So you want to trade forex? Great!
We've got a few tips on how to get started.
Foremost, you'll need to decide what kind of trader you are. There are three main types: swing traders, day traders, and position traders.
Swing Traders use the Forex market in order to make profits based on short-term trends. They often enter positions intending to exit them before they lose their profit margin.
Day Traders try to accumulate as much capital as possible before they take any sort of position (which could be any position) so they can more easily anticipate when they'll need it again. This is typically done by placing large orders with low fees and no expiration date.
Position Traders take positions in order to generate consistent income over time by holding a certain amount of money for an extended period. We usually do position trading within larger time frames than swing trading or day trading; for example, one might hold a position over a week rather than over a day or two days at most .
