Day trading - These are trades that are exited before the end of the day, as the name suggests. This removes the chance of being adversely affected by large moves overnight. Day trading strategies are usually the perfect forex trading strategies for beginners. Trades may last only a few hours, and price bars on charts might typically be set to one or two minutes. The 50-pips a day forex strategy is a good example of a day trading strategy.
Of the past 15 years, Forex Mentor has marketed dozens of “get rich quick” Forex trading educational products. Currently, there are over 20 educational products for sale on the website. To list each product would be mundane. To give you a prime example of the marketing hype, I have included the flagship product titled “The Big Dog Currency Trading System”.
In order for you to have the best chance in the markets you have to really focus on educating yourself. off course, There are many books you can read, but I would stay away from that method of education as it can get outdated very quickly as day trading is very dynamic. There is so much information on the web, so be prepared to digest it all over a two year period before you ever start seeing serious results from trading.
With the unpredictable nature of forex market, you constantly need someone who you follow and look upto, specially if you’re an independent trader or just starting out. There are many scammers out there who claims to be what they are not and are faking their profile and their experience, so the first thing is to be beware of any suspicious accounts and do your own analysis when you’re choosing someone as your mentor to guide you in this highly unpredictable market.
Trend-following systems require a particular mindset, because of the long duration—during which time profits can disappear as the market swings—these trades can be more psychologically demanding. When markets are volatile, trends will tend to be more disguised and price swings will be greater. Therefore, a trend-following system is the best trading strategy for Forex markets that are quiet and trending.
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