Forex trading is like a contagious disease, only in the good sense. It is true that when a person learns something about it, they will start to wonder how their life will be once they submit themselves to the process. Now, if you are just new in this market, you must learn everything that you can when it comes to day trading strategy so you end up being successful in your chosen field.
It is true that learning about day trading strategy is fairly a difficult skill to master. in fact, about 50% of those people who wish to enter the process would later on find themselves failing to the job rightly. However, with enough dedication and patience, you are bound to go through the difficult process so you can end up having a profitable strategy that will allow you to experience positive and consistent performance.
Here are some of the best day trading strategies that you must learn:
o It is important to keep your profit objective 3 times higher than what you can actually risk.
o Do not permit more than a 1% move placed against you from your own entry point.
o Just in case the futures suddenly create an intermediate lower high intraday, you can do the process of exiting half of your position. When this takes place, it simply connotes a weakening market hence it will be a whole lot tougher for open positions to persist in working.
o When the time comes when momentum fades and you see that buyers are thinning out, it is the best time to take your profit. You can do this by means of cautiously checking the intraday chart as well as the time & sales window.