- 7 Powerful Forex Trading Strategies/Tips for Consistent Profits
- Welcome to Mitrade
- What is a Forex Trading Strategy?
- Daily Profit Forex Trading Strategy
- Trade Example: Sell EUR/USD
Forex Factory is one such example of that. You can also find books and other forms of educational materials to research viable forex trading strategies. Using that knowledge, you can save time and devise profitable forex trading strategies that are sure to fit your trading style. With that said, with a little research, it is possible to find the best profitable forex strategy and implement it into your trading life.
7 Powerful Forex Trading Strategies/Tips for Consistent Profits
In this article, we shall discuss five such tried and tested profitable forex strategies that have been tried by newcomers and perfected by veterans. In simple terms, position trading refers to the strategy where a trader holds his trades for a significant period.
This can last anywhere from a week to months! Of course, holding on to trades to make the maximum profit is the most logical thing to do. That being said, we shall take a look at the pros and cons of position trading. Pros: With position trading, a trader can save a lot of time as it does not require your constant attention. Furthermore, this strategy has a good risk to reward of roughly 1 to 5 on your trades.
Cons : You will need a bigger capital for this tactic to work because you are running with a much bigger stop loss. Furthermore, you will have to gather sufficient knowledge about the market and learn what makes it tick. Almost similar to position trading in a sense, swing trading refers to a strategy that is categorized as a medium-term trading strategy.
In this profitable forex strategy, the trader aims to capture a singular move in the market such as selling resistance, buying support, trading pullbacks or breakouts as well as the bounce of the moving average. This strategy is somewhat complicated than position trading so you will have to get familiar with a lot of technical terms on top of learning everything about the market.
Swing traders have to employ the use of fundamental analysis into their strategy to be successful at their trades.
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This may include carefully analyzing price patterns of the market for a certain period as well as all the necessary patterns that they can identify to strengthen their strategy. Furthermore, swing trading has overnight risks attached to it which can be a turn off for some traders. Scalping is another tried and tested as well as a profitable forex strategy in which the trader makes numerous small trades to make small profits from them. The goal is to have a snowball effect on your profits and turn your small earnings into a large amount by using trade instruments with the lowest possible spread.
Furthermore, another peculiar feature of scalping is that they can be ridiculously fast. Traders sometimes close their trades instantaneously even if they made zero profit from it. However, traders should also note that a singular bad trade has the capability of derailing your entire plan causing a cascade of failures if recklessness is practised. Pros: You get a lot of trading opportunities every day that adds to your experience. Cons: This strategy can be very stressful as it does not have the upside of saving you time as position trading does.
Furthermore, you will have to use a few tools and have the proper software etc to run it smoothly which can be costly. The transition trading strategy is the result of expert traders using their knowledge to come up with new trading strategies to keep up with the ever-changing market conditions. In transition trading, a trader will enter any trade of his choosing on the lower time-frame.
The trick is to dash and stop your loss on the higher timeframe or increase your profit. What you do entirely depends on the market conditions. If the market trend is in your favour then try to make as much profit as you can.
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If the market is not in your favour then, by all means, stop your loss and cut loose. Experienced traders plan their exit strategies to counter a negative trend and cut their losses immediately. Pros: Transition trading has a very enticing risk to reward which attracts traders who are looking to make a quick profit. Cons: You need to have a keen understanding of multiple timeframes. The trader can also choose to exit within minutes.
The trick to day trading is identifying and trading the most volatile instance of any instrument available for trade. If properly done, day trading can turn out to be very lucrative but you have to gain some experience in forex trading before adopting the day trading strategy.
The major benefit of trading with MT5 is that you can trade any asset class of your choice from any location and at any time on your mobile phone or laptop. The MT5 trading platform also has trading signals and trading robots, which, when effectively utilized, can help you trade on autopilot. There are three steps to using the MT5 trading platform - the first is to understand how the platform works. Secondly, you have to visit the MetaQuotes marketplace to download the software on your trading device, and lastly, place your order.
What is a Forex Trading Strategy?
The second profitable forex trading strategy nobody tells you about is to use trading signals to drive your trades. Trading or forex signals are trade suggestions developed by expert traders to assist newbie and intermediate traders in making informed trade decisions.
Trading signals can potentially help you increase your earnings over time and also improve your trading skills. As a beginner, the forex market would be a complete disaster if you don't leverage the use of trading signals. You would not only lose money to market forces, but you would also waste your precious time that would have been expended on other important things. There are several trading signals providers on the market for you to choose from. Before you choose any signal provider, ensure you consider their reputation and pedigree and also read reviews about them.
Lastly, start with a free signal provider to understand how the process works before switching to a paid provider. That way, you get to spend your money judiciously. The last profitable forex trading strategy that nobody will tell you is to get one-on-one hands-on trading with expert traders.
Daily Profit Forex Trading Strategy
Even though one-on-one training with experts comes at a cost, it is worth the try if you want to succeed as a trader. You will learn how to analyze the forex market to determine market trends and directions that are profitable.
There you have it! Now you know the profitable forex trade strategies that successful traders are using to make consistent profits.
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All you need to do now is to implement these strategies accurately. This article was submitted by LegacyFX. Subscription Confirmed! Thank you for subscribing. Coming Up! Title text for next article. Join our Telegram group. Forex Live Premium. Webinar Calendar.
Trade Example: Sell EUR/USD
Compare FX Brokers. What are the strategies to help you be profitable One of the key aspects to be successful in trading is to maintain a high level of discipline. Let's now outline then: 1. MetaTrader5 The first trading strategy you need to be aware of if you want to succeed as a forex trader is to use the popular MT5 trading platform.