A daily forex trading strategy can be one of the profitable ways for traders. There are a lot of ways to trade forex, but you shouldn't think that this strategy is the only way. After all, a trader needs to find the best trading strategy according to their respective styles. To make a profit, traders should focus on eliminating failed trades and making more profits. To find out more information, in this article, GIC Jurnal will provide what daily strategies are usually used by traders in trading. Check out the information below. 

 

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Table of Contents

What is Forex Trading

 

Before getting into the core discussion of the best trading strategies, you must first understand what forex trading is? Forex or foreign exchange (forex) is a network between buyers and sellers that exchange currencies based on an agreed price. Forex trading is a way that is often used by individuals, companies and central banks to exchange currencies for each other. Maybe some of you who have gone abroad, most likely you have made foreign exchange transactions. 

 
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Intraday Trading is: Advantages, Disadvantages and Best Indicators

 

What is a Forex Day Trading Strategy

 

Forex day trading is an activity that involves buying and selling currencies in a single trading day. This is done by closing the position at the end of each day and starting again the next day. Forex day traders sell and buy multiple currency pairs on the same day, and can even go up to several times a day to take advantage of small market movements. There are several factors that you need to consider before starting day forex trading. By investing, the focus is on long-term market movements, so daily movements that have a small impact can be depicted in their entirety. However, when you are day trading, the main focus is on what factors can affect the daily market behavior such as liquidity, volatility, and trading volume. 

 

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Apply Forex Trading Strategies to Make Money

 

  • Using the Range Strategy

 

Range trading, or commonly referred to as channel trading, is one of the daily forex trading strategies that starts with understanding the current price action. A trader examines patterns on the chart to recognize highs and lows during the day while still paying attention to the differences between these points. For example, if the rising price is in a support position or falling from a resistance position, then it is likely that the trader chooses to sell or buy based on their view of the market direction. 

 

This is known as 'range trading" where whenever the price touches a high, it falls back to the low and vice versa. Range trading requires enough volatility to keep the price moving throughout the day, but not so much volatility that the price breaks the range and starts a new trend again. 

 

  • Using Scalping Strategies

 

Scalping is a daily forex trading strategy that takes small but frequent profits. In theory, scalping makes it easier for you to build a large trading account by taking smaller profits many times over. Scalping requires a very strict exit strategy because losses can quickly counteract the gains. Most scalpers will close their positions before the end, as the profit margin is less than each trade because the costs will also be depleted quickly. 

 

  • Using a Day Trading Strategy

 

Day trading leads to the process of trading currencies over a period of one day. Although this strategy is applicable in all markets, it is also widely used for forex. This trading approach advises you to open and close all trades in one day. Unlike scalping, this strategy only lasts for a few minutes in the market. Day traders usually actively monitor and manage their trades throughout the day. Most day traders use a duration of 30 minutes to 1 hour to come up with their trading strategies. 

 

  • Using the News Strategy

 

Trading news is one of the trading strategies that focuses on the short term and is still classified as a traditional strategy. A news trader pays little attention to their charts and technical analysis, and usually just waits for the information released for them to benchmark market movements. In order for news trading to be successful, news traders tend to have a strong understanding of the market they are trading in compared to regular or day traders. They will develop insights into how the news will be received by the market in question and the extent to which prices will be affected. 

 

  • Using the Swing Trade Strategy

 

Swing trading is a daily forex trading strategy that takes advantage of short-term price patterns. This day trading strategy is based on the fact that the price never moves in one direction within a trend. Swing traders will usually look to profit from downward or upward price movements that occur in a shorter period of time. While traders are trying to capitalize on long-term trends, swing traders are more interested in small price reversals in the market. Usually they try to observe previous reversals, and trade to take advantage of smaller market movements.  

 

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