In the forex market, there are both classic and completely original trading strategies. You may come across familiar terms like fundamental trading and, next to them, find recommendations on how to trade in the style of “Fight the tiger” or “Bali.”
How to find the perfect strategy?
You can’t choose a strategy until you’ve tried a few of them. Practice with demo accounts first. Take your time, consider your temperament and preferred trading ranges, and monitor your own reactions to risks. In the very beginning, learning from the strategies of other successful traders also helps a lot. The MobileTrader app offers you such an option.
What is R MobileTrader?
The R MobileTrader mobile app is a powerful trading station that has everything you need for successful online trading. The platform is designed for both beginners and experienced investors. Everyone will find here the necessary tools and options that will contribute to the implementation of the strategy and the growth of income.
As for the strategy, each trader can imitate the trading behavior of another investor and, based on this, see how everything works from the inside and what secrets and tips can be taken. Test everything on the forex demo and then apply it in trading practice.
Trade currency pairs, assets, and derivatives diversify your investments and use the best trading tools ever.
TOP 10 best strategies in the Forex market
Even copying someone else’s strategy, you should understand what its essence is and why it brings income. Therefore, get acquainted with the ten most popular trading strategies.
- Forex breakout trading is suitable for a volatile market and offers many opportunities for high profits.
- Trend strategy is used most often. The main idea is that the market behaves in a certain way. Changes can be predicted on the basis of historical movements. An investor uses indicators to determine the direction of the momentum and makes decisions based on deep analysis.
- Range trading appeals to beginners because of its simplicity. The market moves between two price levels, offering uptrends and downtrends that you can take advantage of when making deals.
- Carry traders earn on the difference in interest rates when trading currency.
- MACD traders use moving average lines. Thus, they receive signals and make decisions about buying or selling assets.
- Scalping is the ability to open and close deals in a short period. Earnings consist of a small difference between the purchase and sale prices.
- Day trading adheres to the idea that all positions should be closed without leaving them overnight. Half-hour and hourly frames are the most popular.
- Position long-term strategy is based on the assumption that the price of the purchased asset will increase over time.
- Support and resistance levels help to see the map of the price chart and track the places of price reversals. In this way, the trader can see exactly when it is not worth entering into a deal.
- The balance of supply and demand, or pivot point, is what a trader can use to decide whether to open or close a position.
Each of these strategies has its pros and cons. Along with experience, you will develop your approaches to working with the market. So, first, just know what options you have, try them, and only then settle on the best ones.