Forex Strategies How To Trade Forex

One of the most popular day trading strategies is breakout trading. The strategy involves entering and exiting trades within a few hours. During a breakout, the price of the currency pair moves above or below the price line, thereby confirming the trade. A breakout is a good sign if volume increases. These strategies are very common in forex trading for beginners. Day traders typically place stop loss orders 5-10 pips above or below the 7am candlestick GMT.

In the foreign exchange market, most currency pairs are priced to four decimal places. This way, the smallest price change in Forex is one pip. Prices for most currency pairs are accurate to four decimal places. A pip is a basis point, or 1/100th of 1%. The most basic strategy in forex trading is to speculate on the value of currencies. However, this approach requires a lot of risk as you could lose money if you make the wrong decision.

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