what is forex ?

What is forex trading ?

Forex day trading is a trading system that consists of opening and closing trades in the same day.

The Forex day trader takes advantage of the small price movements within the day or session. The trader opens positions during the day or the session and closes these before the end of that day. The trader takes advantage of the market movements during the day session.

  • There is no set formula for success as a Forex trader. Adequate market knowledge and having a trading plan are both essential but do not guarantee success.

  • Risk increases when prices fluctuate sharply throughout the day.

  • Commissions & fees for keeping positions open overnight, commonly referred to as Swaps, do not apply to intraday trading. Mostly, swaps amount to a fee payable but in some cases can be positive and the trader may receive compensation.

  • In applying intraday trading strategies the trader avoids exposure to the risks associated with large price movements or price gapping overnight - at which time we cannot control the market or it is closed.

  • Intra day trading normally entails opening multiple trades and holding these for short periods of time to make small profits. Forex day trading positions account for an integral part of the daily trade volume and provide liquidity to the market.

How to Trade Forex Intraday?

The first step to getting started with Forex day trading is to gain access to the right Forex day trading tools. Many Traders ask, what platform is best for Forex day trading? What is the best Forex day trading software? Whether you are looking for the best Forex day trading platform in the UK or anywhere else in the world, MetaTrader 5 has you covered.

MetaTrader 5 is an elite trading platform that offers professional traders a range of exclusive benefits such as advanced charting capabilities, automated trading and the ability to fully customise and change this Forex day trading platform to suit your individual trading preferences.