Technical or fundamentals? Hourly or daily charts? Trend or range? There are so many ways to trade, it can be dizzying for a new trader to figure out how to get started and what type of strategy to use.
In reality, there isn’t one correct way to trade. Many people have made money trading hourly charts while just as many others have become profitable trading from daily charts.
The same can be said about trading trends or ranges. The key to making money is not finding the perfect trading strategy that works 100 percent of the time — there isn’t one — but increasing your probability of success and reducing your losses. Luck will only get you so far.
Whether they consciously realize it or not, many new traders will try to range trade the currency market. The popularity of this strategy stems from the buy-low, sell high mentality most of us approach the stock market with. However, the currency market can be very difficult to range trade for those who do not know how to do it properly.
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