Having a strategy that fits your personality is the first consideration when you start to trade Forex. There are two kinds of strategies used in FX trading – hedging and speculation. Hedging is when you take a position that offsets the risks brought by price fluctuations in the future. As for the Speculation, it is being used in predicting a move through analyzing the movement of the market.
The strategies mentioned here suit one trader to another. Some strategies need a level of investment that some retail traders might have a hard time to achieve.
Being a vast concept, price action can be a bit confusing for new traders. But price action actually has no specific rules that need to be followed. Its concept is as simple as selling out of the resistance and buying out of the support.
This strategy lets you earn some quick profit. Its concept allows traders to make money by exerting as little effort as possible.
This strategy speaks for its name. The trader will have to close all the trading activities that he had at the end of the day, even with profits or losses.
This strategy is a long-term system requiring traders to be calm in holding their trades for a couple of days. Swing trading is best for traders who cannot monitor the movement of the chart throughout the day.
This strategy involves the movement that happens through correlation. In this case, the movement can be due to economic news.
This strategy involves currency charts, particularly the candlestick. This type of chart can supply a very accurate movement of prices based on technical analysis.
This strategy is all about knowing the currency pairs that can be bullish or bearish.
This trading strategy is considered to be one of the most profitable methods used in trading. Fibonacci is used for the long or medium-term method and needs to have higher time frames.
This strategy allows traders to gain the maximum benefit out of the movement in the market.
This trading strategy involves swings low and swing highs. It helps in increasing the accuracy of these market points.
Just like the approach of trend trading strategy, it is also easy to know. The wave trading strategy involves five consecutive waves.
This strategy is known to be a collection of trading indicators that identifies the support and resistance of a possible trend direction.
This RSI is a trading indicator that provides trading signals into the chart. It has a decisive characteristic in eliminating early signs of trades.
This trading strategy can be used in different currency pairs. It is an influential strategy used in currency pairs.
To trade Forex using this strategy works well in different time frames, be it from one minute or one month.