types of forex trading
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Types of forex trading super-profitable forex strategies

Types of forex trading

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Day traders pay particularly close attention to fundamental and technical analysis, using technical indicators such as MACD Moving Average Convergence Divergence , the Relative Strength Index and the Stochastic Oscillator , to help identify trends and market conditions.

Unlike day traders who hold positions for less than one day, swing traders typically hold positions for several days, although sometimes as long as a few weeks. Because positions are held over a period of time, to capture short-term market moves, traders do not need to sit constantly monitoring the charts and their trades throughout the day. This makes it a popular trading style for those who have other commitments such as a full-time job and would like to trade in their leisure time.

However, it is still necessary to dedicate a few hours a day to analyse the markets. Swing traders as well as some day traders tend to use trading strategies such as trend trading, counter-trend trading, momentum and breakout trading. Position traders are focused on long-term price movement, looking for maximum potential profits to be gained from major shifts in prices. As a result, trades generally span over a period of weeks, months or even years.

Position traders tend to use weekly and monthly price charts to analyse and evaluate the markets, using a combination of technical indicators and fundamental analysis to identify potential entry and exit levels. As position traders are not concerned with minor price fluctuations or pullbacks, their positions do not need to be monitored the same way as other trading strategies, instead occasionally monitoring to keep an eye on the major trend.

This site uses cookies and will place cookies on your device. By continuing to use this website, you agree to our use of cookies. You can view our cookie policy and read how to edit your settings here. Day trading For those that are not comfortable with the intensity of scalp trading, but still don't wish to hold positions overnight, day trading may suit.

Swing trading Unlike day traders who hold positions for less than one day, swing traders typically hold positions for several days, although sometimes as long as a few weeks. Position trading Position traders are focused on long-term price movement, looking for maximum potential profits to be gained from major shifts in prices. Read Next… How to place an order. Start trading in 3 easy steps Register Apply for a trading account. Deposit Fund your live trading account.

The below is an example of a five-minute chart used by scalpers and day traders, showing typical day trading entry and exit points. These points are based on Relative Strength Index RSI signals, with the oversold and overbought areas circled on the chart.

Swing traders hold onto trades for longer than a single day, and up to perhaps a couple of weeks. Over this short timeframe, swing traders will typically favor technical analysis over fundamentals , although they should still be attuned to the news events that can trigger volatility.

Find out more on how to identify and trade market swings. Position traders hold trades for longer periods of time, from several weeks to years. As a forex position trader , you will require patience as your money will often be locked up for long time periods.

Particularly with longer-term trades, a thorough knowledge of fundamental factors is beneficial, so advanced analytical skills will serve you well. Below is an example of a daily chart typically used by a position trader, showing a long position and an exit more than two months later, again based on RSI signals circled on the chart. While the timeframe is daily, position traders will also often scale down to shorter timeframes to pick trends.

Algorithmic traders rely on computer programs to place trades for them at the best possible prices. Traders can use defined instructions, or high-frequency trading algorithms , to either code the programs themselves, or purchase existing products.

This type of trading suits people who are comfortable with using technology and want to apply it in their forex career. Given the nature of the programs, algorithmic traders will also have a keen eye for the technical charts. Event-driven traders look to fundamental analysis over technical charts to inform their decisions.

This type of trading will suit a person who likes to keep up with world news, and who will understand how events can impact markets. Inquisitive, curious and forward-thinking, you will be skilled at processing new information and predicting how global and localized events may play out.

The chart below shows how Non-Farm Payroll can provide an opportunity for an event-driven trader, using the common strategy of entering long when the price breaks above the trendline of a pullback. No forex trading style need be static and there is every possibility yours can change. You may be a scalper stressed by short-term price action and seeking the free time found in position trading.

Or, you could be a technical swing trader who wants to learn more about the fundamentals of the events-driven approach. Whatever your style or goals, there is always a way to grow and develop, and test your skill on the markets in new ways. For more information on identifying your ideal trading style , as well as how to manage the ups and downs of forex trading, take a look at the following:.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits.

We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Live Webinar Live Webinar Events 0. Economic Calendar Economic Calendar Events 0. Duration: min. P: R:. Search Clear Search results. No entries matching your query were found. Free Trading Guides. Please try again. Subscribe to Our Newsletter. Rates Live Chart Asset classes. Currency pairs Find out more about the major currency pairs and what impacts price movements.

Commodities Our guide explores the most traded commodities worldwide and how to start trading them. Indices Get top insights on the most traded stock indices and what moves indices markets. Cryptocurrencies Find out more about top cryptocurrencies to trade and how to get started.

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