Help for FOREX trading

[davis9786]

Hi Friends
Since Forex oscillates on a daily basis, can I position trade currencies? By which I mean, use weekly or monthly charts. I have read that day traders rarely make any gains. Is swing trading the only possibility? My interest is in the GBP/USD currency pair.

Kindly help

[Raul Lopez]

Hello Davis,

All trading styles could work if they fit your personality. Yes, there are a lot of day traders who rarely make money, but there are more day traders than position traders, so I guess at the end all nets up. Another consideration you need to take is that you need wider stop loss orders when position trading (that means more money).

Reagrds,

Raul