Why Daily Forex Trading is Favorable?

When novices get into forex trading business, they likely to think that it is easy to make maximum profits by spending a minimum amount of time. However, these type of trader quickly become chart/market obsessed and spend a notably large amount of time watching for price fluctuations, thus—in some case—leaving their family and professional lives behind. We will see in this article how to manage your business while maintaining a normal life and free time. Please note this presumable advice, it is better to get off the market more than losing your beautiful life instead.

For those who are beginners of this foreign exchange (forex) market, it is advisable to always stick to far longer-term charts such as daily or even weekly. Even if this category of trading is not reserved for beginners, it suits them better because it allows continuing one’s personal activities and at the same time to keep their “me time” as well.

The advantages of daily chart trading compared to the shorter time frame is explained in follows:

  • Less volatile and Easy to be Analysed. By keeping daily or weekly charts with your trading activities you will avoid sudden fluctuations in intra-day charts and be able to predict the market trend far more accurately.
  • Keep Your Life Healthy Psychologically. A trader who based on daily and weekly charts allows themselves to keep their current lifestyle. Indeed, you only have to look at the charts once a day—especially at the end of the day (even you can switch it any time that suit your schedule) to place your entry order and to manage your investments. By this means, no necessities to keep your nose glued to the computer screen.
  • Once in a while set up, and “everything” will be okay. By adopting the daily trading method, new-bee can still keep their jobs and thus maintain a normal life. Indeed, thanks to it that you place your orders once a day and then continue whatever activities you will do next. There is indeed no reason to monitor the market all day long—only checked it once in a while if you like—if you have correctly placed your “take profit” and “stop loss” orders.
  • Once again, Simple and Easy. Last advantage of daily trading method is because of its simplicity and ease. Indeed, these kind of charts are much more reasonable than very fast intra-day charts especially when you have not mastered your trading system out of your head. Traders can, indeed, take a longer time to think before embarking on the entry of transaction or leaving the market.

In the nutshell, the daily or weekly trading method is ideal for a beginner since it allows you to practice trading activities without becoming a real “geek” who does not let go of his control screens. An ideal practice in short to maintain a personal and professional life.

Is Trading Using a Smartphone Preferable?

You might get advertisements from brokers where they provide a platform that works well on smartphones. Yet, does trading from a smartphone really make you closer to profits throughout the day? Or vice versa, this method will only make you sink with the inevitable losses?

Here’s our view as a market player who has been playing for a long time, both by using a personal computer (PC) as well as a smartphone. The article below may become additional information thus you will easily consider whether it’s necessary to install a trading platform to your smartphone.

First Thing to Consider: Freedom of use a.k.a Flexibility

Trading in your hand, that’s the jargon that is usually used by brokers to attract you. That’s right, you will find it easier to make transactions on the trading market simply with the application at your fingertips. There is no need to look for a power outlet for your laptop, or internet for your connection. You might just have to do a few touches on your mobile screen and your transaction is executed.

For flexibility, of course, trading using a smartphone is much better than a notebook or PC.

The Second: Screen Dimensions

For some people, it is rather difficult to do an analysis from smartphone screens that tend to be narrow. It is not easy to read numbers or interpret lines formed by indicators. In addition, in our experience, the screen ratio is also very influential on the appearance of the trading platform. You may not believe it, but we have experienced that the angle and slope of the line tend to be different between the screen of the smartphone and PC.

For our business, we tend to choose a PC or notebook screen. However, the wider the screen will make it easier for us to read. Notebook / PC wins in this matter.

Last but not Least: Features

It must be admitted that the development of the trading platform on smartphones is not as sophisticated and up-to-date as its compatriots in Windows-based or Apple-based computers. Lots of features are trimmed or intentionally not to be developed for the Android or IOS platforms. Of course, this is also related to the hardware that has different capabilities and performance.

For fans of the custom indicators, it will be difficult to implement their strategies on the smartphone screen. Conversely, for those who only base their trading system on the default indicator of the application, it is certainly not a big problem.

Regarding the third thing, we prefer to give a plus on a computer-based platform.

Conclusion

In the nutshell, for those of you who really do not need a lot of supporting features and are more concerned with the speed of execution, the choice of trading using an Android or IOS based platform is certainly an attractive choice. However, for those of you who like details and various supporting features, we recommend that you stay on a computer-based platform.

The rest, keep in mind that the longer you are exposed to charts and markets, the greater the risk of losing your money. For this, we still recommend … as far as possible avoid excessive trading.

The Euro Weighs on the Trend – Keeping Position to Maximize Profit

European equity markets are falling early in the session as the euro continues to rise to more than $ 1.20 in the aftermath of the European Central Bank meeting. Mario Draghi vaguely mentioned a slowdown in asset purchases, which was enough to boost the growth of the single currency.

In addition, European stock markets are picking up on their momentum at the start of the yesterday session, investors are still rather confident as the US Congress and the White House have reached an agreement to raise the US federal debt ceiling for three months. This makes continuation of positive sentiment to Eurozone.

China, book and boreholes

At the economic level, China’s foreign trade figures for August were mixed. Imports jumped 13.3% but exports slowed significantly with 5.5% growth. The pound sterling rose slightly as manufacturing output grew 0.5% in July in the UK, better than expected. On the other side of the Atlantic, investors will pay close attention to the monthly report on employment in Canada (2.30 pm), a speech by a member of the US Federal Reserve (2:45 pm), inventories of wholesalers in the United States (4 pm) and the weekly evolution of the number of oil drilling in North America (19h).

Reference rates down

In the bond markets, benchmark rates continue to decline. The yield on the 10-year Bund returned 0.3% for the first time since June. In the United States, the 10-year Treasury yields only 2.02%, the lowest since the election victory of Donald Trump last November.