Three Forex Trading Strategies for the Day

Would you like to have an impressive money account? Here are some secrets!

Studying the success stories of well-known Forex traders and starting to trade on their own, every newbie searches online for that day strategy that are considered the best and most profitable. A popular question: are there any TS for beginners & leaders that clearly work and make a profit?

The choice depends on the psychology of the trader. Some people have been trying many strategies for months, trying to figure out what is the most profitable. Others prefer to improve their skills on the same trading system.

What Is Your Choice?

TS differ:

  • By risk level:

– Aggressive (have a maximum risk);

– Moderate;

– Conservative (minimal risk).

  • In terms of trading:

– Long-term (open position works from a week to several months);

– Medium term (up to several weeks);

– Short-term (from several seconds to several hours during the day).

  • By way of doing business:

– manual trading;

– semi-automatic (combined with automatic and manual tools);

– automatic (using trading bots).

  • By types of graphics models or indicators:

– based on Japanese candles;

– by graphic models or patterns;

– simple (no indicators).

Forex gurus advise beginners on Forex apply long-term and medium-term trading systems. Because short-term trading requires a healthy psyche, balance, a minimum of emotional involvement when you need to make a decision when opening and closing a position. Therefore, for some people, the best options will be conservative and moderately conservative approaches, with understandable techniques & tools. Of course, it is better to trade manually or at least in semi-automatic mode.

Be Careful!

The most important issue for any trader is the issue of risk minimization. Unjustified loss of funds on the deposit is not a case for you. Experienced traders strongly recommend entering the market, not with immediate execution orders, but using Pending Orders “Buy Stop” and “Sell Stop.”

In day trading, it is also important to consider the news background. Significant economic and political events can significantly affect the trader’s profits when currency pairs that are fundamentally related to each other. Therefore, if there are important economic events in the trader’s calendar that may unpredictably affect the assets selected for trading, it is wiser to refrain from activity.

The strategies described above are easy to understand and have worked well when operating on daily charts. They perfectly save investors time, which can be successfully spent on other types of profit or recreation.