Strategies for Forex Day Trading
There are a number of strategies that can be used for forex day trading. Here are some examples:
- Scalping: Scalping is a popular strategy in which traders aim to profit from small price movements by opening and closing positions within seconds or minutes.
- Breakout trading: Breakout traders look for currency pairs that have broken out of a trading range or key support or resistance level, and enter positions in the direction of the breakout.
- News trading: News events can have a significant impact on currency prices, and news traders aim to profit from these price movements by entering positions based on the news.
- Trend following: Trend following strategies involve identifying the direction of a trend and entering positions in the direction of the trend.