Forex strategies involved in trading process
Strategy is a plan which is constructed to achieve long term success or our overall goal; it is also called as a master plan or a grand plan which can be implemented for any working process. The strategies are constructed and defined priorly by the people and beginners should follow it to make their process successful, strategies are present in all working models. Trading also has strategies this will help people to achieve success throughout their trading period, people who have involved in trading with strategy cannot only achieve short term success and it will end in a collapse state. But if we follow all predefined trading strategies then we can reap long term benefits and success, the trading is process which involves buying and selling the commodities from different nation. Forex is a money trading market which does all major trading business in this earth, it makes profit around $1.9trillion in a year, and thus it is market where currencies of different countries are exchanged. So when we trading in such a high level market we should be very careful and we should not indulge in any risk or loss for that purpose we should follow the Forex Market. There are many strategies involved in forex we should select the one which is convenient for us and should follow in the trading process this will surely gives you a expected results. All strategies are developed based on the time frame and type of trading, so we can never go wrong with it and it will help us to maintain a neutral position in all terms of trading. But the strategy does not promise you the success, it can also lead to failure or it may work against us so be sure when and where to use it.
Importance of following the strategies
the specific strategy should be applied only for the chosen currency pair and it is does not mean that only that particular currency pair will work on that strategy but we should make a research and analyse the strategy before applying it in the currency pair. The main aim of the strategy is to minimize the external impact of trader and to organise the trading policies and activities. The strategy can be compared with business plan or working project which is considered as an important one for long term achievement, each strategy will go easily with trading style and compatibility of the traders.
Resistance and support strategy
The support and resistance Forex Market are the first plan followed in trading, and it will be very useful for the people who are trading outside the trading channels. Traders who are posing trading in a flat market with support and resistance should trade within a range until the price breaks out because it will prevent us from loss and gives more benefit to the people. This strategy will prevent the trader to go outside the channel and helps from us from loss, There is no specific timeframe in this strategy but 1H is preferred by experts.