Earning money on the Forex
Forex is the largest market in the world, and millions of dollars are traded at every moment throughout the day. It is one big market that is divided according to time zones, and thus the deals never stop.
Earning millions as a newcomer to the market is unrealistic and impossible. You might even have some smart strategies, and you will still lose money or stay near zero. That is why it is the best option to stick with small profit that carries less risk.
How to use scalping strategy on Forex
Scalping strategy relies on excellent knowledge of the trading market (every strategy requires it) as well as dedication and time. Scalping revolves around making dozens of small trades that last up to five minutes. The profit on such trades is minimal, and every trader that takes on a strategy like this should pull out of trade once they are up for ten pips. Anything above that increases the risk of a loss.
You will have to invest a lot of time into Forex trading if you want to make money with scalping strategy. It limits the risk as well as a loss, but in return, it takes a lot of time to make a decent amount of money. This pay-off works for some people, while others avoid it. If you have enough time to spend up to five hours in trading, then this strategy will pay off. If not then don’t even try scalp trading as you will end up with a loss.
Day trading – A viable strategy for those that hate risk
Short-term trading is risky as profit margin remains small and every movement of the price can affect it. But a smart trader that understands how price movement works can make some profit in this way.
Making money through day trading relies on trades that last few hours and are always ended before the end of the day. The market doesn’t work 24/7, but prices move during the downtime. Exiting trades before the day ends means that the risk of sudden overnight price change is unable to disrupt your trading.
A different approach to the short-term trading
If you are interested in short-term trading on Forex, but you don’t have enough time for that, then you might consider using HBSwiss. This is software that makes it possible to simplify the whole trading process by finding eligible trades that have a high chance of success.