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Hi Friends
Since Forex oscillates on a daily basis, can I position trade currencies? By which I mean, use weekly or monthly charts. I have read that day traders rarely make any gains. Is swing trading the only possibility? My interest is in the GBP/USD currency pair.
Kindly help.
Trading on longer than intra day time frames are certainly a positive development for most initially struggling intra day, our and minute traders.
Viewing the market strictly through charts however is a more important problem. The problems inherent in technical analysis are totally ignored by most beginners. Learn fundamentals. I found an interesting site www.forexboost.com for support and guidance for beginners.
Forex trading can be a rewarding but challenging journey, especially for beginners. It’s crucial to start by understanding the basics, like how currency pairs work, the impact of global events on exchange rates, and the importance of technical and fundamental analysis. Risk management is also key—without it, losses can easily outweigh gains. Set realistic goals, and remember that success in Forex isn't about getting rich quickly but building a solid, sustainable strategy. Many traders rely on indicators like moving averages and RSI, but don’t overlook the value of backtesting strategies in a demo account to refine your approach. Consistency and patience make a huge difference, so take the time to learn from each trade, regardless of the outcome.
I've definitely found that position trading can be a solid strategy in Forex, especially when you look at the bigger picture with weekly or monthly charts. While day trading can feel like a whirlwind, I've had better luck with swing trading myself. It allows for more time to analyze trends without the stress of constant monitoring. I've been using weltrade.com as my broker for a while now, and they’ve been reliable in executing my trades smoothly. It’s nice to have a platform that supports various trading styles