3 Of The Best Day Trading Strategies In Forex

Day trading is one of the most popular Forex trading approaches today, and has been so for a long time. The short span offers traders an intense environment, and with each trade having a healthy profit potential, day trading is definitely an amply stable strategy. 

What makes day trading beneficial is that in its short span, there are more guaranteed trade movements, which create a lot more opportunities than long-term Forex trading strategies. Hence, at the end of the day, you'll be able to make multiple trades that have hefty levels of volatility, bag decent profits and close on a victorious note.

Here are 3 of the best day trading strategies to follow in 2019:

1) Scalping: 

One of the most powerful Forex trading strategies, scalping is an intensive but mighty lucrative approach. As a scalper, you will be making multiple small trades instead of one big one. Being a short-term strategy, there will be a lot of movement to capitalize on, the only con being that the profits are small.

Each trade is just minutes-long at most, giving you a lot of time to make multiple trades and compound the profits! What's important here is that scalping can be very time-intensive, and though small-scale, it can bring in significant losses if not implemented right. 

2) Breakout Trading: 

When the value of a currency pair exceeds a speculated price range, the event is called a breakout. A lot of heavy fundamental analysis goes into this, because to trade breakouts, you need economic and financial data. 

In addition to this, you will need to have absolute control over some indicators like MACD, Bollinger Bands, RSI and Moving Averages, since these Forex Trading in Nepal indicators help assess the economic impact being made on a currency, and gauge the viability of a trend as it happens.

3) Algo Trading: 

For the mathematical minds, algorithmic trading is one of the best Forex trading strategies. With lots of data, past and speculated future trends, and current economic events in mind, algorithms are drafted to point out where the markets will move and how it will behave.

While long-term Forex Trading Strategies are definitely profitable and viable in their own way, the shorter ones have a charm of their own! Open a free Forex demo account with WesternFX, try out these strategies and see their magic happen. 

Our seasoned veterans will also teach you about the best implementations to follow and how you can make the most out of each approach. With us by your side, you'll be working with proven strategies and seeing big wins!