Forex For Profit Start Here
After spending the past year performing demo trades looking for a perfect real Forex Trade Strategies situation, I have learned a secret. The road less traveled to prosperity in the forex day trading market is patience and platform.
With this current trade, the exclusive indicator platform for the one hour chart in the USD/CAD has become a staple in my trading plan. I really see the wave action the CAD has been producing daily, so I go for it.
I am always waiting for the short term swing trade that will net me a stable $500 to $800 per profit. The majors and minors on this platform do read the market in real-time, unlike most fake forex platforms.
Here were the trade, 300 points taken in the day trading market, then divide that number by 10 for your PIP (points in position) total of 30.
I waited out for about six hours with a few fluctuations, as the forex market always likes to wag her 7 trillion dollar tale. And as usual, this forex trading platform performed beautifully and gave me the right signals.
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How has Coronavirus Affected the Forex Market?
The coronavirus pandemic has affected the world’s economy. It has fundamentally changed how to do day trading in the US and beyond. This is because so many of the world’s countries are suffering under unforeseen circumstances. The decline of so many businesses and the decline to negative digits of the price of oil has created unprecedented uncertainty. In this circumstance, Forex Trade Strategies have been affected to the extremes as markets bounce up and down. It has left traders asking how to do forex trading in this difficult time. Here is a timeline of how the coronavirus has affected the foreign exchange market and the world economy overall.
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How it All Began In The Forex
When the coronavirus fully began to spread in China, it was not hard to see that markets would suffer. However, due to the unprecedented spread to every country in the world, traders couldn’t predict how the market would respond. The question then became how to do day trading in this uncertain time. So if this is the case what are our Forex Trade Strategies?
China and Australia’s Day Trade Markets
The first markets to be badly hit by the coronavirus were China (of course) and Australia. This paints a picture of how volatile the market had become since the beginning of the year. The Australian dollar was fast to follow after the Yuan was deeply affected by the virus outbreak. This is due to the fact that Australia is China’s largest trading partner. This is why in limited ranges; the Australian dollar is used as a proxy often. These rates, however, continue to be on the decline after the virus has hit the globe. Those betting on the Yuan/Australian Dollar pair are still weighing on how to do day trading.
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Europe’s EUR/USD Struggles
Europe was one of the regions hardest hit by the coronavirus. Italy and Spain were notably two examples where numbers rose by the hundreds each day. At one point, nearly 700-800 people were dying in each nation per day. They couldn’t bury the dead fast enough and had to exhume them. Following infections in France, the UK and other countries led to increasing lockdowns all over Europe. This understandably led to the EUR/USD pair trend downward ever since. It really presented a challenge of how to do day trading in this chaos.
The announcement of the European Central Bank that they’d injected EUR 750 billion into the economy brought some stability. However, it couldn’t offset the financial fallout from the coronavirus. It did little to boost the confidence of investors that were watching the news of hundreds of deaths every day.
Continued uncertainties regarding Brexit as well as the Bank of England lowering of interest rates to 0.1% made things worse. Investors sold off Pound Sterling and drove its value down as a result.
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How The USD/CAD Faced The Forex Challenge
While the US was reluctant to initially take measures against COVID-19, it eventually succumbed. Investors, hence, initially kept buying dollars. It was partially due to the willingness of the Federal Reserve to provide a lot of liquidity to the market. The dollar was also being seen as the currency of last resort to preserve value for the investors.
In the coming weeks and months, however, as everyone saw, things changed drastically. The entire country went through a lockdown and the cases of coronavirus in the States outnumbered the entire world. Now, with over 36 million people out of work, the prices of oil at historic lows, the market is very unstable. A recession is almost guaranteed, even with some parts of the country reopening. It’s unclear how to do forex trading at this point to remain profitable for many traders.
