Choosing the best strategy from all the different Forex trading strategies can be confusing because each has its pros and cons.
The good news about the currency market is that there are enough Forex trading strategies that you can find one that fits you best based on your personality.
It is all up to you. There are so many ways to make money on the abundant 3 trillion dollar a day Forex financial market.
"You will never get bored!"
The Currency Exchange Market is exciting, complex and dynamic.
The 4 main Currency Trading Strategies:
Contrary to popular opinon, I recommended that you start with the first currency trading strategy -scalping - because once you master scalping you are able to easily master all the other strategies.
As with any of these strategies they all take time to learn and master.
This strategy is used when traders can make money off Price Movement usually a fast entry and exit position. It usually does not last more than couple of minutes.
Sometimes it only lasts several seconds. The entire move can happen very fast.
It is the most exciting of all the trading strategies and a trader can literally be done trading for the day in minutes.
If you are a beginner and think you can pull this off, the only way you are going to make money scalping the market is by accident or luck. If you do it once, be grateful and thank your lucky stars, but don't think you're an expert.
Be very careful not to fall for that or you're going to lose your money even faster than you ever made it.
Those trades move fast so that if you are in a Live Training Room, the Forex Successful Trader training you, will call out the trade setup live as the entire trade is executed.
Most of the time, if you are part of a professional community, those sessions are recorded and then you can replay them as many times as you want to understand the logic behind it.
Forex Swing Trading is more suited for the beginning traders, according to the general opinion.
This popular currency trading strategy does not happen as fast as the Scalping trade, so you have time to digest the information.
These trades are usually made while taking in consideration price momentum within the major trades.
Make sure that when you trade, you have confirmation of price momentum exactly where you want it, which is right on the side you have chosen.
You can have a lot of fun with this type of trade if you know what you are doing. It moves fast, so you know if are gaining or losing fast enough, but not as fast as when you choose to scalp the market.
Forex Day Trading - if you are not comfortable enough to move fast while trading, you can take hours to execute your trade.
At the end of the trading day, you usually lay down your cards and see what you got - a winning or losing bet. And you better not gamble in Forex as you'll be sure to lose everything very fast.
Use your knowledge, information and tools to enter and exit positions.
Position Trading - it is done using the longer time frames that you usually do not look at so closely when scalping, swinging or day trading.
Your eyes are on the daily and weekly charts a lot. Those positions stay open for a long period of time - days, weeks or longer. The exposure is mostly small compared to the profits you are looking to gain, so you don't need to monitor the market continuously.
Of all the Forex trading strategies, you should choose one according to :
As I said before, there's fun and money to be had on this market, no matter who you are.
Be smart, chose to join a Forex Successful Traders Live Training Room and you will be able to watch a profitable currency trader use all those Forex trading strategies to trade and learn what works for professionals and then...
you'll be able to do the same and figure out which trading strategies work best for you!
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 trademarked ProfitProtectionSystem™ ... Don't miss out! The Free FxMastery DVD reveals the ultimate Forex Business!l
Related Forex Trading Strategies Resources: