How This Simple Trading Advice Made Me the Trader I Am Today

[Amy Smart]

In the year 2003, when Euro and Pound Sterling were making a move Forex Millennium Review against the US dollar, most of the successful traders focused on daily charts. The market after making all time highs in most of the currencies against the US dollars rebounded later last year. Especially GBP gave back most of its gains of five years in a matter of months. Today, we see a lot of intraday moves in the markets and short swings. Increased two way market volatility is now paving the way for the daytraders who try to take advantage of daily swings in the markets.

We will use the market profile approach to see how to day trade the markets. Market profile is a simple tool which considers the areas where most of the trading is done during the day. These areas are the value areas in the market profile terms. The other areas where market does not spend a lot of time trading are the rejection areas.

These rejection areas are common seen as good support and resistance levels. I would also add another dimension to this simple approach. Use the daily and then weekly charts to see the longer term direction of the markets. These longer term charts in market profile terms are the 'other time frame traders'. However, the lower priced ones will offer more than enough benefits to be worth your time, effort and money. Software that pinpoints market turns in Forex can be very useful to investors looking to make big profits.

Buying and selling currencies from other currencies to try and take advantage of the rise and fall of their value compared to the world market is the basic principle on how the trading works in the world's largest financial market known as the Foreign Exchange. Every country which makes use of currency is part of this institution and it now has millions of traders worldwide, generating over three trillion dollars of daily turnover. These facts make the Foreign Exchange market a very attractive place to place your money.

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