The modern trader's favorite investment market, Forex trading is today, one of the highest-valued financial grounds for traders. A trading value of $6 trillion floats around, with thousands of traders trying their hardest to get a bite! Despite of the fact that foreign exchange sees crowds in mammoth numbers, the number of players who make it out successful are but a few. Some trades are lost due to sudden market shifts, while some trades fall prey to losses due to an inefficient strategy. At the end of the day, succeeding as a Forex trader is impossible without having a strong strategy.
A good Forex trading strategy should cover the A-Z of a trade; everything from trends to loss prospects has to be kept in mind while strategizing.
Here are 4 Forex trading strategies that you can start implementing right away, and see a massive improvement in your results:
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| Various Forex Trading Strategies Traders Implement in 2019 |
1) Trend Trading: One of the most dominant approaches to Forex trading in Malaysia, trend trading is the bread and butter for thousands. As a trend trader, your job is simple in description but complicated in application. Market trends form due to economic shifts and new political developments, you have to catch these trends by employing technical or fundamental analysis, and place trades based on the information obtained. Trend trading when done right can be an incredibly rewarding experience, both knowledge-wise and money-wise!
2) Breakout Trading: Put simply, breakouts occur when a price breaks out of a particular range. An increase in volume usually causes breakouts, which is what makes this strategy all the more risky. Without proper risk-management, banking on this trading strategy can lead to piling losses! Similarly, the right set of indicators is needed to study breakouts and place trades accordingly.
3) Scalping: Scalping has a very simple approach - place trades on smaller timeframes that are bound to see market movements and trends, make small profits, and repeat throughout the day to make huge compounded wins!
4) Pullback Trading: A pullback is when a price drops from a particular value and then continues to see a larger rise. With a pullback trading strategy in place, you can place trades that will eventually fall, during which time a stop-loss order will protect you, and then when the trend sees a larger rise, capitalize on it.
Forex trading in Malaysia is a daunting challenge; the field is getting increasingly competitive by the day, and you will need the assistance of strong strategies if you want to see results! Talk with one of our experts at WesternFX and learn how to draft winning Forex trading strategies. We will equip you with the best of approaches, no matter how erratic the market is and see to it that you come through successful! Call us now to know more.
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