Forex Day Trading System - Find out how A Trader Implement It
- Author Matthew Johnson
- Published September 18, 2010
- Word count 471
Day trading which is also called intraday is a strategy where you open your position only for a few minutes or hours. The special trait of this strategy is no overnight allowed; this resulted in closing all of the trades at the end of trading day. By using a forex day trading system, you can avoid overnight risks like interest rate or foreign exchange risk.
If you implement day trading strategy, you only need to analyze the market for the day, make quick decisions, and make many trades in that day. A few of these trades will be winning trades while some other will end up as losing trades. With a good system, you can minimize the loss and maximize the profits, so even if you have more losing trades than winning trades, you will still make profits at the end of the day. Your belief is "the next day is a whole new day".
Scalper is a solid example of a trader who uses forex day trading system heavily. Scalper is a day trader who can notice every small movements in the market that has profit potential. His aim is to make as many trades with little profits as much as possible. Typically his entry and exit happened just in a few minutes.
It may seems very demanding to make a stream of quick executed trades, but these days you don't really have to do it on your own. Like all other strategies, day trading is running with a set of rules, so you'll be able to have a good forex day trading system that will do the analysis, signals, or even the trades for you.
Most of these systems are using short time frames chart like fifteen minutes or five minutes chart as their decisions base. The method is combined by a variety of indicators, general and neural applications, and back-testing features to make even better prediction. But relying solely on technical analysis is not how a good trader works; using fundamental analysis is also important to make order decision.
Some day trading system users don't believe in fundamental analysis application in short term trading, but there are cases where some news can create large influence to the market in just a few minutes and that is where a day trading system user can get his profits.
Instance: Unemployment Claims, Existing Home Sales, and UK Retail Sales are some news which could trigger high volatility in the market where a perfect entry will get you high profits within minutes or hours.
A good forex day trading system could be developed if the designers understand the key elements of day trading such as precise analytical software and multiple news sources to rely on. When all the prerequisites are met, it is not difficult to devise a trusted day trading system.
Look into the details of an automatic system that supported by a winning scalper system at my FAP Turbo review. Find out 4 crucial points that you have to understand first before start trading forex in learn to trade forex safely.
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