By adopting forex and intra day strategies, you will be able to maximize your profit potential. All it requires is some sound planning and awareness.
Forex Trading Strategy
While trading in forex which is a high risk venture, never indulge in money trading which you cannot afford to lose. It is best not to withdraw from retirement accounts or savings to fund this kind of trading. Before trading, determine which way the market is swinging, whether it is on an upswing or downswing. You should also be able to judge for how long the trend is going to last. The next stage is to establish some safety entry and exit points – that is the prices at which you would enter and exit trading. Besides availing of the services and advice of the stock broker, a smart investor will make use of volumes of information and support services with which he will be able to formulate his own forex strategy. Before starting forex trading, open a demo account which you can get free of charge and operate with a balance of your choice. When you have mastered trading skills, you can start working with real money.
Intra Day Trading
There are many successful ways of doing intra day trading. You first need to analyze the general share market as well as specific shares and determine if there is going to be an uptrend, down trend or narrow range of trading in the market. You should check out global trends by checking US market and Asian markets which open before the Indian Stock Exchanges. Always trade in the market direction, that is, if the market is bullish, buy stocks and then sell, and if the market is showing a bearish trend, short sell first and then buy.
In case there is narrow trading, just wait and watch and wait for the right opportunity to enter the market. Have a plan for daily exchange and transactions. Know your inputs, position, targets and stops before you enter an intra day trading.