It is no wonder if you say that you have been stuck in finding the right strategy. There are countless strategies in the market right now, but it is you who decide the type of strategies to be used in trading. You may want to be a swing trader, scalper, position trader, news trader or day trader, whatever you want to become it is up to you to pick the strategies. But still, finding the right strategy is frustrating, do you agree? Then again, Singaporean traders have been gaining profits using successful strategies then why not you? When you try trading using these strategies, you fail. Why does it happen? What is the reason for your failure? Why do you keep losing good trades? If this process continues, you may end up quitting the trading journey as a whole. Actually, the Forex market is all about logic and strategies. If you don’t know the logic behind the market, you wouldn’t know to trade the market successfully. So now, how will you find the best strategy that suits you? How can you decide that it will create profits? Of course, you can. You just have to test your strategies and techniques before you use them in your real trading account.
Indicators based trading strategy
Some of you might be thinking EAs and indicators are the best way to trade this market. But when it comes to real life trading these are the worst thing you will have as a trader. You need to learn manual trading strategy to deal with the dynamic price movement of the currency pairs. If possible try to learn the details of this market in the demo environment. But never trade this market with high-risk exposure even though you access to the perfect EAs. These are just helping tools and you should never rely on their readings blindly.
The position trading
This can be used on the long-term basis where the trader holds the trades for a long time. In fact, it may drag for months. You may have to deal with weekly or daily time frames. Usually, position traders handle Forex trading using the fundamental analysis. They would focus on factors like NFP, sales, GDP and so on. By using the fundamental analysis the traders will be able to make bias decisions. Also, it is possible to make use of technical analysis when the need arises. Whenever you make a decision related to trading make sure to look at the market with a 360-degree view. If you don’t look at the market with a 360-degree view you wouldn’t be able to make a proper decision. However, as for anything in this world, even position trading has two sides. Before you dive in, you should learn both the pros and cons of this strategy if not you would be in trouble.
The swing trading
If you need a medium-term based trading you should pick swing trading. This can be held for days or weeks. Usually, you would be dealing with 1 to 4- hour timeframes. If you are seeing yourself as swing trader you should work hard to capture that movement. You may have to become familiar with the technical terms. For example, you should know what support and resistance are. You should know the candlestick patterns and so on. There are both advantages and disadvantages of being a swing trader, so before you get your hands on, think about it.
The scalping
If you are a retail trader it is better to avoid this as there’s a higher cost involved in scalping. You may end up giving up all your profits. This is good for the ones who prefer short-term targets as it remains for only seconds or minutes. A scalper may think about the current market condition and the ways to obtain benefits from the situation.
