Forex Currency Trading Strategies

Forex Currency Trading Strategies

Forex Currency Trading Strategies

The particular forex trading strategy you decide to use will depend partially on your personality but also partially on how much money you have to start with. If you are starting with a relatively small amount of money, say under five thousand dollars, you are going to want to use trading strategies that sync well with a mid-term time horizon, otherwise known as swing-trading. For those traders who do not have very much starting capital to trade with, trying to become a day trader right out of the box is likely going to be a losing endeavor. This is because you must master trading off the higher times frames first, then as you get good at this type of trading you can think about learning how to day trade, that is if you are interested in it.

The best forex trading strategies are those that allow you to remain calm and confident in each trade you take, while not requiring you to sit in front of your computer all day or wait for some silly thing like an indicator to give you a buy or sell signal. Simple trading strategies like those built around analyzing raw price charts and the price dynamics that occur on them, are what most professional traders use. You will be very hard pressed to find a professional trader analyzing a price chart with 3 different oscillators and 10 different moving averages on it, yet the ironic part is that his how many beginning traders trade the markets.

As stated above, the specific forex trading strategy you use not only depends on the amount of money you have to start with, but also on your personality. Most people are drawn to the world of forex trading because they are unhappy with their current job, or perhaps they are happy and just wish to make some extra money. Most people are not drawn to forex trading because they think it sounds really fun and entertaining to sit in front of a computer screen for five hours at a time watching price bars go up and down. Yet, surprisingly, this is exactly what most beginning traders tend to do. They tend to think the more time they spend watching their charts or their trade, the more "control" they have over the market and thus the better they will do in the long-run.

This is actually one of the big paradoxes of forex trading; the very reason that most traders fail to make money on a consistent monthly or quarterly basis in the market is primarily because they are too involved with their trades and meddle with them while they are under execution. These types of over-activity mistakes that traders make by being too involved with their trades are generally a result of having a complicated trading strategy, or one that they do not fully trust. When you trade forex trading strategies that are simple in design and are based upon simple price dynamic concepts, you really have nothing to be confused or unconfident about, and as result you're trading will improve over time.

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