ForexGen presents specialized Forex online trading services. We support trading in variable currency pairs, available services 24 hours a day most of the week.ForexGen Instant Excution provide traders with real time pricing.Swing Trading - Day Traders Profitable Trades: Swing trading currencies can rob you of your two biggest assets within days. Your time and your money. If you allow it, they are easily swallowed up and spat out as you spend hours in front of the computer and your account heads south. If you have felt the pain of one (or both) of these losses, or if you’re looking to hit the ground running and stop them before they start this article is for you.
You’re going to discover a very simple ways in which you can make the most amount of money in the shortest amount of time. A successful strategy for swing trading currencies and profitable trades.
Quick Recap - Is swing trading currencies for me?
Back to basics, are you a swing trader? This comes down to time to trade and how long you can comfortably hold you trade positions.
Scalpers are hooked, opening and closing trades in seconds, you’re going to have to trade big or trade lots to make your money here. A strong stomach and lots of time!
Day traders are one up from scalpers, opening and closing their positions during the same trading session (ie. same day).
If you’re starting out, swing trading currencies is opening trades for several days and then you have the position traders holding out for weeks to months at a time and works as a trend can last for years.
Swing trading currencies is your game if you don’t have the time or want the risk of scalping or day trading and if position trading is a little too slow and patients. For the beginner, swing trading currencies is perfect.
Get into Support and Resistance
Swing trading currencies needs you to spot market reactions to the market causing swings in price before the market settles. It is important to keep your eye on the economic calender and watch for reports that come and likely to have an impact on the market.
Once you’ve identified price movements that usually overreact to major news and events you need to stop when the price hits and area of support or resistance. Then you go the other way and make your trades before the market swings back to a realistic price. The markets are creatures of excess, so keep your head and make your money from it’s human characteristics.
You need to be able to identify when a price hits a support or resistance and then go the other way before the market bounces back. So forex charting (it’s easier than it sounds) is your first step. Learn the basics behind the different types of charts, how to set them up and ideally, forex candlesticks.
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