End of day Forex trading systems are often times overlooked in favor
of short-term systems such as those scalping Forex pips. While
daytrading in the Forex market has become more popular there is and
always will be tremendous profit opportunities using longer-term Forex
charts.
Long-term Forex trading has some distinct advantages. The
first of these advantages is part of the basic nature of long-term
trading. In shorter-term Forex trading traders seek to automate their
strategies in order to achieve hands-free trading. In longer-term
trading where trades can continue for days, weeks, months, and even
years automation is not necessarily important. Once you're in the trade
and you have your risk and money management measures in place there is
really very little else for you to do. Basically, you are free to
monitor your positions as you see fit.
End of day Forex trading
systems also have another advantage and that is the advantage of lower
transaction costs. This doesn't mean that the transaction cost of a
single trade is cheaper than it is with a short-term system, it simply
means that there are fewer trades therefore there are fewer transaction
costs. It is typical that the transaction costs represent a larger
percentage of the profits in short-term Forex trading than a long-term.
Many
beginning traders shy away from longer-term Forex trading because they
fear that there may be some large overnight move against their open
position. In reality, a large overnight move can just as easily move in
your direction as against it. It is, however easy to understand why some
traders seek to minimize their risks by daytrading.
Successful
Forex traders the world over recognize the power and profit potential of
end of day Forex trading systems. Traders who are just starting out or
who have limited capital can still take advantage of staying in the big
moves simply by trading mini lots or micro lots
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