While stock and futures markets tend to have a well defined trading day determined by their respective open market hours, the forex market is open for trading around the clock from Sunday evening to Friday afternoon New York time.
As a strategic principle incorporated into a trade plan that also includes sound money management principles, day trading has several beneficial aspects that can enhance a trader’s profitability.
Perhaps the main benefit of day trading as a strategy for speculating on movements in the stock, currency and commodity futures markets is that trading positions are usually only open when the trader is fully awake and alert. This form of trading risk can be especially troublesome for traders operating in the currency markets that trade throughout each business day.
The day trader is especially fortunate to be able to completely avoid overnight exposure risk — as well as the added stress that such risk involves — since they traditionally close out all of their open trades before the trading day ends. The 5 Stages of TradingPsychologists have created a model for assessing how people change their behavior. When getting into Forex trading (foreign exchange trading), it is important to identify the best trading platform.
This entry was posted in Help and tagged options trading platforms free on January 17, 2014 by admin. Furthermore, day trading strategies generally require that all trading positions must be liquidated before the close of the relevant market on the day they were opened. As a result, a currency trader pursuing a day trading strategy probably means that they trade just during their local market’s usual business hours.
Being alert should also help sharpen their trading reflexes and make them ready and able to act quickly to take advantage of new opportunities or to avoid looming potential losses. Also, trading during less liquid time frames can result in substantial order slippage and stop losses that are filled just before the market reverses in a trader’s favor. This is a good platform for new traders because they have a free unlimited demo trading platform. Doing research on available trading platforms will lead you to the platform that is right for you.
This will enable you to try your hand at trading and see what works and what does not before you have to put none of your own money in.
If you’re new to trading as with the above platforms, you can perform a free, time unlimited demo with a starting account of $100, 00. If you’re a freshman and need greater than the training demo, ForexYard offers a free one on one training session to bring you full understanding of Forex trading. The company’s OpenBook platform allows users to keep up with the trades of other users and share their own trading experiences as well. The downside of this platform however, is that this site isn’t available from the United States.
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