♖ Creating Your Own Intraday Forex Trading Strategy
The Foreign Exchange market is characterized by high volatility and uncertainty. Therefore, long-term success depends on having an effective trading strategy. There are hundreds of intraday strategies based on a combination of technical analysis and money management techniques. It is crucial to choose a strategy that aligns 100% with your risk profile and overall personality, allowing you to apply it with discipline.
Intraday Trading – Basic Requirements
Intraday trading is challenging and not suitable for every Forex trader. To succeed as an intraday trader, discipline is essential. Only discipline and logical decision-making can guide you safely through trading in very short timeframes. Emotional trading, on the other hand, leads to poor outcomes.
Additionally, successful intraday trading requires the right Forex broker. Only ECN/STP brokers are appropriate for this style of trading. Important broker features for intraday trading include:
(i) Minimal spreads on the currency pairs you trade
(ii) A rebate plan to offset trading costs if spreads are wide
(iii) Fast execution without delays or price manipulation (ECN/STP execution)
(iv) A trading platform that suits your needs (e.g., MetaTrader 4)
(v) Full scalping allowance (some Dealing Desks restrict scalping)
(vi) Complete fund security (regulation, client fund segregation, etc.)
Only ECN/STP Forex brokers can consistently offer these features. In contrast, Dealing Desks (market makers) typically cannot, due to price manipulation and execution delays.
🔗 More: » Compare ECN/STP Online Brokers
