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Proven Forex Trading Strategies for Daily Trader

May 6, 2008
As $2 Trillions daily transaction per day, Forex market probably offering the fastest avenue for wealth creation.

The problem is, despite the magnitude of daily volume transaction, you need good trading strategies to make money from trading currency, or else it would like giving your money away for nothing.

Different Trading Strategies

So far, overall there are only 3 different trading strategies, each with its own advantages. The understanding of these trading strategies and how they relate with your personality and current condition is essential in your success as a trader.

Here are 3 trading strategies that commonly known to traders:

1. Daily trading
2. Swing trading
3. Position trading

Daily Trading

Daily trading is the strategies where trader, enter and exit the market every day. Whether the trade on hands is profitable or not they would exit at the close of the market at that day.

Swing Trading

Swing trading is the strategies where trader, enter and exit the market between 2 days to 10 days. The idea of this strategy is to capitalize on long trend of the market and aiming to get profits at up days and exit at close days.

Position Trading

Position trading on the other hand is the strategies where trader can hold the trade for weeks even months as long as the trade on hands is in sync with current trend.

Advantages of Daily Trading

Daily trading, providing done correctly, can offer lucrative advantages not found in other trading strategies.

For instance there is no rollover fee for holding position overnight. Rollover fee simply mean you don't need to pay for holding currency.

Another advantage, because Forex market is 24 hours per day market, there is a likelihood that the odds will turn against you, when you sleep or somewhere out of your computer. Therefore by closing trade at predefined time frame, it would take prevention for anything bad happens while you sleep.

How to do Daily Trading

Daily trading attempts to take small profits each trade around 10 to 50 pips each trade or $100 to $500 in dollars. The reasoning is simple, that small profits can quickly add ups over time. 10 pips per day in a month will be worth 200 pips or $2000 per month.

Breakout is strategy commonly used by daily trader. When market is in prolonged trend, uptrend or downtrend, the breakout in closer support or resistance or last low or last high will provide high probability trading to capture that 10 pips. Remember object once in a motion tends to be in a motion.
About the Author
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