Day-trading is the name given to any trading time done on any day, where the time also expires on the very same day the trade started on. Even if a forex trade could expire in a few days, weeks or even months, traders usually prefer live trades that open and expire on the same day, which offers them the chance to make a profit in the short term.
Here, we will be looking at some different paths how to put your unique day-trading strategy into action, while making sure you have both a stop loss limit and aim to win.
Here is our step by step guide for beginner traders so you can quickly develop and put together your day-trading strategy.
Research Your Paring Currency
Once you are in the forex game, you’ll need to choose the currency parings you wish to be trading with. This alone needs time to research to understand which currencies will rise or fall for the value in any given period.
A successful way in how traders select their currency pairs is by trying to correctly predict the outcome of data released by several countries which are linear with their economic calendars.
You ‘ll need to choose your forex trading type correctly, especially knowing that you have an expiry time of a single day for trading. You’ll be making trades that last seconds, minutes and even the entire day, which is why you need to have a plan and put a deep thought into how long you want your trade to go live for.
Whether you are trading forex online or a mobile platform you need to have a stop loss limit and a winning goal. However, the amount of trading budget you have is also determined by these two factors. One way to choose the amount of stop-loss limit is by placing each trade between 5 to 10 percent of your trading budget, along with the same amount of budget used for your winning financial goal. Here are our top tips in executing the best forex day-trading strategy for beginners. Stay tuned for more tips by visiting our website at FBS.