50-pips a day forex strategy Back to list

Member SinceJul 08, 2021

Posts 588

Sterling

Aug 03, 2022 a 02:49
One of the newest Forex trading strategies is the 50-pips-a-day Forex strategy, which capitalises on the early market movement of certain highly liquid currency pairs. This trading method works particularly well with the currency pairs GBP/USD and EUR/USD. Traders will frequently place two positions or a pair of opposing pending orders following the close of the 7 a.m. GMT candlestick. When the first is triggered by price changes, the second is closed immediately. Set your stop-loss order 5 to 10 pips above or below the 7 a.m. GMT candlestick after it forms, with a profit target of 50 pips. This is done for risk management purposes. Once these factors are established, the market will determine the rest. Short-term approaches to the foreign exchange market include day trading and scalping. Keep in mind that more trades in a shorter period imply more risk, so risk management is critical.

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