Forex Trading refers to continuous selling and buying of currency pairs like INR/USD. It helps in generating hedge businesses or generating profits against the unfavorable exchange rate movements. It helps in studying the fundamental, economic, and technical trends related to forex trading. The most popular trading strategies are position trading, day trading, and price action trading. These strategies play a major role in deciding the right time to engage in buying or selling a profitable currency pair.
List of the best strategies for Forex Trading
Price Action Trading: It is one of the most popular forex trading strategies that involve studying historical exchange rates. It can be used for both the short-term or long-term. It suits well with all market conditions.
Range Trading- Under this strategy, one can make easy identification of both resistance and support levels. It is a bottom level where the prices will stop falling. Resistance is a top-level where the prices will stop increasing.
Position Trading: It is a long-term strategy in forex trading. It suits those who have enough patience to maintain the same position of currency for about months or weeks. It is related to having a long-term position for maximizing profits. One has to invest a large capital base in position trading. Secondly, a good knowledge of fundamental and technical analysis.
Trend Trading: It is one of the most preferred, successful, and popular forex trading strategies. The aim of adopting this strategy is to identify the trends of forex trading, when the price will go up and when it is expected to go down.
The three main principles of trend trading are:
Bullish trend: When currency price goes up. It is the time of buying
Bearish trend: Start selling when the market falls.
Wait & watch: When the market is stable, neither rising nor falling. In such scenarios, no action is required.
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