At MarketClub.com, we cover the Forex markets with real-time streaming data, but trader's blog members often ask which is better: Day Trading or End of Day Trading the Forex markets. To help answer that question and answer ANY other Forex questions you might have is Bill Poulos. Bill's developed an amazing Forex Income Engine 2.0 course (goes live at 10am today), and has decided to give us one more post and clear his schedule to answer any and ALL questions you might have for him! Please comment below with your own thoughts on which is better for Forex trading and your own personal experiences!
Forex traders often ask: “Is it better to trade the Forex markets on an end of day basis (with daily charts) or a day trading basis (with 5, 10, 30, etc minute charts)?”
There is no right answer to this question, as I believe it depends on your individual circumstances, preferred style of trading, amount of starting capital, and volatility in the markets.
Let’s take these one at a time.
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Bill Poulos didn't get the response from everyone that he expected so he asked if he could come back and "really teach people what I know". So this time around he's talking about Fundamental versus Technical Analysis in the Forex markets. I also wanted him to give away some more free stuff so he's agreed to give away the chance to win a free copy of his soon to be released Forex Income Engine 2.0 course, enter here for free!
So please try to win a free copy of his course, and give him a warm welcome with the comments!!
Forex traders have today a wealth of information from which to evaluate and select potential trades (some would argue too much information). These markets are moved by two primary forces: Fundamental forces (balance of trade data, money supply, interest rates, economic and financial reports, etc.) and Technical forces.
While many traders advocate fundamental analysis-based trading, it should be argued that this style of trading is very difficult especially for people who have little time to trade (less than an hour a day), or who are new to trading Forex.
Fundamental analysis traders tend to be 'always on' -- or, day trading because it requires PRECISE timing to move with the markets. If you can't get to your trading platform the minute a 'surprise' report hits the newswire, you'll be too far behind the action to respond to it.
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