Before discussing trading setups and possible strategies, we need to first understand why one would consider trading Forex in the first place. There are two main reasons: hedging and speculation.
Hedging refers to companies protecting themselves from losses. They get their daily profits from any overseas country (that has paid revenue in a foreign currency). Then, they transfer it back to their own country, expecting fluctuation in the currency.
This practice isn’t really relevant to Forex strategies.
On the other hand, speculation refers to predicting a move that a company might make in a certain situation. If done correctly, these predictions greatly improve trading results.
Speculation is what day trading is all about. With the help of decent strategies, you can progress in the Forex trading world and ultimately develop your own trading strategy. The downside is that this is a time-consuming and difficult process.
The good news is that there are pre-made strategies available for you to try.
Although it is better to play it safe, especially if you’re new to the game, you need to change your tactics from time to time. This may allow you to see a profit margin you could have missed otherwise.
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