Day Trading The Currency Market Made Easy
April 11, 2009 by Kelvin
Filed under Forex Strategies
If you are looking into day trading the currency market, this blog is definitely for you. This is where I will be sharing my forex strategies with you hopefully able to shorten your learning curve.
Day trading the currency market is definitely achievable if you are willing to put in time and effort to learn. So what is the key to successful currency trading and what are the forex trading strategies that those successful traders are using.
Here are the forex strategies you need to day trading the currency market profitably:
1) Forex market times – You may be thinking now that forex is a 24 hours market and what is so important about this forex market times. Although forex is a 24 hours market, there are certain time where there are a lot of price movement and there are times where there are minimum movement. Of course, what we as forex traders are interested in are those times where there are alot of activities. I usually trade the london and new york market as it accounts for majority of price action and their timing are 3 a.m eastern time and 8 p.m. eastern time respectively.
2) Forex Trend – Before you decide on your trading for the day, you need to have a grasp of the trend at that moment. It is always better to trade the trend than to trade against the trend. Therefore one of my currency trading strategies is to find out the trend using the 60 minutes chart and then decide on my trades. This can be your key determining factor to successful day trading the currency market.
3) Forex Indicator – Once you have your trend identified, you need to select a number of forex indicators to use for your trade. I suggest you to use 1 or 2 lagging indicators and 1 or 2 leading indicators. You need the lagging indicators to show you the trend at your time frame and the leading indicators to help you with predicting the price movement.
4) Mindset – Those traders that manages to successfully day trading the currency market are those who have the correct mindset in trading. Patience is the reason that can determine whether you are going to succeed or not while greed and fear are the reason that leads you to definite failure in the long run. You need to patiently wait for the correct setup before pulling the trigger and you must stick to your stop loss and profit limit and not let the fear and greed get over you.
With these 4 forex trading strategies, you are going to be day trading the currency market successfully.
These are the forex courses that I use and find very useful.
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