Sunday, October 22, 2006
Forex Day Trading System
Online Forex Trading - Forex Day Trading System
Hello Everyone..Few days back I received a comment from Charles where he asked quite a few questions on Forex Day Trading as to who should do it..What are its limitation, best day trading system etc..
That gave me thought on starting a series of messages that will give all the esteemed readers of this blog more insight on day trading since most of the traders in the world fall in this category.
So, in this post, I'll give you some details on this category of trading..
As I mentioned in one of my previous messages, a day trader is the one who has the trade open for few minutes to few hrs, generally the trade is closed on the same trading business day..So, if you are trading US session, your trades will open and close between 8 AM EST to 5 PM EST. You'll try to make profit of very small moves and typically you will close profit from 10 to 25pips..
Since, its a day trading, the trader uses a smaller duration chart - 5 min or 15 min or 30 min.
Never or rarely a 1 hr chart or above..Since, you need to get in the trade in and get out very quickly..
This trading model is very suitable for people who can focus on the charts for the entire duration of the trade..So, if your trade opens at 9 AM EST, then you should be with the charts till the time the trade closes since the smaller the duration of chart, the more volatile it will be.
There are quite a lot forex day trading system available or commonly used. Some are based on Fibonacci levels, some on moving averages and some on support and resistance..
We'll try to go through these models in the days to come..So, keep visiting this blog again and again to learn more.
Since in next few days a lot of important information will be shared, I'll suggest you to add this site to your favourites or add the RSS feed to your homepage.
Hello Everyone..Few days back I received a comment from Charles where he asked quite a few questions on Forex Day Trading as to who should do it..What are its limitation, best day trading system etc..
That gave me thought on starting a series of messages that will give all the esteemed readers of this blog more insight on day trading since most of the traders in the world fall in this category.
So, in this post, I'll give you some details on this category of trading..
As I mentioned in one of my previous messages, a day trader is the one who has the trade open for few minutes to few hrs, generally the trade is closed on the same trading business day..So, if you are trading US session, your trades will open and close between 8 AM EST to 5 PM EST. You'll try to make profit of very small moves and typically you will close profit from 10 to 25pips..
Since, its a day trading, the trader uses a smaller duration chart - 5 min or 15 min or 30 min.
Never or rarely a 1 hr chart or above..Since, you need to get in the trade in and get out very quickly..
This trading model is very suitable for people who can focus on the charts for the entire duration of the trade..So, if your trade opens at 9 AM EST, then you should be with the charts till the time the trade closes since the smaller the duration of chart, the more volatile it will be.
There are quite a lot forex day trading system available or commonly used. Some are based on Fibonacci levels, some on moving averages and some on support and resistance..
We'll try to go through these models in the days to come..So, keep visiting this blog again and again to learn more.
Since in next few days a lot of important information will be shared, I'll suggest you to add this site to your favourites or add the RSS feed to your homepage.
Comments:
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Nice introduction to forex day trading. I think you forgot to mention all the blood, sweat and tears you've got to put into it. You'll probably get to that later.
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