The best currency trading strategy depends on your own strengthens and weakness.
Do you honestly know yourself? Forex is an expensive way to find out who you really are...
So let's review the options for you!
We are all different, with different personalities, different life styles and different likes and dislikes.
What makes me tick might not make you tick.
It is the same when it comes to Forex trading.
Your favorite Currency Trading Strategy is not necessarily, mine or your best friend's but what matters is that it is yours.
It's your own strategy of penetrating the 3 trillion dollar market and taking your profits on a daily basis.
Four Currency Trading Strategies to be aware of:
You should always focus on your own personality. Rely on what you already have, on who you already are and build on it.
That will give you a strong foundation that you can easily build on. Just think about who you are and how you usually react to things happening around you.
Who are you?
If you have one or a combination of more of those traits, there's a perfect currency trading strategy for you. Can you believe that you do not have to change who you really are, just build on it and around it to become a Forex Successful Trader?
That is the strangest thing you might have heard. It almost always seems that teachers, parents, family and friends want to change us from who we are "for our own good".
What would they say, better yet, what would you say if you become a Forex Successful Trader by being exactly who you already are!
Let's look at every currency trading strategy and figure out which one fits you best.
Scalping - is for traders who typically hold positions for only minutes-or less. They seek to profit from momentary price discrepancies or temporary imbalances between supply and demand (Price Movement).
Swing Trading - usually carry a position for couple of hours.
Day Trading - typically carry positions during the trading session but not overnight. Day traders offset open positions before the end of the day's trading session.
Position Trading - typically carry positions overnight or longer (days, weeks ,months).
So, who are you? Which of those strategies do you think works for you?
If you are one of those people who's quick on his feet, you might make a great scalper.
Scalping is fast, fun, exciting & best of all once proper scalping techniques are learned you can literally be done trading and out of the market with a profit in minutes.
If you like to over analyze every aspect and detail of your moves ahead of time, you need more time to execute a trade, you have to decide which time frame you are comfortable with and go with that.
You know how they say that it's easier to get your snow legs by skiing and then try snowboarding, if you don't know which winter sport to choose from?
It's the same thing with Forex trading. You should try scalping first.
It does not take long and you don't have time to over think or change your method or plan in the middle of the trade.
Remember, plan your trade and trade your plan!
The best currency trading strategy must compliment your personality - it must be fun and energizing!
When it does - you will have the confidence to work with and stick to your forex business plan!
Some people might find scalping hard, but once you master this technique, the others will be so much easier to become proficient in the other three currency trading strategies. The other way around is not true.
Do not jump from one strategy to another until you are well versed in the strategy you are trying first.
Get yourself over the frustration phase of learning a new skill and learn the ropes of one strategy before you choose to move to another.
If you need help deciding, just ask any Forex Successful Trader and they will be more than happy to help you out.
P.S The secret to making 6 figure income in Forex is avoiding the "account blow-up"- the heart of our training uses a powerful Forex Trading Business Plan; ... Don't miss out! The Free Forex Video Series reveals the ultimate Forex Business!l