3 Effective Forex Day Trading Strategies
Everyone is constantly in search for the best forex day trading strategies but the truth is there is no best strategy on earth. What works for one person may not work for the other as each of us sees thing in a different way.
You can have 2 people sitting side by side listening to the same speaker and learning the same strategy but one person make it while the other fail miserably. Therefore no matter what forex day trading strategies you learn, you must always try it out on a demo account and fine tune it to suit your trading style.
Below are 3 forex day trading strategies that I have used and find very effective
1) Forex Breakout Strategy: The breakout strategy is one of the easiest and profitable ways of trading. What you need to do is to enter a trade in the direction of the breakout and you are ready to profit. The problem with this strategy is the fake out which is very common in trading and therefore you need to put in some effort to practice this strategy before using it on your live account.
2) Forex Trend Trading Strategy: You must have heard of the sentence, the trend is your friend for numerous times already. The problem with most new traders is they are always looking to trade against the trend and that is why they are often in the red. If you are able to trade and ride the trend, you are in for a good income. To read the trend, you can make use of a 200 EMA. If it is sloping up, you are in a uptrend and if it is sloping down, you are in a downtrend.
3) Forex Range Trading Strategy: The market is actually moving sideways most of the time and this is where you can make use of range trading to profit from the market. When the market is moving in a range, you can enter a LONG trade when it hits a support and enter a SHORT trade when it hits a resistance.
The above are 3 effective forex day trading strategies I have used and you can also give it a try. Remember to try it out on your demo account before moving to trade with your real money.
