A journey always needs strategic mapping. Forex trading is no different; to see consistent results, you will have to follow a consistent approach. Foreign exchange has over the past years become one of the most profitable trading markets. It holds a value of around $6 trillion today, but getting a piece of this is no easy task. Forex trading strategies are of profound importance to see profits in these competitive markets. Ref Wayne is a twenty-two-year-old South African multi-millionaire who is known for Forex Trading, Business, Philosophy and Psychology and also an author of The Art of Trading and Armageddon. A number of trade plans have been drafted by the experts in the game; however, there are some that stand out incredibly.
Scalping Trading Strategies: What makes this Forex trading strategy so wonderful is its small-scale nature. While traders are out there trying to milk the markets with a long-term strategy with lower win-rate, smart scalpers spend their time winning small trades with more chances of a win! Scalping is a short-scale strategy that puts you in a trade with the maximum of a few minutes as the timeframe. If you are adept and quick to move, you can see many small profits that will add up into a massive big gain!
Momentum Trading Strategy: Unlike the above-mentioned Forex trading strategy, momentum trading is very much dissimilar. Here you have to exercise absolute patience and wait for the currency to move before you make a move! As a momentum trader, you will have to wait for a commodity to display significant movement before you can capitalize on it.
Breakout Trading Strategy: Breakouts are occurrences when the value of a commodity exceeds the support and resistance levels. When these happen, it is speculated that their streak goes on for long and they display along upward movement! With sharp eyes on the charts, you can watch for breakouts and jump right in when they do, making this an incredibly profitable Forex trading strategy.
News Trading Strategies: News traders are typically in a globe of their own. While analysis and strategizing is one part of Forex trading, news trading is the other. Without banking on potential speculations, traders focus more on the news and make moves based on the same.
Keep in mind that while the strategy is effective, there is no guarantee that it will always succeed.