Help for FOREX trading

Hi Friends
Since Forex oscillates on a daily basis, can I position trade currencies? By which I mean, use weekly or monthly charts. I have read that day traders rarely make any gains. Is swing trading the only possibility? My interest is in the GBP/USD currency pair.

Kindly help.

[1979Trader]

Originally Posted by bryant9967

Hi Friends
Since Forex oscillates on a daily basis, can I position trade currencies? By which I mean, use weekly or monthly charts. I have read that day traders rarely make any gains. Is swing trading the only possibility? My interest is in the GBP/USD currency pair.

Kindly help.

You can absolutely position trade currencies and in my opinion this is one of the best ways to make money trading them.

-1979Trader

[mikeydabbles]

Originally Posted by bryant9967

Hi Friends
Since Forex oscillates on a daily basis, can I position trade currencies? By which I mean, use weekly or monthly charts. I have read that day traders rarely make any gains. Is swing trading the only possibility? My interest is in the GBP/USD currency pair.

Kindly help.

I apologize if this response is a bit outdated, not sure if your question is still relevant or not.

Forex is a very active and liquid market, a delight for the active trader, as the 24/7 nature of the currency markets means that there will always be opportunities for scalping, testing your strategies/indicators, playing the news, etc...

Many adept traders actually prefer to trade on longer time frame charts... daily, weekly, or even monthly, as they allow you to filter out much of the "noise" inherent in the short term charts and allow you to better stick to your intended strategy.

A big problem with newbie traders is the psychology of trading. You can execute a trade based on the most perfect logic ever, but if you don't have the discipline to stop out your loss if need be, or resolve to wade through the noise, then you're never going to get anywhere. Longer term trading makes this an easier task.

Regards,
Mike

[derrekmay]

Originally Posted by mikeydabbles

I apologize if this response is a bit outdated, not sure if your question is still relevant or not.

Forex is a very active and liquid market, a delight for the active trader, as the 24/7 nature of the currency markets means that there will always be opportunities for scalping, testing your strategies/indicators, playing the news, etc...

Many adept traders actually prefer to trade on longer time frame charts... daily, weekly, or even monthly, as they allow you to filter out much of the "noise" inherent in the short term charts and allow you to better stick to your intended strategy.

A big problem with newbie traders is the psychology of trading. You can execute a trade based on the most perfect logic ever, but if you don't have the discipline to stop out your loss if need be, or resolve to wade through the noise, then you're never going to get anywhere. Longer term trading makes this an easier task.

Regards,
Mike

You are right indeed!
But It's also verry dangerous to just start out as a newbie on the Forex.
I know this because I wanted to trade for my own, but I jus don't have enough experience to have profitable trades.
As you mentioned the psychology of trading is one of your biggest enemies (in the beginning).
That's why it's better to first learn allot of things on demos and books before you throw in your money.