FOREX Rules for Traders working with strategy of Day Trading (Short Term Strategy).
for off line reading Seven Golden Rules of DayTrading.PDF
We represent to you some rules of Day trading Forex strategy for beginner and professional Forex traders. This strategy of Foreign exchange Market realize by trading in short term period, around no more than one trading day. Usually traders operations by Day Trading strategies take some hours.
Forex Day Trading strategy is aggressive style of earning money in short term period. In working hours traders are opening a lot of orders in different or same currency pair.
For example Day Trader can open some orders on the EUR/USD and at the same time open orders in the another pair.
Day Trading strategy take from traders requires careful attention. During working hours traders all time must check changing market conditions such as signals from technical indicators of Foreign exchange Market and financial news. For working on this strategy Day traders usually use time frame in the trading terminal one minute, five minutes, fifteen minutes, and seldom - one hour. Generally Day Trading in The Forex realize fixing of profit on the end of trading day, usually all open orders close at end of trading session and orders open at the beginning of the next trading session. But Foreign Exchange Market work almost 24/7 except weekend, when value of trading operations too low. That means, what some opening positions of Day Traders can be completed after some trading days. This is true if open positions will be profitable in this period.
In one Trading day DayTrader can open and close ten-twenty orders on the different currency pair. Needs to control all movement on the favorite currency pair, and recalculate and reanalysis this movements.
By our opinion for Day Trading Strategies on the Foreign Exchange Market should be use next indicators of technical analysis: Moving Averages in small update period, Levels of Fibonacci with waves theory of Elliot on the small time-frames from trading terminal, Fractals and custom indicator ZIG-ZAG for understanding all movements except noise.
7 Forex Rules during Day Trading:
