to capture
these changes and capitalize on them. Indirectly this means that you will
predominantly be trading the commodity that is most volatile since long-term
increments will be of no benefit! As a day trader, the only thing you will have
to learn and be up-to-date with is the market chart and chart movements. A day
trader will seldom have anything to do with the fluctuations in the economy or
long-term trends.
The difficulty of day trading sets in when you realize you
have to constantly monitor the markets for even the slightest movements. This
even means that you can't day trade part-time or side-by-side; you'll have to
commit to it fully. However, with the absence of overnight risks and plenty of
room for profits, day trading isn't the scary course it looks like.
Forex online trading in India has been seeing a lot of changes. The
sheer number of traders is boggling! Equipped with a good strategy, any newbie
can transform into a full-time professional trader in no time. Get in touch
with WesternFX and avail our
impeccable Forex trading strategies!
Assisted by our stellar Forex brokers and with our amazing trading platform at
your disposal, you will scale dizzy heights in no time!
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