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Get these FREE Forex Scalping Cheatsheets. Learn this 10 minute a day Swing Trading Strategy that is highly profitable. Watch these 4 Flexible Forex Day Trading Videos that show how to reduce the risk to zero in forex trading and triple your profits safely. In day trading, your strategy is very important in determining how much you make. In order to succeed in day trading, you need to be selective in choosing your strategy and than mastering it.

Trend trading is the most popular trading strategy that is used by the global hedge funds and other successful traders. Always remember the saying, ” Trend is your friend.” Big profit potential lies in trades that capture big market moves. But most of the time the market is not trending. 70% of the market moves occur only 20% of the time.

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Most of the time, markets are ranging. Ranging means they are consolidating and moving sideways. You identify a range by the rectangle patterns that form in the price action charts. However, range trading is not as profitable as trend trading. But what to do when the markets are not trending. At those times, you can only do range trading.One of the best trading strategy in range trading is scalping.

As a day trader, you don’t want to lose sight of the overall market. So how do you go about determining when the market trending. You need to use Multiple Timeframe Analysis. Looking for opportunities to buy in a uptrend or sell in a downtrend is much more profitable as compared to buying at the top and selling at the bottom as done in range trading. In multiple time frame analysis, you can use the daily or weekly chart to determine the overall trend in the market and then use a hourly or a 30 minute chart to narrow it down to determine the exact entry and exit points in the trade.

Currency markets are influenced by the large transactions done by the big banks. If a large transaction is done by a bank, it can effect the overall price action in the market in the short term. There is a day trading strategy called, ” Fading the Double Zeros” that tries to capitalize on this. There are certain psychological price levels that are used as triggers for large order flows by banks. If you have this insight and believe that the price action is being influenced by large double zero order flows by a big banks, you can use this insight to make many pips in day trading.

There is continous action in the currency markets 24/5. What this means is that the currency markets are open 24 hours, 5 days a week apart from the weekends. You can divide the 24 hours in the currency markets into different sessions like the Asian Session, the European Session and the US Session. There is one strategy known as the London Rush Hour that uses the London Session.

You can also use a intraday breakout strategy or fading strategy. Whatever trading strategy, you select first practice it on your demo account thoroughly and try to master it.

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