By far the best time to trade the currency market is when it is the most active and therefore has the biggest volume of trades. A fast currency market means more opportunity for price moves either up or down. A slow market generally means you are wasting your time + turn off your computer and go fishing!
When trading this strategy, you should aim to gain 30 35 pips to be on the safe side and make profits. If you try to ride it to long you could end up loosing. After a fundamental announcement the market can keep going in the same direction for over an hour, but you will notice that most of the movement happens within the first few minutes, I normally exit the trade within the first 10 minutes, all depending on how the trade goes.
Apart from this you need to have the adequate financial knowledge of how the forex markets work, what are the different forex trading strategies and which is the best strategy for you, i.e. which strategy is in the best alignment with your income goals, investment horizons, risk willingness, and other factors. Last but not the least, the market is a cruel world that shows big dreams. Know who are friends and advisors are and check their background track records before you follow them blindly. Having a fair and level head is an absolutely essential prerequisite when you think of trading forex for a living. To help you in your dream job, the paragraphs below list the main trading strategies. These are followed by some forex trading tips to help you trade forex and make it your primary, full-time job.
Try to educate yourself. You can look for education sources. Better to search more than one, preferably 2 or three, reputable sources. We can suggest well known and trustworthy names but the idea is that you identify them yourself and make an intelligent choice. Learn the techniques meant for your trading plan but also learn to apply them currency trading on your own.
Josh on the other hand was buoyed by his recent success and continued using Forex Ambush. However he also diversified and tested other trading systems. His began to understand the forex market, and was receiving tips on a daily basis. His confidence was at a forex online new high.
If the Euro rises against the US dollar, you could sell your Euros for a profit. However, the Euro falls against the US dollar, you want to limit your exposure. To protect yourself, you can place a stop-loss order at 1.5773. That is 50 "pips" below your order price. This limits your potential loss to just $500. This represents just 2% of your account equity.
The best time to trade the currency pair of your choice is when trading in that particular currency is most active. The best days to trade the currency market is more likely between Tuesday and Thursday. Good luck with your trading!