Forex Day Trading Strategy - Which One Is The Best For You

Many currency exchange traders have developed their own forex day trading strategy to ensure their success in this field.

However, there is no general method or rule that can be conceptualized since currencies are greatly dependent on the condition of the market on a "per day" basis.
Hence, to develop the best forex day trading strategy possible, it is essential that you understand these 3 different strategies that the industry experiences.

1. Slow Trending Day
The market experiences a slow trending day when the price of currencies start at 200ma, extends no greater than 20pips, then retraces to 200ma within the same trading day.
This situation often leads to a normal trending day. Knowing this, you can adjust your strategy correspondingly. Bear in mind that it often indicates stability of the currency's value.

2. Normal Trending Day
The market experiences a normal trading day when the price of the currency starts slightly above or below 75ma, extends a little, then retraces to 75ma.
This indicates that a particular currency is stable and shows the least signs that you should adjust your positions.

3. Fast Trending Day
The market experiences a fast trending day when the price of the currency is slightly above or below 21ema, ascends or descends, then reverts back to 21ema.
This will indicate bullish movements of the factors affecting the currency's mother country. Such movements can be for the better, or for worse. A closer study of the trends in the currency's motherland is needed to determine the next course of action.

4. Big Range Day
This is when the highs and lows of the subject range are 20pips apart. It indicates instability in the currency. Again, this may be good or bad. Your strategy should be flexible enough for any eventuality.

Your forex day trading strategy should be anchored on vigilance, flexibility and caution. A news day can be a window to great things, or it can be a hole that will make your entire portfolio crumble.

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