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UNDERSTAND FOREX TRADING STRATEGIES

There are many things to consider when trading forex. These choices become even more important for many individual traders because they aren’t trading forex for a living, but are rather part-time traders, with other jobs and commitments. This can make things extremely difficult in a fast moving market like the currency markets, but there are some strategies you can follow to help you have a better chance at success when trading forex, even if you’re a part-time trader. Choose a time frame to trade and focus on the most active currency pairs during that time frame. If you’re trading full time it makes sense to trade during the U.S. session, because most USD currency pairs will be most active during this time. Many traders won’t have this luxury however, so they need to make a plan that takes into account what currencies are most active during the times that they are trading. Those in the U.S. who trade in the evenings may want to focus on AUD pairs. If you’re trading later in the night (after 9pm EST or 2am GMT) you can also look at other Asian currency pairs such as the Japanese Yen, Hong Kong dollar and Singapore dollar. If you’re a morning person and want to trade at say 4am or 5am EST your best bet is to look into the Euro and Great Britain’s Pound. The point is, no matter when you choose to trade, your best strategy is to focus on the most active currencies during that time frame.