It’s time to learn How to Swing Trade Forex.
One of the most popular methods of Trading Forex is when you place trades that last from a couple days to a week, or more. This is referred to as Swing Trading, and it is the perfect time-period of trading for people to get their feet wet and begin learning while they have a normal 9-5 job. Once you have learned how to Swing Trade forex effectively, it only requires a very minimal amount of time each day to create another form of income.
How to Swing Trade Forex: Earn Extra Income
Learning How to Swing Trade Forex is an excellent way to add an additional form of income to your life or even leave your job altogether. However, learning how to Swing Trade Forex is not an easy task and will certainly take lots of time and dedication to master. This article is not a golden formula that will have you quit your job next week if you read it. Rather, it is a realistic explanation of what it takes and the things you need to learn to Swing Trade Forex successfully.
How to Swing Trade Forex: Identify a Style
First, you must identify a style of trading that you will be learning and implementing. I consider there to be two styles to choose from Trend Trading and Non-Trend Trading. Trend trading is the number one way to go (statistically proven) and the best approach to Swing Trading Forex. The Forex markets have the strongest trends of any market, so this tells us we want to trade with these trends to ride those waves. If you want to learn more about trend trading, check out this video where I explain exactly what this means and how to use it, How to Identify Forex Market Trends.
How to Swing Trade Forex: Analyze Timeframes
Next, when learning how to Swing Trade Forex you must determine which time frames you will be analyzing for your trades. My recommendation is to use the Daily and Weekly charts to determine the direction of the trend, and then use the 4-hour chart to find your entries and manage your trades. This is the perfect approach to swing trading using a top-down approach.
How to Swing Trade Forex: Time of Trades
After you determine the time frames you will Swing Trade on, you must determine the time of day you will be looking to execute these trades. You don’t just want to trade at any time of day or night, as there are sometimes that are much better than others. If possible, you want to stick to entering trades around the London and US market opens. This will ensure there is enough volume and momentum to push your trades in your direction. Ultimately, your own life and schedule will dictate when you are able to trade and look for setups, but do everything you can to line up your trading times around these sessions. Watch this video to learn how to properly set up a Forex Trading Routine.
How to Swing Trade Forex: Put a Strategy In Place
Finally, you want to use all of this to put together a set plan and strategy to approach the markets and Swing Trading with a set plan of action. This will enable you to make a set of trades, track the results, and see how you perform as a trader. Over time, you will adjust and learn from your mistakes while growing off your strengths. If you actively follow these steps and begin to trade with discipline and strategy, I assure you it is very possible to learn How to Swing Trade Forex and make a substantial stream of income for yourself and your family- that will perform in any market.
If you would like more education and guidance to learn how to do this, I have designed an entire course to teach you how to trade Forex. It will teach you everything you need to learn, from the ground up, while having my personal guidance all along the way. Click here to learn more and take our Full Online Forex Training Course.