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  1. #1
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    Choose trading strategy and start.

    When choosing a forex trading strategy, it helps to be aware of what type of trader you are and what types of strategies exist. However, it is not as simple as selecting a single trading strategy, as traders can choose to employ a single strategy or combine several. But, my suggestion is research about best forex strategy first, then start.

    The Best Forex trading strategies are:
    Perhaps the major part of Forex trading strategies is based on the main types of Forex market analysis used to understand the market movement.

    1. Forex Technical Analysis Strategies.
    What is Forex technical analysis? Forex technical analysis is the study of market action by the primary use of charts for the purpose of forecasting future price trends. Forex traders can develop strategies based on various technical analysis tools including

    * Market trends
    * Volume
    * Range
    * Support
    * Resistance levels
    * Chart patterns
    * Indicators

    2. Scalping
    Scalping is a very short-term trading strategy that involves taking multiple small profits on trading positions with a very short duration. Scalpers need ultra quick reaction times because they usually enter and exit trades in just seconds or minutes. This very fast paced and a rather stressful activity that may not suit everyone.

    3. Forex Trend Trading Strategy.
    What is a Forex Trend? Much like any other trend for example in fashion- it is the direction in which the market moves. More precisely and good to know, the foreign exchange market does not move in a straight line, but more in successive waves with clear peaks or highs and lows.

    4. Day Trading
    Day trading is another short-term trading strategy that is followed only during a particular trading session. Day traders generally do not take overnight positions, so they close out all trades each day. This helps reduce exposure to market movements when the trader is inattentive to the market.

    5. Support and Resistance Trading Strategy.
    In order to fully understand the core of the support and resistance trading strategy, traders should understand what a horizontal level is. A horizontal level is:

    A price level indicating either support or resistance in the market. In technical terms – price lows and highs respectively.

  2. #2
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    Yes it is useful to research about these as they can offer you good insight on forex trading and allow you to set up a trading strategy accordingly. Scalping is very important at least at the beginning and so are resistance levels. You also need to place importance on risk management.

  3. #3
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    Quote Originally Posted by maby81 View Post
    Yes it is useful to research about these as they can offer you good insight on forex trading and allow you to set up a trading strategy accordingly. Scalping is very important at least at the beginning and so are resistance levels. You also need to place importance on risk management.
    We will need to learn and also use the Support and the Resistance Levels in doing our trades correctly.
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  4. #4
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    Not all the strategies are going to work in all the situation, you need to find out which strategy is profitable in which situation.

  5. #5
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    Quote Originally Posted by Katrina View Post
    Not all the strategies are going to work in all the situation, you need to find out which strategy is profitable in which situation.
    We will need to use such kind of a Trading Strategy that can give us more profits from the Forex Markets.
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  6. #6
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    You must change your strategies time to time and check it on diverse market conditions and later you could learn which strategy to choose in which situation.

  7. #7
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    Quote Originally Posted by Katrina View Post
    You must change your strategies time to time and check it on diverse market conditions and later you could learn which strategy to choose in which situation.
    We must make use of such kind of a trading strategy that is more profitable for us.
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  8. #8
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    Yes, exactly my point, sticking to one single strategy for all the market situation isn't considered to be a wise idea. We should try different strategies under different circumstances.

  9. #9
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    It is interesting this information you shared. It will help a beginner in trading who don't master the right strategies. I am already trading and I try to use technical tools and pattern. But you also need to have a good knowledge of trading and master the right techniques to analyze trading results.
    Last edited by Nathan80; 11-04-2021 at 02:02 AM.

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