The daily strategy, as you might guess from the name, was created for trading on daily charts, such work among traders is classified as long-term, connected sometimes to the D1 timeframe. Specifically, forex day trading strategies are not so popular among beginners as scalping, however, they are very promising ones. Everything depends on the mood of the trader and his personal preferences. They have their advantages and their own characteristics, which will be discussed later.
Advantages and positive results of forex daily trading strategies:
- The key advantage of long-term trading is that it is not a time consuming one. Virtually, it is enough to trade only 15-30 minutes a day! If you are a newbie, now you may not understand the importance of this feature. However, believe us, the time for a professional trader is no less valuable resource than the money that he earns. First, you cannot deprive yourself of simple human joys, such as entertainment, family, fishing etc., otherwise what’s the point in all your money? Secondly, you can spend extra time reading analytics, or studying the calendar of economic events or professional articles, which will greatly improve the efficiency of trade. And thirdly, free time is an opportunity to spend your money. Now you might think it’s funny, but for a successful trader, in particular a scalper, this issue is worth it. I know several colleagues who earn really huge money, but they still go by public transport, because they do not have time to choose a car and get a driver license. So sad, don’t you think so? Do not forget about your desires and dreams.
- When applying day trading forex strategies, at times you experience less psychological stress than with scalping. The thing is that when a trader sits and watches the schedule for days, he becomes overcome with emotions such as fear, uncertainty, and sometimes excessive self-confidence and carelessness. It is because of these emotions that newcomers allow, up to 80% of errors occur. With long-term trading, when you analyze the chart for only 15-20 minutes, the trader does not feel any tension and, as a result, trades more accurately, deliberately and profitably.
- These tactics give more accurate signals than scalping or medium-term ones. This trading is more comfortable for a broker, because he suffers less defeats and achieves more victories.
- Many strategies for analysis are suitable for both professionals and freshmen. Thus, you can download forex day trading strategies pdf from specialized web site. Then study it carefully in order to choose the option most suitable for you without changing the algorithm to a more professional one, therefore, without the need of getting used to the new rules.
Hope you are anticipating all possible perks and will opt for the best variant for you.