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There are a few common strategies in Forex trading, the strategy that works for you will be dependent on your personality and lifestyle.

Toosoul7

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  • Scalping: Scalping is when you open and close trades very quickly in times of very high volatility. The goal is to make lots of small profits over the course of the period of volatility. Scalping can be effective but requires a lot of free time and close attention to detail.
  • Day Trading: Day traders open and close all their positions in a single day. Each day is treated as a new market. This trading strategy is less time-consuming than scalping but does require the skilful use of stop-loss and take-profits to be profitable.
  • Swing Trading: Swing traders will often keep trades open for days or weeks at a time, making a profit from the general swings in the market. This is even less time-consuming than day trading but requires a good understanding of the normal movements of the currency pair being traded.
  • Position Trading: Position traders keep their trading positions open the longest of all. This type of trade makes decisions based on economic fundamentals and can keep trades open for months or even years. While position trading is the least time-consuming trading strategy it requires a deep knowledge of global economics and extreme
 

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