Forex trading is currently, and undeniably will be, the biggest financial market in the world. With multitudes of currency floating around, the need for exchange is imminent. Tourism, import/export, activities like these involve a lot of currency exchange, and this currency exchange fuels the never-ending furnace of Forex. Forex market is the single most large, liquid financial market to exist today. Its sheer presence dims the other markets. To depict it for easier understanding, the stock market is Jupiter, and Forex is the Sun.
In this vast galaxy of trades, how will you figure out your best move? Here are some established Forex trading strategies that guarantee your win:
The best part of positional trading is the fact that it’s long-term. This allows you to plot other strategies in the meanwhile. Essentially, position trading is an approach where you hold the trade for months at a stretch. Why you should opt for it – The risk to reward ratio is hugely in your favor. The only governing factor will be your understanding of the market.
Scalping trades are very short-lived – just minutes long. A scalper’s role is to make the most out of a bid in the short time that’s present. Even a cent’s uprising is banked upon. Though this seems unviable, concurrent hits will lead to a steady profit over time.
As the name suggests, swing trading is holding a trade for a few weeks as it falls and rises – the vice versa of which would prove disastrous. With a good hold over the market, you can swing trade and ensure the outcome is in your favor. The essence of swing trading is to grasp that one big curve change, hence the term. It will consist of trading breakouts, moving averages and pullbacks.
Day trading is one of the few steady methods in trading. Being a day trader is beneficial in that you need not worry about any long-term flows. You need only focus on the volatility within the day’s stocks. Day trading offers you a chance to reap good money with no risk while you’re sleeping, since your participation will be no longer than 20-40 minutes.
Stepping into Forex can be overwhelming with over $2000 billion dollars being exchanged every day! Having a set of stable Forex strategies can prove very helpful if you’re new to this chaos. At WesternFX we are all about FX strategies! The overwhelming nature of Forex only motivates us to climb higher. We provide all kinds of support to newbies and professionals alike. From creating a demo trading account (which is the best environment for a first-timer) to devising top-notch plans for the professionals, we do it all!