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Trading Currencies Long Term

Trading currencies using a long-term strategy is one of the most profitable ways to succeed in the financial market. Long-term trading focuses on fundamental and technical analysis of daily and weekly charts. Further, it is a trading style, that enables you to hold the position for a longer period.

Most forex traders enter the market with a short-term trading goal, but long-term trading is the best option for traders to earn larger profits at lower risks.

Advantages of trading forex long term

  • Cost-effective

Every transaction has a commission spread on it that you need to pay. When you do the day trading you pay a lot of commission. But if you trade on larger time frames you pay fewer commissions. In long term, you do not get affected by the spread because it becomes indifferent on larger pip targets.

  • Time effective

Trading long-term does not require staying in front of the charts for a long time. You can keep a check every day for a few minutes and let the market do its movement. Less effort from your end will bring in better results.

  • More profitable

Trading long-term does not require cashing out quickly, you can stick with the market winners and pull out as much of them as possible.

  • Less stressful

You do not need to constantly track the market or charts in long-term trading that protects you from emotional rollercoasters.

  • Quality signals

In larger time frames, key levels and chart patterns tend to be more reliable. You get better entry and exit points that improve your performance.

  • Easy trade adjustments

You can adjust your trade in a favorable way whenever the new economic data is released.

Who is long-term Forex trading for?

Swing Trader

Swing traders are the one who holds a position for several days or weeks hoping that a trend in the market will change the direction. These traders profit from the price swings and use technical analysis tools to identify possible trends to hold for a certain time period.

Position Trader

Position traders are the best in the waiting game. They can wait for months or even years to close a position in the market. The goal is to profit from long-term trading opportunities, position traders to use fundamental and technical analysis tools to identify profitable trading options.

By Liam Gordon

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