Are there recommended techniques or strategies that are commonly used in the Forex market?
A trader would be in a better position to first have a look at a basket of trading styles and strategies. One can now buy a suitable and reasonably priced trading software package and back test ideas. The basic rule of thumb is to trade with the underlying trend. For higher risk traders, they may want to look at break out strategies or reversal strategies which professional traders employ around key news events. With the advent of computers and internet technology, today’s trader is in a far better and advantageous position than before to test and simulate ideas, before putting large amounts of capital at risk. The key point to remember is for a trader to find a suitable strategy to fit their risk temperament, as well as their lifestyle.
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