One of the largest markets in the world today is forex. Indeed, a great number of traders used different marketing techniques to earn money. The method revolves in purchasing and reselling a stock on the same day. The competition for forex traders are really tough since they take time to review the flow trades timely. Day trading is really a tough challenge to face, that’s why I’ll be providing you some pieces of advice to help you handle your trades using the right strategies for day trading.

The Best Timeframe to Trade

The forex market usually runs 24/7 and for this reason, it is hard for a trader to determine the single market movement and decide which response to take. Time is a crucial factor when it comes to trading currency pairs. I would say the best time would be the 10 minute slot, but to tell you this will vary on what system you used for trading. Once you’ve identified it, the right time frame will be easier to determine.

I’d give you a quick example, if your trading system does not seem to bother the price (there are certain systems for this), fast time frames would be suitable for your system likely between the 3-5 minute marks. Like if you’re trading in a grid trading system or a hedging system. When you trade on a fast pace movement, this can have two results- either you gain money or lose everything.

Moreover, a fast time frame would not matter on the aspects of price and technical analysis. Moreover, you need to let your system fit in. I would advise you to target the 30 minute chart.

I want to emphasize that it you may have the option to go bigger or smaller, this would depend on your system. One example is Fibonacci retracements on a 15 minutes chart. Thus, you need to grasp every inch of detail about your system so that you would identify which is the appropriate time to trade.

Knowing the Right timing for Individual Currency Pairs

In determining the best time to trade with individual currency pairs, the trader must be aware on the location and economic factors on a specific marketplace. Once you’ll familiar on particular time for its peak, then you can surely hit the profits. One of the biggest market in forex trading is Tokyo, get to examine their trading hours (Tokyo 7P.M.-4 A.M. EST). One of the market giants in forex is Tokyo, no wonder it has been competitive through the years when it comes to trading individual currency pairs.

You can achieve 90 pips in currency pairs- USD/JPY, GBP/JPY and GBP/CHF since they work in a short term basis for most traders. This is the real picture so it is suggested that you gather up relevant information for you to formulate the best strategies for day trading.

Tons of day trading strategies are available in the market though you need to keep in mind that the result would rely on how you handle your system effectively.

Author's Bio: 

Loss trade will definitely occur, but with the correct knowledge, it is possible to press it to the bare minimum. Look into start day trading and day trading tips to make sure that you'll get what you deserve in day trading.