Choosing a forex strategy is the first thing you need to do when you start getting to know the market. Each investor’s style and strategy is different because it reflects a combination of characteristics: character, technical skills, ability to work with charts, etc. A novice trader will have to test different strategies to find the one that fits perfectly.
For this, you can use a demo account, as well as options for copying successful trading portfolios. In particular, such opportunities are provided by MobileTrader.
What is MobileTrader?
The R MobileTrader app is a trading platform that you can use on any mobile device. The trading station is suitable for professional investing forex, but beginners will also like it.
What’s under the hood?
R MobileTrader allows you to perform many tasks:
- Ability to copy strategies of other investors.
- Carrying out a thorough technical analysis using 14 indicators.
- The platform combines the most reliable sources with forecasts, news, and reviews.
- Forex exchange helps to trade 100 currency pairs and other assets.
The platform stands out from the rest due to its unique portfolio diversification capabilities, which is why it is one of the most popular among Forex market connoisseurs.
The top 8 strategies you should know about
Invest smartly: first, choose the strategy that suits you best.
- Scalping is a way to make money on short-term trades. During the day, the trader opens and closes dozens and, sometimes, hundreds of positions. It’s a tight race where every second counts. Scalping allows you to minimize risks, but it also does not allow you to relax.
- Day trading is less hectic, but trades are closed daily, not every minute. The main requirements are to be attentive to the market, follow the dynamics of asset prices during the day, and have a good understanding of short-term charts.
- Swing trading allows you to hold positions longer than one day. This approach allows you to maximize profit from trading currency pairs. For the success of operations, it is necessary to pay attention to the data of fundamental and technical analysis.
- Carry trade is a strategy aimed at profiting from the difference in interest rates between countries. This is both a risky and profitable business. A trader borrows a currency with a low-interest rate and invests in a currency with a higher interest rate. The difference between these rates, multiplied by the volume, constitutes the trader’s profit.
- Fundamental analysis allows you to understand whether a currency is undervalued or overvalued and, based on this, predict a potential change in value. For a beginner practicing fundamental analysis, it is enough to concentrate on a few indicators and gradually learn more.
- Trend trading attracts newbies because many tools help you see the relative strength of the trend, determine moving averages, and see if the trend is up or down.
- Traders who adhere to the Price Action strategy follow the movement of the price in a certain period, and based on this, they make a forecast regarding future indicators. In these cases, investors rely less on technical indicators than on their understanding of how asset prices will soon change.
- When the market does not have a clear trend, traders use an active strategy — range trading. Usually, the market is between the lower and upper price indicators during a certain period (overbought and oversold levels). Range limits are determined using Bollinger bands.
Each strategy has its features. There are no risk-free or always profitable options, so don’t look at this as a get-rich-quick opportunity. Search for your option by trial and error.
